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Collective funds: what are they and what should be taken into account before joining one?

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The collective funds they are outlined as the best alternative to get a car or own house. The mechanism allows to plan the buy of a good with monthly contributions that you will make together with other interested people.

According to the Superintendency of the Securities Market (SMV), those interested in being part of these funds must go to a collective fund management company (EAFC) and, prior to signing the contract, they must carefully read the tariff, the program provided, among others. After being informed, you must prove the ability to pay to meet the total monthly fee.

In that sense, what are the most important points to take into account before deciding to participate in a collective fund? Rafael Celis, finance manager of Maquisistema, a collective fund company with 30 years in the market, provides the following information:

  • Savings and planning with discipline: if the goal is clear, the dream of owning a house or car will not be as far away as it seems.
  • Delimit time and amount to allocate: the amount willing to give for a car, apartment or any other property must be clear, as well as the monthly payment capacity. The collective funds work through installments with terms of up to 120 months. For example, to pay for a US$11,500 car, you can do so in installments of US$168.47 over 80 months.
  • Know about the assemblies: it should be noted that the delivery of a car or house is given through raffles or auctions. In the first case, one member is chosen at random from each group, while in the second case, those who offered the highest number of installments in advance are awarded.

  • Correct history in Infocorp: the collective funds provide the opportunity to enter a programmed purchase (medium and long-term financing) in a simple way, since you only need a DNI, a document that proves your income and receipt of services. However, you must have a correct history with Infocorp and demonstrate that your debt is being paid on time. If you have other unpaid debt, you must prove the ability to repay it in the future.
  • Percentage of minor administrative fees: the payment of the monthly fee is divided into two concepts: the capital fee and the administrative fee. The first is calculated by dividing the value of the asset to be acquired by the number of months that it will be part of the group. The second is the payment made for the administration service of the collective fund. These amounts will depend on the payment system you choose.
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The main recommendation before entering one is to be well informed to get the most out of it and be able to get your property or vehicle with ease.

Source: Larepublica

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