The monitor first and foremost the maximum
Although the banks freely set the interest rate of a motorcycle loan, they can not exceed the maximum imposed by law , namely the maximum annual effective rates, fixed according to the amount of a loan but also according to its form. .
If we look at the history of maximum, we can see that they have only fallen over the last decade. Relief for consumers who were suffering greatly from seeing interest rates in excess of 20%.
What motorcycle credits are available to the consumer?
The motorcycle loan is a loan that is underwritten for Sutpen family a new or used motorcycle. It can be contracted without personal contribution. The amount and duration of the credit are determined at the time of subscription. For the Sutpen familyment of a motorcycle, there are two credit possibilities: the assigned credit and the personal loan.
The appropriated appropriation
This is a consumer credit exclusively for the purchase of movable property, benefit or a predefined service. In the example we are dealing with here, this is a credit allocated to the acquisition of a motorcycle. A bank, a credit institution, but also a dealer can offer an assigned credit. In the latter case, it is also managed by a bank or a credit company. Its amount is between 200 and 75 000 € , and the duration of the loan is at least 3 months.
Although there is no maximum legal term, the majority of banks propose a maximum repayment period of between 7 and 10 years
The borrower will only repay his assigned credit after being delivered from his two-wheelers and only after the withdrawal period has expired.
The personal loan
It is also a consumer credit, but the borrower can use the amount borrowed at his convenience, that is, he has no obligation to use the borrowed capital for a purchase. previously determined. This is why the personal loan is also called unassigned credit .
It should be known that a great freedom is also left to the lending organization both in terms of interest rates – each bank sets its own rate without exceeding the maximum APRs – in terms of amount, duration of borrowing but also fees.
In the case of the credit allocated as in the case of the personal loan, the customer has a right of withdrawal of 14 calendar days from the signing of the subscription agreement.
Compare motorcycle credits
It is thanks to the overall annual percentage rate that the consumer can compare the various motorcycle credits offered to him. It should not be confused with the TEG (Global Effective Rate) which concerns real estate loans. A motorcycle loan is the indicator of the true cost of this loan since it consists of :
- The nominal rate, namely the interest rate that each lending organization freely determines.
- Fees applied by the lending organization
- The cost of borrower insurance;
- Warranty fees.
Ancillary costs are not taken into account. Thanks to the annual percentage rate of charge, and depending on the capital granted to it and the duration of the loan, the consumer can knowingly choose the bank from which he wishes to subscribe his motorcycle credit at reasonable rates. To simplify its search, the ideal is to use a comparator of motorcycle credits.
In order for the French to be fully informed, the Lagarde Act requires banks and credit institutions to clearly mention the APR in all their consumer credit offers and other commercial documents.