Finance

How does the finance work?

 

You can finance your purchase with payment by card. In the product information file you will find all the repayment periods available. Consult all the conditions for payment in instalments under forms of payment.¹

 

How do the organisations assess your solvency and ability to pay?*

 

*This information only applies to consumer finance applied for by private individuals.

They consider your financial and personal circumstances to make sure you can return the finance, and that paying the necessary instalments will allow you to continue to cover your living expenses as usual. If paying the monthly instalments would not allow you to meet your ordinary living expenses without difficulty, the organisations may refuse the finance.

It is important for you to know that in order to obtain certain information about your solvency and ability to pay, the organisations need to consult external bases on risk granted (CIRBE) and arrears, including ASNEF, EQUIFAX or BADEXCUG (among others).

To carry out this analysis, different aspects are taken into consideration, including your account balances, income and expenditure, prior financial commitments and credit history. Furthermore, to fit the solvency analysis as closely as possible to your circumstances, the organisations also take into account specific parameters including your age and place of residence.

This allows the organisations to make sure that after meeting your monthly payments, including the instalments on the new finance applied for, your financial stability is not compromised and you can meet your family living expenses without difficulty.

If you do not have regular income, the organisations may base the solvency study solely on your liability positions (account balances). If you are granted finance under these circumstances, before completing the transaction, consider whether you are going to need this money to cover unexpected expenses or other contingencies, because in this case your commitment to make repayments on the new finance could compromise your financial stability.

While the organisations assess your personal and financial circumstances, you are more familiar with them than anyone else. Before applying for the finance, it is important that you think whether the money or income you have will be enough to cover repayment in addition to the other expenses you may have. The organisations base solvency analysis on the information they have about you, but there may be personal circumstances that only you know about, and that you need to take into account when deciding whether to apply for and take out the finance.