Cheap loans received

Cheap loans received

 

  • Specify the purpose
    Fixed-purpose loans make the interest rate cheaper. This is due to default risk, which the bank can better value. Always specify a fixed use, if possible.
  • Note running time
    Choose the term carefully! After all, the longer a loan runs, the longer you have to pay interest. With a short maturity, the repayment rate is higher, but you pay less interest.
  • Repurposing expensive loans
    Have you completed one or more loans at a time when interest rates were even higher? Take advantage of the possibility of rescheduling and get cheaper rates. Note, however, the cost of a prepayment penalty.
  • compare offers
    Do not accept the first loan offer for your house bank, but compare absolutely different offers. For this, you can use the free and non-binding loan calculator from FinanceScout24.

Larger purchases such as a car or even a property cannot be financed out of pocket for most people. For such – and many other – cases, the banks are lending. But how do you find the cheapest loans – and how do you recognize a cheap loan?

When is a loan cheap?

When is a loan cheap?

 

To know when a loan is really cheap, you first need to know what factors are important for a loan- testament of youth. Which includes:

  • Lending rates (interest rate)
  • running time
  • Usage
  • collateral
  • In some circumstances: fixed interest period

The interest rate is certainly one of the most important factors because it determines how much the credit costs you in the year. Incidentally, the decisive factor here is the effective interest rate (sometimes called the effective annual interest rate) and not the nominal or borrowing rate. The effective interest rate takes into account all the cost factors of the loan, such as a delayed repayment start. With the help of the effective interest rate offers can be compared well as it reflects the actual annual cost of the loan. Also very important is the duration, the period over which you repay the loan.

Since most loan offers are installment loans, the monthly installment – together with the payout amount and the interest rate – results from the term. Since this is a calculated quantity that depends on several factors, the monthly rate is not listed in the list above. The monthly rate, however, is an extremely important factor as it indicates the effective monthly burden.

The purpose for the loan is also important for the costs. If you opt for regular consumer credit without earmarking, the bank will charge you higher interest rates than, say, a construction loan. The reason for this is that, for a given purpose, the bank is better able to assess the risk of default and therefore classifies it as lower overall.

Collateral for loans is usually required only for very high loan amounts – the more important here is that you do not overestimate yourself financially. If at some point you are no longer able to pay the loan installments, the bank will make use of the collateral to settle the remaining debt. Since these are usually safe investments or real estate, the loss usually hits borrowers twice as hard.

The fixed interest period usually only plays a role if you are looking for cheap loans for home buying or building. Here, the terms are so long that the banks are not willing to fix the interest rate over the entire term. Instead, it will be agreed for a period of time, after which you will renegotiate part of the credit terms as part of the follow-up financing.

So when is a loan cheap? In general, of course, it can be said that the interest rate should not exceed the general interest rate level for loans – after all, the valuation of a loan is always very individual. In addition, the conditions in the various areas are very different – for example, the interest rates on construction loans are usually lower than those for consumer loans. A general statement about when a loan is cheap, can therefore hardly do.

Overall, however, interest rates on loans have been steadily downward over the past 15 years, with some exceptions, so loans are currently extremely cheap.

So you get even cheaper loans

So you get even cheaper loans

 

For cheap loans, a comparison of the offers is essential, for example, with the help of the FinanceScout24 loan calculator, because only then can you find the loan offer that fits best on all terms to their own ideas. Here, the purpose of use plays a major role, because the conditions for a cheap used car financing look very different than those for a cheap real estate loan.

Of course, your personal situation is also very important, especially your regular income. Among other things, the bank measures – among other things – your financial capacity by which it decides whether and on what terms it makes you a loan offer.

In addition, there are several ways to influence the loan conditions in your favor:

  • Offer collateral
    Providing the bank with collateral (such as endowment life insurance or the registration of a land charge on a condominium), even if it does not require it, has a positive effect on the terms of the contract and thus on the total cost of the loan. Especially with smaller consumer loans, where the repayment is usually hardly endangered due to the short term, this variant is appropriate.
  • Find the second borrower
    Another way to reduce the cost of credit is to designate a second borrower. He is jointly liable with you for the repayment of the loan amount, and he usually has his own income, so that the Bank estimates the risk of default significantly lower. However, to avoid potential problems, you should only choose these variants if the second borrower also benefits from the loan – such as the spouse or a business partner.
  • Searching for guarantors
    A modification of the loan partner is the guarantor – here you name a person who has to take over the repayment of the loan if you as a borrower are no longer able to do so. Since the guarantor carries the full risk without having any benefit from the loan, this option is only recommended in exceptional cases – because even the best intentions do not protect against unemployment or even disability.
  • Arrange for special repayments
    In addition to the above options, there is still a fairly simple way to reduce the cost of borrowing: special repayments. If, for example, you agree to free special repayments of up to ten percent of the loan amount when signing the contract, you can repay the corresponding amount each year without the bank being required to demand a prepayment penalty. So if you have some money left over (or expect to spend more during the term), you can shorten the loan’s term and save on interest costs.

Cheap loans for civil servants

Since civil servants are hardly terminable and therefore have a very secure income, they usually receive particularly favorable terms on the official loan from banks. In addition, the providers are often willing to pay even higher loan amounts without collateral.

  • Popular types of credit
  • 10000 Euro credit
  • financial calculator
  • Credit for pensioners
  • Credit for trainees
  • Moving credit
  • holiday Credits
  • Further credit types

Tips to cut costs

When concluding a loan agreement, credit default insurance – also called residual debt insurance – is often offered. This takes over the repayment of the loan, should the borrower without own fault no longer be able to take over the monthly installments. This is the case, for example, when the borrower becomes disabled through an accident, is terminated without notice or dies.

However, since such an insurance is associated with quite high costs, it should usually be completed only with high loan amounts and long maturities, such as real estate financing.

The right duration

Basically, the longer a loan runs, the longer you pay interest. Therefore, a long-term loan with the same loan amount is always more expensive than a short-term loan. For this reason, you should always choose the shortest possible term – but also pay attention to the monthly rate. If you choose the runtime too short, you may not be able to afford the monthly installment anymore.

Remortgage: Benefit from the interest rate development

If you have a loan at a time when the interest rate level was very high, you can benefit from a debt rescheduling when interest rates fall. In this case, you terminate the loan agreement and take out a new loan from another bank (or even the lending bank) in the amount of the remaining debt, which you use to pay off the old loan. Although the bank requires a prepayment penalty in this case, this option can nevertheless pay off if the interest rate level falls accordingly, in particular, since the compensation for installment loans is limited to one percent of the remaining debt.

The savings are best illustrated by an example. The following conditions are used:

  • Loan amount: 15,000 euros
  • The nominal interest rate at closing: 4 percent
  • Duration: 6 years
  • Special repayments: Up to 10 percent free

After two years, a residual debt of 10,393.60 euros remains. If interest rates have fallen to two percent in the meantime, the following two options now exist:

dates Repayment of the original loan debt restructuring
Debt after two years loan term 10,393.60 euros 10,393.60 euros
Cost of debt restructuring 88.94 euros
Interest payments for residual maturity 870.93 euros 429.95 euros
Total costs for remaining term 870.93 euros 518.89 euros

In this example, they would save over the debt restructuring so over 300 euros in interest costs, also the monthly rate would be slightly lower. By the way: As part of a rescheduling, several loans can be combined into a new loan.

Find a cheap car financing

Find a cheap car financing

 

When car loan there are some special considerations. First of all, it is a purpose-specific loan, so the amount paid out must actually be used to buy or repair a vehicle. In addition, most banks require the vehicle to serve as collateral for the loan, so the second part of the registration certificate often remains with the bank. Occasionally, even the bank is entered as the owner of the car until full payment of the loan. However, these conditions also mean that car loans are generally relatively cheap.

The car brand or the car type – for example, with an RV financing – has an only indirect influence on the conditions: The house banks of some manufacturers sometimes offer very favorable conditions for financing, some even require neither a down payment nor interest. Of course, such offers cannot be matched by ordinary commercial banks. The reasons for the sometimes extreme differences in terms and conditions are manifold. For example, the profit margins for new vehicles are so great that manufacturers can at least cover their costs even if their credit conditions are unfavorable – commercial banks do not have this advantage. In addition, the manufacturers are trying to keep customers loyal to their brand over the long term. In addition, every vehicle sold acts as an advertisement for the brand.

Basically, the same applies to car loans, as with any other loan: the faster it is paid off, the lower the cost. In this respect, you should always strive to replace the loan as soon as possible. Incidentally, this also applies to zero-percent financing, in which no interest payments are incurred. Because if the car is destroyed by an accident, you still have to pay the monthly installments and buy a new vehicle, which means a significant financial burden.

Whether with the repayment free special repayments are possible, varies from contract to contract. As a rule, however, such repayment possibilities can be agreed before the contract is concluded. If the bank excludes free special repayments, however, it may still be worthwhile repaying the loan with a larger sum in full – you should compare the penalties to the pending interest payments.

To the login consultant service money back system New customer acquisition for consultants Free lead 

To the login consultant service money back system New customer acquisition for consultants Free lead 

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Our insurance comparison portal generates new leads on a daily basis, which we pass on to our insurance experts via the moneyback system. As an insurance consultant, you can thus advise those interested in taking out insurance without having to worry about the customer acquisition. With the moneyback system you can get leads for free. Earning money in the insurance industry has never been so easy!

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On our comparison portal for insurances interested parties can inform themselves about the various insurance products. The lead generation takes place by entering the data in our contact form.

How can I earn money through the moneyback system?

As an insurance expert, you advise interested parties on the desired insurance. Upon conclusion of a contract, you can submit it to Fonds Finanz and receive a new free lead. You therefore do not have to spend money on lead generation.

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The moneyback system gives you a free lead per contract and you do not have to spend any money. The leads we generate on finanzen.de will be forwarded to you promptly. We also inform the interested party who will contact him. With the moneyback system, you do not have to worry about lead generation and can save money.

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Schulten new boss at MVV: Core competence remains energy distribution

Mannheim (dpa / lsw) – The future CEO of the Mannheim energy supplier MVV, Rudolf Schulten, wants to stick to the previous strategy of the company. The MVV Energie AG will continue to set “very clearly” on the core competence of energy distribution, said the 47-year-old on Friday in Mannheim. “That’s where we make the money.”

News / Electricity

Picture: Money 

The CFO of the Berlin-based Bewag AG was unanimously appointed by the MVV Supervisory Board on Thursday as the new CEO. He succeeds Roland Hartung on 1 October, who is retiring at the age of 67 on grounds of age. SDV-listed MVV Energie AG is the fifth-largest German electricity supplier. Sales in 2001/02 (30 September) amounted to almost 1.7 billion euros.

The chairman of the MVV Supervisory Board, Mannheim Mayor Gerhard Widder (SPD), praised Schulten as a “decidedly strategic-minded person”. His choice was a good decision. “We’re going into even more difficult times,” said Widder. Reason is an individual judgment of the antitrust authority on the amount of fees for the use of networks. If this provision were to be implemented nationwide, grid owners such as the MVV would have to face losses of 15 to 20 percent. “That’s dramatic,” said Aries.

Aries intends to propose to the Supervisory Board to found a board of management for marketing and sales. This fourth department is to be filled by the CEO of Energieversorgung Offenbach, Karl-Heinz Trautmann.

Schulten said he would continue to seek the acquisition of municipal utilities as distributors of electricity and gas. In this function customer proximity and friendliness are particularly important. “That must be our strength, then we are not vulnerable.” The manager, born in Göttingen, grew up in Lützelsachsen on the Bergstrasse and in Aachen and studied business administration in Cologne. He is married to a Frenchwoman and has three children. Among other things, he worked for Ruhrgas AG and the gas utility Gasag in Berlin. In 2002, he was appointed a member of the management board of the Vattenfall Europe subsidiary Bewag.

 

Finland threatens to block the purchase of debt of countries agreed in Brussels

Finland threatens to block the purchase of debt of countries agreed in Brussels

  • A report from the Finnish government addressed to the country’s parliament says that the euro zone needs to be “unanimous” in the countries to adopt the measure.
  • The European summit agreed that the European Stability Mechanism could acquire sovereign debt in the secondary markets of countries with problems.
  • Órdago de Rajoy and Monti to the eurogroup, which accepts the direct help of the bank.

The Finnish Prime Minister, Jyrki Katainen. ARCHIVE / EFE

Finland has indicated its intention to block the European Stability Mechanism (Mede) – successor of the European Financial Stability Fund (EFSF) – from acquiring sovereign debt of the euro zone in secondary markets , despite the agreement adopted at the European summit last week, that the Government of Jyrki Katainen accepted.

According to a report of the Nordic Executive sent to his Parliament, the decision would require unanimity , but both Finland and the Netherlands would not be for the work. According to some sources, the Netherlands would have distanced itself from this categorical refusal, although it has also made it clear that it does not share the mechanism.

Euro zone leaders agreed last week to adopt measures to protect the monetary union and lower financing costs for Spain and Italy, although without specifying the details of how the resources of the current rescue fund (EFSF) and the Mede would be used. . They also agreed to direct aid to banks, without going through the states, and the eurozone’s renunciation of the status of preferred creditor.

The European spokesman for Economic Affairs, Simon O’Connor , explained that the unanimity in the euro zone mentioned by Finland is necessary, but not in cases where it is necessary to act “urgently to safeguard the stability of the eurozone.”

In this situation, the fund can be set in motion by a decision of the Member States that represent 85% of the subscribed capital , and Finland does not add that percentage to bring the blockade to a successful conclusion. The European Commission has shied away from assessing the threat of Finland further.

The conditions to Spain, shortly

On the other hand, the Commission has ensured that it will not be necessary to change the rescue fund Treaty to carry out the direct recapitalization of Spanish banks, but that it will be enough with a unanimous decision of the eurozone countries.

The community executive hopes to have ready “in the next few days” the memorandum with the conditions that will be imposed on the Spanish financial sector in exchange for aid, and that is being prepared by the inspectors of Brussels who are in Madrid since last week.

The EU Executive expects to have ready “in the next few days” the memorandum with the conditions that will be imposed on the Spanish financial sector The condition imposed by Germany for the direct recapitalization comes into force is to create a single banking supervisor from the Central Bank European Union (ECB), something that the countries of the eurozone have committed to do at the end of the year.

From that moment, the direct recapitalization will be possible through a “normal decision” of the European stability mechanism (ESM), as explained by the spokesman for Economic Affairs.

This will be done through Article 19 of the ESM Treaty, which allows the board of governors of the fund, where the eurozone countries are represented, to add new instruments of financial assistance to those already provided. These changes must be ratified in the parliaments of some countries, such as Germany, said the spokesman.

The EU executive still does not know if the rescued countries that have received assistance also for their banks, such as Greece, will be able to deduct it from their debt when the direct recapitalization comes into force.

Student Auto Loans Can Earn You A Ride

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