Summertime – vacation time! But there is not always so much money left. If you want to treat yourself to a dream vacation after a busy year, you may have to take out a loan to do so. There are some things to consider, so that the free days do not turn out later as a cost trap.
Credit for the vacation: is it worth it?
While normal vacation trips can usually be paid for with savings, the situation is different for longer or unusual vacations. Especially language trips, the honeymoon or a trip to a distant destination can go into the money and burden the account strongly. Those who do not want to do without such trips may have to take out a vacation loan. That is possible both with the tour operator and with the bank.
Whether the loan is really worth it in the end or whether you should rather save on your own depends on the trip, the personal circumstances and the conditions. The amount of the down payment also plays a role.
Vacation credit with tour operator and bank
Meanwhile, there are a handful of tour operators that offer credit for the booked trip. The contract is concluded already in the travel agency and gives vacationers the opportunity to settle the bill within a year. The conditions can be quite different here and should be checked in advance carefully.
In addition, a loan for the vacation can of course also be taken out with the bank.
Since it is a normal consumer loan, no information about the intended use of the money would have to be provided. The problem is, however, that most credit institutions estimate significantly higher minimum loan amounts. People who are planning a trip, must fall back as mostly on a personal loan. Since here, however, the intended use plays a decisive role, it is sometimes difficult to get this way to a loan for the dream trip to come.
Vacation credit: advantages
Taking out a loan for your vacation has many advantages. The biggest is probably that you can start the journey quite relaxed and do not have to save for months on it. Thus, the quality of life before the vacation is consistently high and even during the trip you do not have to turn over every penny twice, so that the money is enough.
Another advantage are the conditions of the credit institutions. These are tailored precisely to the needs of consumers, and especially in the case of loans for vacations, the terms and other conditions are designed to be very flexible. For a vacation loan speaks last also the journey itself. After an extended vacation with many new impressions, you return to work relaxed and balanced and can go full of energy to work. However, if you work the whole year through and don't treat yourself to anything, you will eventually get frustrated and perform worse. A vacation loan is therefore an investment that pays off.
Vacation credit: disadvantages
Paying for a vacation or trip with a loan also has a few disadvantages that should be weighed up in advance. A typical problem with loans is, for example, that you quickly lose track of the costs and at some point can no longer handle them. Especially when the dream trip is only a contract away, there is a risk that the conditions are ignored and you spend with the security of the loan even on vacation itself more money than is actually available.
Another disadvantage is that the installments have to be paid off after the vacation is over. So purely from the feeling you pay for something that is long gone, which can be very frustrating in the long run. Especially if the next annual vacation is already pending and installments of the last trip are still open, a debt trap can quickly arise.
So what to do?
Those who have the necessary money should not take out an additional loan. Is the vacation however urgently necessary or does not come the offer so fast again, one should seize also times the opportunity with the schopfe. Here it is important to be honest with yourself: can you handle the repayment installments?? A financial burden over more than 12 months makes little sense. The recovery effect has long since fizzled out.
If the amount of the vacation loan goes beyond one's own limits, it is called finger off! Even if some trips still sound so tempting. Who has financial problems, should rather look for favorable alternatives of the recovery. So some had to spend his summer vacation already times at the domestic quarry pond and was served at the end not at all badly.
However, if you decide to go on vacation, an independent loan comparison is highly recommended, such as via our loan calculator. Travel agencies usually work together with contractual partners. The offers may be well matched, but whether you get the best conditions for your vacation loan, remains to be seen. With a look at our loan calculator you have the comparison and thus guaranteed the cheapest loan.