Compare loan interest rates – this is how you proceed

No matter what your wishes are – whether a driver's license, car, motorcycle, a new kitchen or living room furnishings – they can be fulfilled with a loan. To get the best possible deal, they should compare the loan rates of different providers in advance. This way you can save cash by benefiting from the best interest rates on the market.

What should be paid attention to in a loan?

In order to enjoy your installment loan for a long time, you should pay attention to a few points in advance:

  1. The exact determination of the required loan amount
    no matter what project you want to finance, determine in advance all related costs. This way you can be sure that your loan will be fully sufficient to fulfill your long-cherished wish. It also saves you the hassle that would be associated with increasing the loan at a later date.
  2. Choosing the right term
    the faster a loan is paid off, the better it is for you. However, you should bear in mind that a shorter term also always means a higher monthly installment. A stretching of the repayment over a longer period of time is therefore useful in many cases, in order to maintain one's own financial leeway. As a rule of thumb, the loan term should never be longer than the intended useful life of the financed object.
  3. Determining the monthly loan installment
    A loan makes it possible to afford things for which you would otherwise have had to save for a long time. However, you must also be able to afford the financing. To determine which monthly installment fits into your budget, compare all regular income and expenses. The difference results in the highest possible repayment rate for your loan. By comparing the loan rates of different providers, you will find the most favorable rate.

Different types of interest

When you compare loan offers, you will always find two different figures in the descriptions:

The debit interest rate describes the amount of interest that is due for granting the loan. In the past, this was also called the "nominal interest rate". In contrast, the effective interest rate, also known as the annual percentage rate, includes not only the interest on the loan but also all related fees charged by the lender, such as additional administrative costs or the cost of issuing documents. When comparing the cost of a loan, the effective interest rate is therefore the decisive criterion.

In addition, the interest on a loan can also be distinguished between fixed and variable interest rates. Fixed interest rates are fixed at the beginning of the credit period and remain constant for the entire term. Installment loans are in most cases loans with fixed interest rates. Another variant are the variable interest rates. This can change over the course of the credit period if the general interest rate level changes.

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Factors that affect your loan rate

In addition to the different interest rates between credit institutions, there are also differences in what interest rates are offered to you personally by a bank. These depend on several factors:

  • Amount of the loan
  • Term of the requested loan
  • Possibly available collateral
  • Type of employment
  • Amount of income
  • Individual creditworthiness
  • The use purpose of the credit
  • Your own place of residence.

Compare loan interest rates and apply for the cheapest loan – this is how it works!

Since each lender offers different interest rates for your required loan, you can save a lot of money with a loan comparison. To find the most favorable loan for yourself and take advantage of it, proceed as follows:

  1. Determine the amount of credit you need.
  2. Determine your individual budget for the amount of the monthly loan installment.
  3. Enter in our loan calculator your required loan amount as well as the desired purpose and adjust the term according to the amount of your desired monthly installment.
  4. Compare the offers of the displayed loan providers.
  5. Once you have found the best offer for you, click on "continue" and follow the process for the free loan request.
  6. Send all the necessary loan documents to the bank and perform the required legitimation. The fastest way to do this is by digital signature and online legitimation via video-ident.

Within a few days your loan application will be processed and the loan amount will be paid into your account.

Current interest rates in comparison

In the current low-interest phase installment loans are very cheap to get. However, even today there are providers who charge quite high interest rates. A comparison of the loan rates is therefore always useful to avoid unnecessary costs. For example, if you compare a loan of 10.000 for a term of 5 years, the total savings over the complete term can be up to 4.000 euros.

Expert conclusion to compare loan interest rates

Fulfill dreams, even if your own savings are not enough: with a loan this is possible! The comparison of loan interest rates allows you to determine the best offer for your situation and thus save unnecessary costs for your loan. With the credit comparison of kreditexperte this is very easy and you will immediately find the offer that best suits you. Use still today our credit computer and come you the fulfillment of your desires a piece closer!