wedding loanThe fulfillment and success of a couple are often measured by the partners’ ability to conceive, undertake, and succeed in joint projects. This inclination is nothing surprising as it simply translates into action the desire of two people to look in the same direction.

Buying a property, having children, starting a business are all projects that can strengthen and consolidate the bonds between two people. Even though it is far from indispensable and often outdated in certain social circles, organizing a wedding is still one of those symbolic events that some couples love to achieve together.

Organizing a wedding is different from the other projects mentioned above because it is primarily an act of sharing. Indeed, when two people unite, either civilly or religiously, they primarily want to give a certain form of publicity and commitment to their union. In other words, it is about publicly formalizing the happiness that exists between two people. In this case, the presence of family and friends allows the lovers to share this happiness with their loved ones.

This is why weddings remain extremely popular and symbolic for millions of people.

Organizing a wedding is no small feat. On the contrary, this joyous event requires vision, organization, method, preparation, and financing. To make this day a complete success, you will need to seriously build a project and execute it meticulously.

Essential elements

It is generally accepted that the serene organization of a wedding requires one year. Here are some basic keys that will help you start thinking about organizing your wedding.

Take the time to reflect…

Do not rush headlong into organizing a wedding. Spend a weekend together in a quiet place and take the time to ask yourself the right questions such as:

  • Do you want to marry religiously or only civilly?
  • Will the civil and religious ceremonies take place on the same day or on different days?
  • Do you prefer a discreet and intimate wedding or do you want to invite many of your friends and family?
  • Classic ceremony (reception, catering, dance party) or more minimalist (walking dinner with friends in a garden)?
  • Do you plan to go on a honeymoon the day after your wedding or later?
  • Where will you invest your money? The meal, the religious ceremony, the civil wedding, the dance party, your honeymoon…?
  • Etc.

Plan to gather information from the town hall first!

Depending on the availability of your town hall and the administrative procedures, you will have a clearer idea of how much time you will need to organize your wedding. Start by asking questions at the marriage service of your town hall.

Inquire with the priest or pastor of the parish of your choice

Finding the right parish is far from as simple as one might imagine. Many couples plan to marry in popular parishes, and often the wait can be long. It is not uncommon for some priests to refuse their parish because you are not domiciled in the area of their parish or town. Similarly, availabilities are not always obvious. Think about it at least a year in advance, and remember, you will need to align the availability date of your parish with the availability of the caterer, the ceremony hall, and sometimes even with your town’s vacation. Being clear: planning ahead is essential.

Book your caterer and reception hall

Here too, you will need to consider booking nearly a year in advance, especially if you hope to marry during the most favorable times of the year for this happy event. In general, most weddings are booked between April and September. You will not be alone in desiring a particular date, location, church…

Having your wedding dress made

Is not only a pleasure but can also be a long process, especially if you want your dress to be custom-made or if you plan to design it yourself: a conception period of 6 months is not uncommon.

wedding loanTake advice

Do not hesitate to listen to the advice of your friends: they represent good guarantees. Some will recommend a good caterer, a good hall, the right priest. There are also many websites specialized in wedding planning, consult them.

Some couples hire the services of a wedding planner or master of ceremonies. These are small luxuries that can be essential for those who would have difficulties conceiving and executing such a large-scale project on their own. You will also find on our website, the basics of organizing your wedding. Take the time to read these tips.

The time invested in reading these preliminary recommendations will quickly pay off by avoiding mistakes.

Financing and budget of your wedding

What does a wedding cost? What budget should be considered?

All this will depend on your wishes and ambitions.

Renting a reception hall costs around 2,000€.

The cost of a wedding banquet is around 60€ per guest.

Let’s assume that the budget for a wedding ranges from 10,000 to 40,000€ for the most expensive ones (not including the honeymoon, of course).

Do not forget to plan and count everything.

Additionally, you can get discounts if:

  • You organize your wedding during less busy periods (between September and March). For this reason, renting a hall in January will be much cheaper than in July.
  • Some halls offer a complete package of services: reception hall, caterer, dance party. This bundled formula will undoubtedly be cheaper than if you opt for a caterer or DJ of your choice.
  • Providing your wedding meal as well as your own wines can also be a winning formula.

Our credit company offers special conditions to finance your wedding. For wedding loans, we automatically offer you our lowest APR rates on the market. It is our way of giving you a beautiful wedding gift.

As you can see, a considerable number of parameters need to be considered. That is why a year is not an unnecessary luxury to successfully carry out what will undoubtedly be an unforgettable day for you, your family, your friends, and all your loved ones.

real estate purchase

Before making the full payment for the real estate property, the buyer and the seller must use the services of a notary.

In addition to the advisory and informational role, the notary guarantees a proper real estate transaction for both parties through notarial deeds.

Acts and procedure established by the notary

According to Belgian legislation, several acts must be established by a notary for any real estate acquisition project. The seller’s notary contacts the buyer’s notary to proceed with the signing of the sales agreement. This is essentially a provisional sales contract. It may include suspensive clauses at the buyer’s request. This signing is generally accompanied by the payment of a deposit corresponding to 10% of the sale price by the buyer.

The law requires that a maximum of 4 months separates the date of signing the sales agreement and the final deed. The notary’s role during this time is to conduct administrative searches to ensure that the deed is incontestable, both in form and content. This period also allows the buyer to finalize their file if they are taking out a loan from a financial institution.

The notary’s duties then consist of drafting the notarial deed of sale and collecting the registration fees corresponding to the transaction. These are calculated based on the sale price of the property and their rate varies depending on the region where it is located. The legal professional also collects the registration fees for the mortgage deed if the buyer finances the transaction with a loan. These taxes are subsequently paid by the notary to the tax administration.

How to calculate notary fees?

It should be noted that in addition to the registration fees, the buyer must bear the notary fees as well as various other costs. The calculation of notary fees is based on the value of the real estate for the purchase deed and on the loan amount for the mortgage deed.

On our website, there is a notary fee calculator on this page where you just need to enter the purchase price and the applicable base rate. In a few clicks, you will be informed about the registration fees to be paid, the various costs, and the notarial fees.

Motorcycle loanGenerally, it is the aesthetic or mechanical side of the machine that attracts the beginner who wishes to acquire a motorcycle. However, many criteria must be taken into account to combine road pleasure and savings.

From the intended use and desired equipment to the available budget, including the choice of financing method and insurance, nothing should be left to chance.

Buying a motorcycle: new or used?

At first glance, buying a new motorcycle is more appealing for a beginner. Indeed, the shiny appearance of the machine, the gentle purring of the mechanics, and the guarantees offered by the seller are all reasons to opt for a new bike. However, expect a higher purchase price compared to a used motorcycle. Unfortunately, if the rider plans to sell their motorcycle in the future, they will lose much more money than if they had opted for a used vehicle.

The beginner is therefore better off buying a used motorcycle to gain initial riding experience and improve their reflexes if their budget does not allow for a new machine. It is also important to note that the insurance for a used motorcycle is lower than that for a new motorcycle.

The type of motorcycle suitable for beginners

The type of motorcycle that suits a beginner depends mainly on the intended use. For city commuting and daily short trips, the maxi scooter combines comfort and the ability to weave through traffic jams. The roadster is also a suitable mount for beginner riders. Quite maneuverable, it proves to be very reliable and provides a sense of security for the rider.

The sports bike is another affordable machine for beginners. Its advantage lies in its lightness and powerful brakes. If the rider wants to venture onto trails or tracks, the trail bike is the ideal choice with its great height. It takes a bit more experience to tackle ruts, sand, and obstacles with an enduro or trail bike. If the former is approved for street use, the latter is prohibited in cities.

The ideal engine size for a beginner motorcyclist

To start learning to ride a motorcycle and acquire the essential riding reflexes, it is preferable to opt for a low-displacement mount. Indeed, the beginner does not fully master riding techniques and is not entirely familiar with their machine. The best choice is a motorcycle with a 500 to 600 cm³ engine. Its relative power enhances the sensations at the handlebars and it is easier to control.

What about tax advantages?

Riding a motorcycle to work offers considerable tax advantages for the motorcyclist. They can deduct the actual expenses incurred by their new vehicle from their tax return. These include fuel, maintenance and repair costs, protective clothing, insurance premiums, and road tax. Just keep the receipts for these expenses. If the motorcycle is only used to commute to work part of the year, you can request a flat rate of 0.15 euros per kilometer, up to 200 km round trip per day.

It is also advisable to include the depreciation of the motorcycle purchase in your professional expenses. A new motorcycle is typically depreciated over 5 years. However, it is possible to apply a declining balance depreciation after obtaining approval from the tax authorities.

How to finance your first motorcycle?

The purchase of a new or used motorcycle can be financed through a loan. The motorcyclist can choose between a designated loan or an undesignated loan. The installment loan is the ideal solution for a machine whose price exceeds 2,500 euros. The repayment can be spread over 24 to 84 months. Some banks offer to grant a loan equivalent to 110% of the price of the used motorcycle to cover the costs associated with this purchase, such as road tax or the first insurance premium.

student tuition

Back to school for primary and secondary school children is already behind you? That’s a good thing done! Back to school is already a budget in itself, especially when you have several children. Today, primary and secondary schools are becoming more and more demanding (school trips, books, tablets, etc.).

It is not easy to bear these expenses for some families. Of course, the education and training of your children are priorities.

But what to say then when the family also has to cover the costs of a university entry for one or more children. Here too, the costs are very high, even higher: from the purchase of a small car, to renting a student room, paying the university tuition fees, not to mention other school supplies. Higher education represents a very significant budget for families.

In some cases, it may be necessary to apply for financial assistance to finance your children’s studies: our credit company offers loans starting from 2,500 €.

Here are the details.

The cost of university entry

This cost can be very high.

Indeed, it is sometimes useful to buy a small car. Similarly, renting a studio or a student room represents a significant part of the budget, especially in cities like Brussels, Liège, Louvain-la-Neuve, or Namur. A student room easily costs 350 € per month, plus a two-month security deposit.

Then come the tuition fees and syllabi.

University tuition fees

For enrollment in university studies, tuition fees are required. The amount is set by Article 39 of the law of July 27, 1971, on the financing of university institutions. For reference, for the academic year 2012-2013, the amount is 835 euros.

However, these fees can be waived if you receive an allowance granted by the loans and study grants service of the Federation Wallonia-Brussels.

Moreover, an intermediate tuition fee is provided for students from modest backgrounds who do not meet the conditions for an allowance or a scholarship from the Federation Wallonia-Brussels. For reference, again, for the year 2011-2012, the reduced amount is 374 €.

It should also be noted that tuition fees can be reduced for higher education institutions or art schools. In this case, the regular fee is 454 € and the reduced fee is 227 € for the final year and 175 € for the other years.

For more information on the income amounts that allow for the granting of a study allowance or a reduced fee: visit the website of the Federation Wallonia-Brussels.

Back-to-school loan

Our company offers loans for modest amounts. You can already take out a loan for an amount of 2,500 € repayable in 24 installments.

Feel free to contact our brokers for more information.

ideal monthly payments for a car loan

Market credit offers aim to respond increasingly satisfactorily to consumer needs. But also to their repayment capacities. This results in a multitude of possibilities in terms of ideal monthly payments for a car loan.

Regarding the car loan, the amount and number of monthly payments to be made by the borrower closely depend on the type of loan, its duration, the interest rate, and the amount of the personal contribution.

Monthly payments adapted to each goal

Even though the duration of a car loan varies from one to seven years, the ideal number of monthly payments is between 24 and 60 months, with few exceptions.

Most of the time, a self-employed worker seeks to buy a car that they can use both for their professional activities and for personal use. Banks take this usage and the self-employed person’s situation into account in their credit offer to adapt it best to the borrower’s repayment possibilities.

The peculiarity of self-employed individuals is that they have rather variable incomes, so it will be necessary to aim for an average number of monthly payments and take this change into account when calculating income. It is important to remember that as a self-employed person, you can benefit from tax deductions for the purchase and use of a car for your professional travel.

On the other hand, an individual who wishes to buy a car through a bank loan can rely on stable and predictable income. The number of adapted monthly payments will depend on the actual repayment capacity. You can use our online credit simulator, which will help you make the right choice. The loan duration often varies between 12 and 84 months, and even up to 120 months for some models costing more than 37,000 euros.

It should be noted that if the vehicle benefits from a warranty of more than five years, it may be wiser to extend the repayment duration to lighten the amount of the monthly payments.

The type of loan can vary the monthly payments

The number of monthly payments also depends on the type of loan.

It is, for example, entirely possible not to borrow the entire price of the vehicle. This is what specialists call a “loan with residual value.” Consequently, part of the car is not financed, often equivalent to 30 or 50% of it. The main advantage of this method is to offer lower monthly payments. However, it is only interesting if you plan to resell or amortize your vehicle after four or five years of use. Indeed, at the end of the loan contract, you must pay the residual value to the credit institution.

Classic auto financing is a formula that allows you to acquire the entire value of the vehicle through a loan. No personal funds are required, although having a small nest egg generally helps reduce the number of monthly payments.

Before any subscription, it is recommended to estimate the amount of your income, subtract annual expenses, and calculate your possibilities in terms of monthly payments. When you get the result, try to evaluate if the obtained amount is sufficient, over a repayment period of 2 to 5 years, to acquire the desired vehicle. This will avoid any disappointment.

Type of car and ideal monthly payments for a car loan

First of all, the price of a new vehicle is significantly higher than that of a used one. Furthermore, credit institutions in Belgium take into account the age of the car in their credit offer. This is why the APR for a loan to acquire a new car is more favorable than for a used one. A high-priced car often requires a longer loan duration, which reduces the interest rate. Banks require guarantees to offer long-term financing. If you plan to repay your loan for more than five years, the bank may require additional guarantees to offset the depreciation of the vehicle over time.

Finally, in terms of auto loans, each case is unique. To avoid endless calculations and quickly benefit from the best credit advice, do not hesitate to contact our specialized brokers. A detailed analysis will be carried out to offer you the most suitable solutions for your situation and perfectly meeting your needs.

November has begun and with it its procession of rains. The first cool temperatures announce a long and cold winter. Last winter was harsh and long. Remember the negative temperatures that followed us until April and the return of good weather only in July. Many Belgians saw their heating oil consumption explode. Unfortunately, this harsh winter was coupled with a sharp increase in fuel prices, including the price of heating oil. Bad news for household budgets…

What does a liter of heating oil cost today?

On Wednesday, November 6, 2013, the price of a liter of heating oil is 0.83 €.

What is the recent trend?

  • In recent years, the price of diesel has sharply increased with the scarcity of oil production.

A worrying observation…

  • In 2005, the price of a liter of heating oil in Belgium was 0.52 €.
  • In 2008, this price increased to 0.79 €, a rise of nearly 50%.
  • In 2012, the cost of a liter of heating oil was around 0.90 €.
  • In recent months, prices have evolved as follows: +99.4% in one month; +112.6% in 3 months; +104.7% in 6 months.

Why have fuel prices become so high?

The global market

We consume more and more fuel. Demand increases but supply decreases. This is mainly due to production limitations by oil-producing countries (OPEC).

The taxman

He is not to be pitied. The Belgian state also profits from each liter we consume. All excise duties, energy taxes, and VAT represent no less than 56% of the price of a liter of diesel. And for gasoline, it rises to 67%.

How to react to such an increase?

In reality, the consumer has little means of defense as they are subjected to market prices that they do not control. Moreover, it is the Belgian state that determines taxation. Nevertheless, some suppliers offer interesting discounts as soon as you order a large quantity of heating oil: 2,000 liters, for example.

In this regard, some consumers group together to place large orders together. This is a good idea.

European Popular Credit gives you a boost!

From this October 2013, we are launching our great heating oil action. Indeed, we offer you the possibility to finance the purchase of your heating oil order with a financing of the installment loan type – monthly payment for your heating oil. You will have the possibility to borrow at an attractive interest rate starting from 1,500 € and to repay your financing over a period of up to 24 months! Financing of 1,500 € represents an order of 1,666 liters of heating oil at the current rate.

Example of Financing: Installment loan of 1,500 € – APR of 9.95% – over 24 months – Monthly payment of 68.88 €, for a total cost after 24 months of 1,653.12 €. Your financing over 24 months therefore costs you 153.12 €!

From October 2013 to April 2014: our company offers you a 25 € fuel card for every heating oil credit.
Tip: don’t wait until the last minute to place an order because, as is well known, the price of a liter of heating oil increases during the winter as consumption increases. So you’ve been warned!

The year 2013 in Europe promises to be challenging economically. The sovereign debt crisis in Europe is directly affecting the credit markets.

Indeed, just as we thought we had made significant progress in November 2011 in solving the Greek crisis, public deficits are already reminding us of their presence. Now it is Spain that is causing concern: the Spanish economy contracted by 0.3% in the first three months of the year compared to the fourth quarter of 2011. Spain has officially fallen back into recession. The Spanish government acknowledged on Friday that it is experiencing “perhaps one of the toughest moments for its economy” but remained optimistic about the future.

The financial rating agency Standard and Poor’s downgraded the ratings of nine Spanish banks on Monday, including Santander and BBVA, as well as that of the savings bank confederation (Ceca), after downgrading Spain’s sovereign rating by two notches from A to BBB+ on Thursday. Unemployment in Spain continues to break records, now exceeding 24% of the population.

European governments have decided to tackle the problems of public deficits, and it is no surprise that austerity plans have been adopted across Europe. In Belgium, the 2012 budget planned to save 15 billion euros. Unfortunately, this financial crisis is hitting the real economy hard. The consumer confidence index is at a low, and the prevailing pessimism does not encourage households to spend. Similarly, SMEs are finding it increasingly difficult to secure financing.

Impacts on credit

The effects are clear: Both credit applications (-19.39%) and loans granted (-24.10%) have decreased in the first three months of the year. The mortgage market contracted in the first quarter of 2012 compared to the previous quarter, following the elimination of certain tax incentives. The UPC also notes that the number of renovation loans (around 12,600) has fallen by nearly half, while the number of construction loans has dropped by a third (around 5,500). The amount of loans granted has also decreased (-10.66%).

Credit brokers could be a solution for many borrowers. Indeed, credit brokers do not adhere to the banking logic, and granting credit is their sole business, unlike banks. More and more people are turning to independent brokers who are less strict in granting loans.

At Crédit Populaire Européen, we have a specialist in mortgage credit (Mrs. Jacqueline Legrand – 30 years of experience) whose professionalism and availability have already benefited many of our clients. It is the tailor-made individual approach that is the recognized hallmark of Crédit Populaire Européen.

batibouw

Real estate has always been considered a good investment in Belgium. Between 1980 and 2010, real estate prices increased on average by 10%. This period is commonly referred to as the “Glorious Thirty.” In fact, compared to movable investments, we can confidently say that real estate was a profitable investment for a prudent family man, even though investing in real estate is not always smooth sailing. Consider the issues with unreliable tenants and property aging, not to mention the significant evolution of energy preservation standards. In 2014, is real estate investment still justified? What are the medium and long-term prospects? As the next Batibouw fair approaches, our consultants answer these questions.

The real estate market is undergoing a crisis

Growth in the real estate market still exists, but it is no longer comparable to what we experienced during the “Glorious Thirty.”

Houses

Throughout 2013, the annual price of houses was 233,959 €, an increase of 3.2% compared to 2012. Unsurprisingly, house prices are higher in Brussels (410,194 € on average), followed by Flanders (250,281 €) and Wallonia (176,176 €).

Apartments

In 2013, the average price of apartments in Belgium was 204,181 €, with significant regional differences: 155,610 € in Wallonia (+1.7%), 204,402 € in Flanders (+2.1%), and 228,408 € in Brussels (+4.2%).

Conclusion

Real estate remains a growing market, but this growth is no longer comparable to what we knew in the past. Brussels remains the best place to invest. The quality of the chosen location remains fundamental. Remember, the profitability of a real estate investment depends on several criteria (long-term evolution of the chosen location, quality of materials used, quality of your tenants).

Investing in real estate?

It remains an interesting choice if you combine the long-term capital gain with the rental income. However, be sure to buy a good quality property, compliant with environmental standards, located in a promising area, and ensure the quality of your tenants.

Long-term perspectives

Without being able to predict the future, we can certainly say that the world population will only continue to grow, and space will become scarcer. Urban concentration phenomena, both socially and professionally, will only intensify.

Prices should therefore continue to rise, but not in the same proportions as during the past thirty years. A growth of 2 to 4% per year seems more reasonable.

30 years of presence in the real estate market

Our company has extensive experience in the mortgage loan market. We are at your disposal to provide answers to your questions.

Credit News

As we highlighted in our recent article on October 2, the number of credit contracts signed has significantly increased in recent years. Credit professionals have noticed a resurgence in the number of borrowers as well as an increase in the amounts borrowed. This situation has resulted in a significant increase in the number of defaults. To protect consumers, the Belgian government has decided to strengthen legislation. Effective solution or demagogic stopgap?

The observation

Payment defaults are increasing and affect nearly 5% of borrowers in Belgium.

Is this really surprising? One might doubt it, because, upstream, we have been witnessing for some years now, a significant increase in the number of credit contracts as well as an increase in the amounts borrowed.

What is this situation due to?

There are several factors to consider:

  • The general trend of living on credit;
  • The need to consume at all costs;
  • A significant increase in the cost of living over the past decade;
  • Stagnation of salaries compared to the faster increase in the cost of living (in 20 years, real estate has increased by 200%, while in the same period, salaries have only increased by 70%);
  • A dramatic explosion of taxation implemented by a government that proves to be a prodigal accountant of public effects.

A capitalist model of consumption

The industrial world has only one obsession: consumption. We hear it everywhere, “growth is stalled.” We do not consume enough. Companies, industries are running at a slow pace because their order books look bleak (see the automotive industry in Europe). The balance of foreign trade is not in better shape: we import more than we export.

In short, we need to buy to keep an economy functioning that rests solely on this substrate. Stop consumption, and the system fails.

But of course, consume, but with what money?

How can our citizens still consume in the same proportions as in the past when taxation has created such a gap between the cost of living and income growth?

Europe and its member states are great schizophrenics who talk about growth and, in the same breath, kill consumption with fiscal repression that has never reached such a peak. It is an open secret or a mild understatement to say that Northern Europe is the place in the world where labor income is the most plundered.

So, of course, “consumers” have no choice but to resort to credit if they want to “at all costs” treat their addiction to consumption.

But whose fault is it?

The credit professionals who would be “big bad wolves unscrupulously taking advantage of the naivety or weakness of desperate consumers?”

Demagogues have taken the place of political scientists.

A draft bill in preparation

Our rulers do not care about such considerations and act as quickly as possible. The government therefore proposes a series of measures supposed to protect consumers. This draft should considerably strengthen the rules for granting consumer credit.

The measures being prepared are as follows:

  • Less advertising by credit institutions;
  • More research on the employer’s solvency;
  • More information available to the borrower.

It is mainly mortgage credit that is targeted. The government is particularly tackling joint offers, which allow clients to obtain a better rate provided they also subscribe to ancillary products, such as fire insurance.

A bad project

For credit professionals, this project is deplorable for the following reasons:

  • One can already legitimately wonder if, in our time, consumers need to be infantilized to the point where they do not realize the significance of their actions. In a society where the codification of laws has become pyramidal and where our individual responsibility is increasingly questioned, one can measure the hypocrisy of the conceptual approach…
  • Reducing advertising is absolutely an illusion: it is not the advertising for credit that is the problem but… advertising for consumption. Yet, this is precisely what the state seeks, claiming everywhere that “we do not consume enough”…;
  • More research on solvency? Everyone knows that “you can’t get blood from a stone.” Solvency research is obviously already at the heart of the process of credit companies. No bank would lend without having scrupulously studied all its guarantees;
  • More information for borrowers? Let consumers start by reading the tons of information already available to them… which makes the information… unreadable.
  • Mortgage credit? It is probably the most protected and best-guaranteed type of credit by the mortgage. The real difficulties are mainly encountered in small consumer credits of people who borrow 5,000.00 € for example to go on a family vacation…

Other consequences

One can really wonder when our government will understand that by continually imposing restrictive measures on the industry, it will end up hindering job creation and even tax revenue collection.

Moreover, according to the Professional Union of Credit (UPC), these new measures could cost the sector nearly 1,000 jobs.

The irony of history is that it is often by believing to help the most deprived that we make them even more precarious… because in reality, credit can often help people who are going through a temporary difficult period and who could, in theory, present a financially unfavorable situation for obtaining credit but who, through courage, will make it through.

These people tomorrow will be “told to go away” and there is no doubt that the consequences in terms of bankruptcy, unemployment, and reduction in public revenues will not be long in coming…