Beaming children's eyes under the christmas tree or an enthusiastic glow in the eyes of loved ones are reason enough for many people to dig a little deeper into their pockets at christmas and give expensive gifts. If one knows, with what one can make the partner a joy, looks often not so exactly on the cent. This is of course commendable in principle. Nevertheless, financial experts advise against buying gifts with a christmas loan. But why is that? And what to pay attention to, if it is not possible to purchase the expensive and eagerly awaited gift without financing?
Every loan requires a real countervalue
Consumer protectors and financial advisors point out again and again that one should take out credits only for durable values. This includes, of course, large purchases such as a property or a car. Even more cost-intensive household appliances or even a fancy home furnishings can be financed in an emergency, provided that the conditions are right. It is different with desired objects of temporary value. A vacation trip or designer clothes should not be financed therefore. Here, the real value that the borrower receives for his financing is only short-lived. As a guide, you should use the financed item at least over the loan period. This is usually not the case for short-lived purchases or a vacation trip.
It is quite similar with christmas gifts. Of course, the recipient is happy about the longed-for gift, for which he may have had to wait a long time. But for the borrower, the equivalent value is unfortunately only short-lived joy. He must repay his loan without creating a lasting tangible asset for himself in return. Against this background, consumer protection experts are skeptical about financing christmas gifts. But there are of course exceptions.
Small sums and short terms are better for a loan at christmas
If you want to give your loved one an expensive piece of jewelry or if your partner has long wanted a fancy smartphone or a modern digital camera, you would like to fulfill this wish this coming christmas. If you do not want to use your financial reserves for this purpose, or if they are insufficient, think about financing it. Provided that you have a regular income and if your creditworthiness is proven by the schufa, there is nothing against a loan for christmas. Make sure, however, that the loan installment ultimately fits into your monthly budget so that you can pay it reliably and securely over several months.
It is quite important to pay attention to a low credit sum and to a short credit term. Do not take out more money than you absolutely need, and it is best to choose a term of several months. Some banks offer small loans for a few 1.000 euros on, which can be well suited. Provided you choose a small loan with a short term, you have a good chance to be debt-free again after a few months. A contract with a free special or total repayment right can also be a variant. You can repay such financing at any time without prepayment interest, provided your financial situation allows it.
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A loan comparison saves money on interest rates
Of great importance is the cost comparison. Be sure to check which bank offers the best conditions for your financing. In the hectic christmas business many dealers offer the purchase on credit and entice with seemingly attractive interest rates. Consider such offers necessarily in comparison with the current bank offers. A loan calculator is a good way to get a comprehensive overview of the best conditions on the market with just a few details. You only enter the desired loan amount and the term and get a compact overview of the most favorable banks. With this comparison you can quickly and transparently check who charges the lowest interest and fees for your individual financing. You can filter the offers according to criteria that are important to you. So you identify with little effort the providers who allow you a free unscheduled repayment. From the comparison you can immediately apply for your financing online. Within a few days, the money is received in your account, so that nothing stands in the way of fulfilling your christmas wish.