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Car Loans

Installment loan as a car loan

A larger purchase, such as a car, needs to be carefully considered with regard to financing. Clever financing can save you a lot of money, for example by taking out a car loan, ie a loan for your car. A car comparison calculator, ie a financing calculator for your car, is a good way to compare. Our car comparison calculator helps you to find a suitable installment loan for your car. However, there are differences in car loans that you should know in advance before you take out a loan for your car and use a car comparison calculator.

Save money with a loan calculator

Save money with a loan calculator

Many buyers of new and used cars still pay cash for their car purchase. There are now very cheap ways to finance the car with a car loan – whether BMW, Mercedes, Audi or Toyota. There are also many car comparison calculators that offer a cheap car loan, but only a few use them. A financing calculator for cars conveniently calculates the best loan for your car, making it easy to compare. The car comparison calculator compares the current interest rates and automatically offers you the option of weighing up the car loans. Many have already found their car financing using an auto comparison calculator and saved money using the auto comparison calculator.

Financing options for your car

Financing options for your car

There are two main ways of financing a car: a car loan or a cash loan. A distinction must be made between car loan and cash advance. Both can be used as a car loan, as a loan for your car. With a car loan, the purchased car is used as security at the bank. Exactly this means that the car belongs to the bank for the time being. Admittedly a small shortcoming of the car loan.

With the other variant of the car loan, the cash loan, this is different. With this car loan, you own the car after purchasing it. You must note that the interest on this loan is also higher, namely around 2%. Car loan and cash advance, both have a small minus, but overall you get away cheaper, especially if you use a financing calculator for cars.

Which car loan you choose, a financing calculator for cars gives you a good and compact overview of the latest conditions of the banks. A car loan is much cheaper and more flexible than an overdraft on your account.

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Small Loans Interest and Comparison

A small loan is usually an ordinary loan, but only a small loan amount is taken out. In most cases, amounts from a few hundred euros to a few thousand euros are given as loans . This type of credit can also meet short-term shortages or long-awaited wishes for one person.

Small loans are easier to repay, and they don’t result in thousands of dollars of interest costs. If you need emergency cash, funds for medical care, or extra money while you’re waiting for your paycheck, a small loan may be all you need.

Small loan application

Small loan application

Since the amount of the loan is relatively low, relatively low rates can also be set. So that the borrower does not have a large monthly charge. These loans are therefore suitable for people who need money quickly or only need to pay for a repair or an unpaid bill. As a rule, these loans are only concluded over a very short term, so that the loan is paid off quickly.

Which characteristics should be compared for small loans?

Which characteristics should be compared for small loans?

The total cost of a loan is usually calculated from the interest. This is the higher the interest rate and the longer the term of the loans, the more expensive in the end for the borrower. For this reason, you should always choose an optimal runtime that has a portable rate.

The customer should not feel constricted by the monthly rate in their life and should be able to pay it off without any problems. The longer the loan is taken out, the more expensive it becomes. Because the customer then has to pay interest over a longer period of time.

Interest on a small loan

Interest on a small loan

The interest rates themselves can be different for different providers, so that a comparison is generally worthwhile. The penalty fees and the basic fees also differ greatly, which are also not uncommon. In some cases, a final installment may be due. As a rule, the various loan providers on the Internet can be compared relatively well.

Before the application, experiences on the Internet should also be obtained from other users.

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Car purchase loans on the rise: the 4 wheels are not given up

car loans

It is said that among the priorities of the Italians there is health first, followed by the family and the first house, but in fourth place there should be the car, one of the assets that you can not do without. This is confirmed by the data on registrations from last year: 2016 ended with + 15.82% compared to 2015 and the first quarter of 2017 started off with a + 4.7% . What is another positive fact? That of the car purchase loan application . The Italians in fact allowed the trend of the automotive sector to remain growing thanks to the credit granted by banks and financial institutions.

 

Car purchase loans: Italians can’t help it

Car purchase loans: Italians can

The commonplaces seem confirmed: there are those who save elsewhere or ask for funding to buy a car. In fact, from the data analyzed by SIC Experian-Cerved, there are 75 million credit positions. Despite the marked increase in requests, the quality of the loans granted is particularly high. What does it mean? Thanks to an analysis work carried out upstream, in the preliminary investigation phase, the risk of insolvency is reduced to negligible percentages.

In 2016, the car purchase loan application marked a + 14.3% compared to the previous year, thus confirming an important year as regards the growth of the automotive sector and consequently also for the financial sector. The average amount of loans requested stood at 14,378, which in this case also corresponds to a + 3.4% compared to 2015.

 

Which form of auto purchase loans should I choose?

car loan

Doubts can arise when buying a car and needing a loan. Which type of loan is the most convenient? Is it good to trust the financial proposal from the dealership to which you are contacting? In principle, it is always better to inquire and evaluate all possible alternatives. One form of loan that can be useful in these cases is the transfer of the fifth with which high amounts can be requested and with a large repayment period (within a maximum of 10 years) at subsidized rates.

 

To whom is the transfer of the fifth worth?

car loan

The assignment of the fifth can be considered as one of the types of loans for car purchase. It is aimed in particular at state employees or retirees. How does it work? You ask for the amount you need and you decide to return it thanks to a deduction up to a maximum of one fifth of the salary or pension. It is a safe and guaranteed form of loan to consider.

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Installment and Credit Calculator

credit installment

Today we can compare many products but also services. There is a comparison of insurance, energy suppliers or loans. Thanks to a number of websites we can compare the offers of all banking and non-banking companies. Usually you just need to choose parameters such as amount and maturity. In a short while you will see providers who can meet your needs. A credit calculator has many benefits. Certainly we should mention the speed of one of them, thanks to 100% accessibility immediately find out whether you have a chance to get a loan or not. A lengthy visit to the branch is no longer necessary.

 

Bank credit calculator

Bank credit

Banks will provide you with quality facilities and the possibility of additional insurance in case you are unable to repay the loan. Small and medium-sized companies have mixed up with interest rates and APRs, which will be appreciated by thousands of loan applicants. There are options to postpone installments or early repayment free of charge. On the other hand, expect stricter conditions. Your income must reach certain values ​​in order to have a chance of success. You enter in the calculator whether you work full-time or part-time. People who are in probation lose their chance. A big hitch is the negative entry in the SOLUS register. Even if you ask for deletion, you will still have major problems with the bank loan.

 

Non-bank credit calculator

credit calculator

Certainly you have met with non-bank calculators. They work on the same principle, only you will have a choice of multiple companies. New in the market are P2P loans, where people lend to people. Investors on the one hand and borrowers on the other. For example, you would request $ 5,000. People (investors) withdraw the amount and the loan is yours. They are entitled to a share of interest and you get a cheaper loan due to the fact that this company does not have dozens of branches and hundreds of employees.

 

The most convenient credit calculator

credit loan

Best Credit Calculator? It should definitely be clear and free. If you do not know what bank or non-bank loan to choose, this tool is an excellent crutch.

If you are looking for a convenient non-bank loan, try our online calculator, which will find exactly such a loan for you.

Do you only need a credit calculator to calculate the amount of the repayment and interest? You can find it HERE.

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When is a car loan refused and why? We clarify

Why a car loan is declined and what you can do then The trusted car dealer has been found, the vehicle of your choice is immediately available, the purchase contract may already be ready for signature – and the car loan applied for at the bank is rejected. How could that happen? When is a car loan refused? Who actually writes and advises here? About us On this page Why is the car loan refused? How do I get a car loan anyway? Compare loans directly

Why was my loan application rejected?

Why was my loan application rejected?

Roughly speaking, there are two reasons why a bank rejects a loan application: Either the applicant did not meet all of the acceptance guidelines. Or the applicant’s creditworthiness is not sufficient for the loan amount.
The formalities were not met

On the one hand, the banks have in-house acceptance guidelines and, on the other hand, they have to comply with statutory guidelines. This results in a list of acceptance criteria that each applicant must meet. Due to the in-house guidelines, the requirements may differ from bank to bank, but the requirements are usually similar or similar.

Banks often require the following:

  • majority
  • First residence in Germany
  • Account in Germany
  • Verifiable monthly income

The creditworthiness is not sufficient

When it comes to creditworthiness (also called creditworthiness), monthly income is not the only thing that consumers sometimes assume. Rather, there are two things:

  • The ratio of income to loan amount
  • The prospective willingness of the applicant to pay the loan installments on time and in full

The relationship between income and loan amount is that the income is sufficient to easily pay the monthly loan installments. With a low income, you can easily get a car loan with a small loan. With a large loan amount, however, there may be problems.

A reason for rejecting the loan can therefore be an overly chosen loan amount!

When asked how likely it is that the applicant will pay their monthly installments as agreed, the bank looks at the applicant’s payment history in the past. The bank first takes a look at its own documents if the applicant is already a customer of the bank: Have the installments been paid on time with an earlier installment loan (not just car loans)? The bank then contacts Credit Bureau, Germany’s largest credit agency. Here she asks the applicant’s score. The score is a single number that indicates how well or how badly the applicant has recently paid his bills to banks, retailers, online retailers, etc. The behavior was good with a high number, rather bad with a low number.

If the bank now believes, based on the information available, that the applicant can fully repay the financing, the car loan is approved. If not, there is a rejection.

Another reason for rejection can be the bad payment behavior in the past!

How do I get a loan anyway?

How do I get a loan anyway?

If a car loan has been rejected, you can of course apply for funding from another bank. However, the prospect of success is rather slim here. Because if the first bank already had concerns, the second bank is likely to share those concerns – either because the loan amount is too high or the credit rating is insufficient.

If the loan amount is too high, the clerk at the bank will notice this when you apply. Inadequate creditworthiness is determined at the latest when the bank has the Credit Bureau score.

So there are only two things left to get a car loan: improve the Credit Bureau score or reduce the loan amount. Ideally, one tries to do both.

Improve Credit Bureau Score Credit Bureau does not disclose which factors the score is calculated from, at least for the most part. The credit agency has released only a few details.

However, there are speculations as to which things actually affect the score. These probably include:

  • the amount of liabilities (debts) to banks, mail order companies etc.
  • Frequent bank refusals for loan requests
  • the use of the overdraft facility (overdraft facility)
  • the number of credit cards
  • the frequency of the change of residence

The credit agency evaluates all of these things as an indication of a more relaxed handling of financial resources or an unstable lifestyle, which suggests a loose handling of financial resources.

Reduce loan amount

Of course, it is not easy to significantly reduce the financing requirement once it is clear which vehicle you want to buy. With a car loan over a five-digit USD amount, it makes little sense to reduce the loan amount by just 500 USD if you want to increase the chances of financing.

You now have two options: either to reduce the loan amount and to procure the missing amount for the purchase amount elsewhere (e.g. through savings or a private loan), or you can choose a cheaper vehicle.

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How many loans can you have simultaneously?

If you have one or more loans in progress and you need to obtain additional liquidity, before applying for another loan it is important and necessary to make the right assessments in order to avoid over-indebtedness. Nowadays, in fact, it is normal to have more than one financing in progress : together with the classic silent house, Italians often find themselves with additional financing at the same time as the loan for the car and to renovate the house or even even to go on vacation. But let’s see how many loans you can have simultaneously.

 

Is there a limit to the funding that can be had at the same time?

loans

Generally there is no universal rule established by banks or financial companies on how many loans you can have at the same time, but in principle depending on the type of loan you choose you can have co-financing provided that you have the ability to support the installments of the various debts and therefore not get into too much debt. Obviously, all banks and financial companies have their own credit rating assessment rules which are more or less flexible. But then, what is the maximum sum that can be had or rather what is the maximum installment that can be supported? The Mirrorata portal can answer this question, which helps to understand what the debt limit should not be exceeded. In any case, since the most important thing to keep under control is the maximum installment that is sustained given by the sum of all the loans in progress, a valid form of refinancing of all the loans is the transfer of the fifth.

 

Why does the assignment of the fifth help to decrease the ongoing loans?

money loans

The assignment of the fifth is a convenient form of non-finalized loan that allows you to obtain high amounts and to return them in monthly installments of up to 10 years. This is one of its strengths: being able to repay an amount in 120 months, allows you to lower the amount of the monthly installment. How can this feature be used? If you have more loans in progress and the sum of the individual installments is particularly high, you can request a transfer of the fifth to pay off all the debts and consolidate them in a single installment much lower than the sum of the previous ones. This operation is called “debt consolidation”. The assignment of the fifth can in fact be requested regardless of the number of loans in progress and can therefore be used to consolidate them and eliminate too many installments to be paid, combining them in a single and more convenient solution.

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Broken washing machine? It will be paid by an online loan

washing machine

A broken household appliance cannot work for too long. If there is no money left in your financial budget, you will simply have to take out a loan. Do not worry about it, applying for a loan today is quite simple and you do not have to be ashamed of it at all. Indeed, you may not meet with your application or anyone, everything is handled online.

Online loans have been a hit in recent years. Thanks to them, almost everyone gets money, because they are usually provided without complicated screening of applicants. People also like the fact that they do not have to go anywhere with a prosek, they handle everything behind the screen from the comfort of their home.

 

Try to borrow interest-free

Try to borrow interest-free

You may not know about it yet, but many non-bank lenders are willing to give you your first free loan. Although this is no exorbitant sums, but a few thousand for a new appliance will probably get interest-free. Usually, this benefit is only granted to new clients on the first loan. Nothing prevents you from taking out a loan each time with another company so that you are always a new client. Not that it would be good to borrow regularly, but that is another story.

 

Calculate carefully if you can repay

Calculate carefully if you can repay

Interest-free and usually every short-term loan is provided for one month (more precisely 30 days). It is therefore designed as an immediate financial injection, which you pay immediately after the next payout. If you know you can’t do it, apply for a loan for a longer period of time. It is always cheaper than if you took a 30-day loan and then extended it. Because even if you speak in time and admit that you will not be able to repay the amount by the set deadline, you will pay the renewal fees. And they are not exactly small, just the non-bank lenders make money.

 

Do not borrow on uselessness

washing machine

A broken washing machine or fridge is an expense for which it is worth borrowing. New shoes, holiday or birthday present sun. You should never borrow on uselessness. Sadly, we have to mention this, but many Czechs still do not understand this basic rule.

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Get Low Interest Loan

 

Loans can sometimes be quite expensive – of course, this depends above all on the amount of interest, but also on the ancillary loan costs, which is why it always makes sense not to focus on the nominal interest rate but on the effective interest rate of the loans when comparing loans To consider. Unfortunately, loan interest rates are sometimes difficult to compare, and finding a loan with low interest rates can be difficult.

Effective interest rate

Effective interest rate

Because the banks do not advertise their loans with the nominal interest rate, but with the effective interest rate – that is, the ancillary loan costs that are incurred are already included in the interest rate, but the details are never the final interest rate.

The final interest rate is always determined by the creditworthiness of the borrower – accordingly, the advertised interest rate, which appears, for example, in loan advertising, is always an idealized interest rate – but borrowers only receive this if their creditworthiness is excellent.

Excellent or very good creditworthiness – this means that there are no disturbing negative Credit Bureau entries in the borrower’s file, that he has an attractive income that is sufficiently high and also regular, and that, depending on the type of loan and loan amount, he has the usual bank collateral.

Case of the loan with poor credit rating

Case of the loan with poor credit rating

The poorer the customer’s creditworthiness, the more the bank adds to the requested interest rate in order to limit the risk that it takes by lending the money. The elimination of risk considerations generally means that the price of the loan becomes more expensive, for example in the case of loans that are permitted without Credit Bureau information, such as can be found abroad, offered in Germany via credit brokerage.

A negative Credit Bureau information does not necessarily lead to an increase in lending rates – on the one hand, it is relevant to what type of negative Credit Bureau entries it is, because not all weigh the same weight, and on the other hand, a bad Credit Bureau does not necessarily mean that the Creditworthiness is bad.

The relevant plus for the bank, which remains after deducting expenses from the borrower’s monthly income, is relevant, because this amount shows how much capital the customer has at his free disposal.