According to a study, 63% of surveyed construction companies believe they will increase their gross profit this year. In addition, one of the most outstanding home improvements is the kitchen, with an average budget of between 2,000 and 15,000 dollars, depending on size, material and labor.
It is true that despite the expectations of entrepreneurs are good, the ability to save of the Spanish has fallen again. For this reason, and not to have to give up the kitchen of our dreams, we will give three tips with which to save money when applying for a reform loan.
Watch the price of your reform loan
According to data published by cronoshare.com, renovating a kitchen usually has an average price of between 2,000 and 15,000 dollars. It is likely that not all of us have so much in our account, so applying for a reform loan can end up becoming a good alternative. Currently, we can go to different ways to get this type of financing:
- Traditional bench
- Online lenders
- Store financing
According to the latest data published by the bank, the average APR for personal loans stands at 8.56%. However, thanks to the appearance of new companies in the sector, we can find prices lower than the average. For example, if we contract a reform loan of 10,000 dollars for five years at 5.95% TIN (6.12% APR), at the end of this period we will have paid:
- Monthly payment: 193.10 dollars
- Total subscriber: 11,586 dollars
These conditions are offered by the entity, specifically in its Home Reform Project Credit.
The term, another factor to consider
Another aspect to take into account is the repayment period of our reform loan. Mainly the loan repayment period will depend on our financial capacity. Even so, it is important to know that the lower it is, the more we will save on our financing.
Try to take out a loan and nothing else
Sometimes, when we request a personal loan, they force us to contract other types of services such as: cards, pension plans, life insurance however, by law they shouldn’t. Any product linked to our credit may represent a final increase in its cost.
However, these links are not mandatory, so by comparing the different credits on the market we can find entities that do not require any type of link. In conclusion, comparing different products can help us invest more in the reform of our kitchen and spend less money on financing.