What’s the Difference Between Motor Covered and Car Covered Quick Credit?

If you want to apply for a quick loan and are wondering what is the difference between the two types of loan that offer the best terms, motorized and motorized fast, here is a comparison.

As credit variants are usually available on the same terms and conditions

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We find similarities rather than differences between the two types of credit, as credit variants are usually available on the same terms and conditions. For both loans, we may mention a condition that the vehicle or motorcycle must not be older than the maturity date.

This is 15 years for motor vehicles and 8 years for motorcycles. It is also common for both loans to have unlimited use of the motor vehicle and motorcycle during the term, so it is not subject to any conditions or foreclosure.

The fact that we can borrow in forint or in foreign currency

The fact that we can borrow in forint or in foreign currency

Both loan facilities are characterized by the fact that we can borrow in forint or in foreign currency, meaning that we can apply for a loan in euros, but in this case we have to take into account the current exchange rate fluctuations and the monthly installment fluctuations. 

The minimum and maximum amount of credit that can be taken is exactly the same for both types of loans, so for motorcycle and auto-covered fast loans, you can apply for a minimum of HUF 300,000 and a maximum of HUF 50 million.

A motorcycle covered quick loan is that the engine has a license plate number

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The condition of a motorcycle covered quick loan is that the engine has a license plate number and that it is our own, and there are no rules for car covered loans outside the age of the car. Both loans are quick loans, so you can get the money within 3-5 business days and use it freely.

What is a savings account?

Financial institutions offer you different instruments that allow you to place your saved money in a safe place. The best known of these instruments is the savings account, which enjoys wide acceptance among savers. In this article we tell you what a savings account is and what its main benefits are.

What is a savings account and what are its benefits?

What is a savings account and what are its benefits?

A savings account is a product offered by financial institutions that allows you to save safely. It differs from other saving instruments because your money always remains available and you can withdraw it when you need it.

From certain amounts, savings accounts reward your trust, allowing you to earn interest. This is nothing more than a payment made by the institution, for keeping your money in it. On the other hand, the institution can also debit you money for administration and maintenance expenses of a savings account.

Among the benefits offered by savings accounts are:

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  • Through the debit card associated with your account you can use an ATM network.
  • The savings account gives you access to the electronic banking of your financial institution. You can check your movements there, make transfers and pay for certain services, from anywhere with Internet access.
  • Some savings accounts allow direct payments for certain services.

Types of savings accounts.

Types of savings accounts.

Each financial institution offers different types of savings accounts according to the age of each client. Among the most common accounts are:

  • Savings accounts for children . They aim to promote savings and raise awareness about the value of money. They are aimed at younger children, at ages that vary by institution.
  • Savings accounts for young people. They allow their holders to get used to money management and some associated instruments. They are aimed at students of teenage age.
  • Savings accounts for adults . It is the type of account is the most used, it is already aimed at the population of legal age.

The 3 things you need to know about second mortgages | Loans

Not everyone can qualify for a second mortgage. By that, we are not talking about a mortgage on a second property, but rather another mortgage after having already obtained one for the same property. If you are considering applying for a second mortgage, here are some things you need to know before proceeding:

Private lenders have more flexible qualifying conditions

Private lenders have more flexible qualifying conditions

Private lenders tend to be more flexible when it comes to qualifying for a loan, unlike traditional lenders. If you are having trouble securing a second mortgage with the lender who offered you the first mortgage, the private lender may also be an option that is worth considering. Most of them will be patient and ready to work with you until you find a solution that suits everyone.

Second mortgages come with high rates and fees

Second mortgages come with high rates and fees

Second mortgages will always be accompanied by higher rates and fees, regardless of whether you are dealing with a traditional lender or private lender. This is because the second mortgage comes with additional risk and lenders are well aware that they will receive their money only when the first mortgage is repaid. Thus, second mortgages are often characterized by a high-interest rate and an upfront payment.

No more payment penalties and renewal fees

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If you are dealing with a private lender for your second mortgage, you should pay attention to the renewal fees and the payment penalties. Private lenders are not governed by the usual banking regulations and may request less documentation to qualify or lend you more money in exchange for higher renewal and exorbitant payment penalties. Conditions of this kind will always be included in the small scripts. That’s why it’s important that you take the time to read the terms and conditions that accompany each loan.