Credits

The pignoratious credits are those that become serious with the personal guarantee of property a recordable one, or pledge, being the paradigmatic the acquisition of a vehicle, being this one property personal example the recordable one, or pledge. Of this form, the borrower asks for the concession of the credit to be able to acquire the good that will be of its property as long as it fulfills the requirements of return of the granted credit. The pignoratious credits contemplate in his articulated the necessity of good maintenance of or or pledges on the part of the borrower. In case the quotas of the loan are not given back in term, the financial organization has the right to execute the guarantee, and so the property of the article would happen at the hands of the organization, losing the borrower all the right exceeds she. On the other hand, the pignoratious credits are resolute, evidently, once all the initial capital plus the interests generated during the use of the loan has been settled on the part of the client. They are used mainly for the financing of the purchase of vehicles, as much on the part of the financial department of the concessionaire in whom the vehicle is acquired, like on the part of any habitual financial organization, or a bank or box, being the type of interest applied in these pignoratious credits a more or less intermediate point between which it is applied in the hypothecating credits and the personal credits. In order to be able to ask for this type of credits, like in any other, it is necessary to count on a correct file of credit so that the financial organization has certain guarantee of return of the same, since no organization wishes to execute its credits, but prefer the return of the given money. Finally, the terms of return of the pignoratious credits usually do not surpass the 5 years, since it is not excessive amounts of money and a greater term would generate a greater cost of interests for the borrower and a greater risk for the moneylender. Nevertheless, sometimes periods of deficiency of the credit settle down, to lower the price of the quota in certain periods of use, in which the client only pays interests, without amortizing capital. Original author and source of the article.

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