The American lending system has long been a model for banks in many countries of the world. Under certain conditions, foreign citizens can take a loan in the USA. Not all American banks cooperate with foreigners, and interest rates will be slightly higher. Financial literacy at the beginning of the 21st century is one of the essential qualities of a modern consumer.
Credits for a Car
In the US, buying cars on credit is profitable. Interest rates are extremely attractive. The amount of overpayment will be low even in cases when a comfort class vehicle is purchased. For inexpensive cars, it can be equal to 1% per year, and sometimes 0.5% per year.
For some brands and models, banks provide privileges, thanks to which you can get a car almost for the actual cost.
If you buy a non-preferential car, the interest rate will depend on your credit history and the class of the car. Good credit history will allow you to work with banks on more favorable terms.
American Student Loans
In 2019, American students will be expensive for their families. An amount of about 130 thousand dollars for four years of study is expensive for the average American. Therefore, many young people and their parents are considering the option of obtaining a loan from a bank.
The average loan amount is $ 21,000. The advantage of student loans is that you can return them after the student receives a diploma and begins to work. On average, student loan rates are 5–7%. The US government intervened in the student lending process, making it possible to gradually lower interest rates. Student loans are available for more than 30 years.
American Mortgage Lending
The crisis has made the American mortgage much more profitable than it was ten years ago. However, at the same time, it did not become more popular due to the lack of money among average American families for the purchase of houses and apartments.
Ten years ago, the average interest rate on a mortgage in the United States was approximately 8.5%. The conditions depended on the region and the status of the housing purchased. Today, the average rate in the country does not exceed 3.7%. In most cases, it is even lower. Banks issuing loans to cover mortgages are forced to make concessions to attract customers.
Commercial Loans
To get a loan for business development in the USA, you need to have a full business plan.
It should consider the following areas:
- Business focus;
- Information on available finances;
- Planned expenses for the crediting period;
- Description of the scheme for generating income, etc.
Everything that indicates the safety of financial cooperation with you should be included in the business plan. Information on guarantors, management structure, etc. will be useful. For this, you need to find the agency that can become your guarantor, as well as provide information on financial structures with which it is safe and profitable to cooperate.
