The nominal
interest offered by the bank rate is sufficient to compare the offers of
credits or to determine the real cost of credit. Need to add fees, insurance,
costs related to guarantees. Yields rate overall strength of the loan which
allows to compare the rate offers in their entirety.
The
amortization table details the various components of the total cost of the
credit. Under the terms of repayment of the loan, the total cost of credit is
amended.
Free credit
A credit is
said to be 'free' when a trader offers you to pay for your purchase in several
times and without any charges. In fact, advance you the amount necessary to
purchase you are considering, but without making you pay interest on the amount
advanced.
However, there
is no truly free credit and credit interests are therefore to be paid by the
merchant or financial institution providing financing on offer.
It is therefore
an additional cost for the merchant that reduces his margin on the sale price,
but allows him to sell immediately. For the consumer, this practice has the
advantage of encourage them to buy immediately, without postponing its purchase
at a time where it will have the necessary sum.
When the
duration of the free credit is less than or equal to three months, it is not
subject to the provisions of the consumer code protecting the borrower. A
"three times free of charge" payment is not a consumer credit.
A free credit, which lasts more than three months,
is subject to the rules applicable to the consumer credit
The lender must
give you a precontractual information sheet, which describes the
characteristics of the proposed credit, allowing you to compare this offer with
other proposals for credit. Then he hands you a credit offer that will have
value of contract when it will be definitely signed by you and the credit
institution.
You have a withdrawal period of 14 days calendar,
Saturday, Sunday and holidays included, from the day of the signing of the
credit supply.
The reduction
of price in case of payment in cash is no longer required
The merchant is
most obliged to grant a discount on the price if you pay cash while it offers a
free credit, since September 1, 2010, pursuant to the law Mrs. Lagarde of July
1, 2010. But if the trader agrees a discount for payment in cash, this
reduction on the price of the property must be included in advertisements,
whatever the medium. The advertising must also mention
that supports the cost of credit.
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