The total price of an installment loan is based on the loan amount requested. In addition, there are the costs for the interest and any additional costs that may arise, which regularly include a discount or a residual debt insurance requested by the bank. The borrower can have an effective installment loan price comparison carried out on the Internet. There are so-called credit comparison portals that have installment loan calculators. These calculate the conditions of the desired loan on the basis of the consumer information.
Pay installment loan price comparison carefully
Before carrying out an installment loan price comparison, consumers should be aware of the key points of an installment loan. Of course, these include the loan amount to be applied for. In addition, a term should be set for the borrower to repay the loan amount taken out. This is accompanied by a determination of the monthly payments to be made. The following applies: the lower the monthly rates, the longer the term.
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Take into account the effective interest rate
Another important criterion in relation to the installment loan price comparison is the effective interest rate. This differs from the nominal interest rate in that it also takes into account the additional costs mentioned. In connection with the interest rate, consumers should make sure when comparing the credit whether the respective lender has labeled their offer with the fixed interest rate. Often, instead of the fixed interest rate, interest rates depend on the creditworthiness and vary depending on the creditworthiness of the borrower.
Consult financing examples
As part of the installment loan price comparison, loan calculator portals often provide certain financing examples. These indicate the monthly rate, the interest rate and the term of a certain loan amount. The following applies here: Financing examples and proposals are a good way to get a first idea of your own financing project. However, the terms of your own loan can sometimes differ significantly from these advantageous calculations by the lender.