Because not every bank evaluates the credit rating the same, customers can receive several offers in the installment loan comparison. It can not be ruled out that a bank that was originally listed only in third or fourth place offers you the best borrowing rate based on your personal data. Zero interest rates attract consumers into installment loans. Why the cheapest installment loan is not necessarily the best. The Flexicor of the General Civil Servants Bank has once again performed well in the installment loan test FOCUS-MONEY:
Installment credit comparison determines the cheapest bid
In order to receive a installment loan in a reasonable time, the credit conditions of the various credit institutions inevitably have to be compared. A reconciliation is necessary as the interest rates and charges for individual loans vary considerably from one house to the next. In order to receive a installment loan in a reasonable time, the credit conditions of the various credit institutions inevitably have to be compared.
A reconciliation is necessary as the interest rates and charges for individual loans vary considerably from one house to the next. The same applies to opaque charges, which are incurred in addition to the borrowing rate and complicate the installment loan comparison. For example, providers may no longer charge processing fees for an installment loan.
In addition, the German Price Calculation Ordinance stipulates that each service provider must specify not only the debit interest for his installment loan, but an amount including all fees incurred, so that the installment credit comparison becomes transparent. However, if you want to use the special services of the National Bank for your loan, you should make sure that the annual fee percentage does not take them into account.
In the installment credit comparison, suitable service providers, starting with the cheapest loan, are listed according to the required information (total amount, duration, purpose). By varying the duration, the monthly rate of the various providers can be determined in a few moments. The provider calculates the current interest rate based on the credit rating when he receives the customer request. On the left side of each offer, a representative example according to 6 a DAUB is listed, which provides another reference point for the installment credit comparison:
At least two-thirds of the clientele are granted the specified or even better credit terms by the respective provider. Because not every house bank rates the creditworthiness the same, several bids can be obtained in the installment credit comparison. It can not be ruled out that a house bank listed in third or fourth position will offer you the best borrowing rate based on your personal information.
What is the installment loan used for?
The interest on a loan may also depend on the client’s status or the purpose of the loan. Also, the purpose of “car loan” ensures more favorable conditions: Prerequisite is the handover of the vehicle license to the house bank. The customer can request his offer directly through the installment credit comparison provided that he fulfills two conditions:
Individual service providers can create further prerequisites – for a staff loan, for example, a permanent position for more than 6 months. Based on the information, each house bank calculates which installment loan rates it can provide. Compare with which provider your personal annual percentage is the cheapest. But you should also consider other significant burdens – eg for special repayments.
Now you can download and sign the loan application for the optimized installment loan offer. Send the order together with the desired documents to the house bank. After the documents have been received at the house bank, the desired amount is transferred within a few days to the specified bank account.