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The interruption of the reimbursement of the financing implies the immediate non-compliance with the financing Institute and the risk of unpleasant consequences:

  • the interest due would be increased, with the application of a default;
  • there is the risk that your name will be included in the list of late payers and / or reported to the credit protection bodies (the Central Risk), which will share information with the entire banking and financial system. The result will be the deterioration of the creditworthiness of the customer and a consequent greater difficulty in obtaining credit in the future.

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Failure to promptly pay even one installment authorizes the lender to unilaterally terminate the contract. The customer will be required to pay all bank and protest fees as well as all charges incurred by the Institute to recover the sums due, as well as a possible penalty.

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The legislation states that it is always possible to extinguish the loan in advance of the agreed term.

The customer who chooses to exercise this option will be required to repay the remaining principal still due, plus a penalty which, by law, can not exceed 1% of the amount financed.

If the contract does not specify the amount of the residual capital after each repayment installment, the sum of the current value of all the installments not yet due at the date of the early repayment shall be considered as residual capital.

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Below we illustrate in a schematic way some specific evaluation criteria of the auto loan.

Risk policies

Each Institute applies its own risk policy in assessing requests, based on the statistical data it has (credit scoring). These data constitute the instrument that allows the Institute to keep insolvencies below a certain level.

Income level

Acceptance of requests is normally also subject to assessment of the applicant’s level of income and to the relationship between the latter and any repayment installments.

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Finally, the creditworthiness of the applicant is of great importance. It is important to underline that this evaluation has no “moral” meaning. The Institutes limit themselves to estimating the level of risk associated with each request, also on the basis of the credit reports provided by the Central Risks.

If the credit history of the applicant has some “flaws” (delays in repayments of previous loans, unpaid, etc.) the probability that the request will be accepted is obviously lower.

In some of these cases, a viable alternative is the sale of the fifth, a solution which, by offering the appropriate guarantees to the financing institution, allows for the adoption of more flexible assessment criteria.

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When choosing between different funding offers it is good to consider the total cost of each, without limiting the evaluation of the only monthly payment.

However, this is sometimes not an easy task, since the items of expenditure of a loan can be numerous (amount disbursed, interest, accessory charges, initial costs, insurance costs) and they are not easily measurable immediately.

In general, the elements that should be considered before signing a loan contract are:

ANR (Nominal Annual Rate)

The ANR represents the interest rate, expressed as a percentage and on an annual basis, applied to the capital financed (sometimes gross of any insurance costs or costs of preliminary investigation). It is used to calculate, starting from the amount financed and the duration of the loan, the portion of interest that will be paid to the lender and which, added to the capital quota, will determine the repayment installment.

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The AERis a measure, expressed in percentage terms, with two decimal places and on an annual basis, of the total cost of the loan. Unlike the TAN, the AERis inclusive of any ancillary charges, such as costs of investigation and insurance costs, which are charged to the customer.

However, the American legislation allows, under certain conditions, a certain discretion, excluding or including in the calculation of the AERsome items: insurance costs, for example, if optional, can be excluded from the calculation.

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Pay attention and carefully consider your total expenses, analyzing each individual item of the offer that is offered to you from time to time.

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