Loan is not a gift
It is generally not possible to determine which loans are really the best for consumers by comparing them online. To do this, a number of offers must be obtained from various banks after the selection, in order to be able to compare exactly what percentage of interest and processing fees the borrower really has to pay and possibly have to take out residual debt insurance to hedge the risk become.
The loan that ultimately results in the lowest loan costs will then be the best loan in this sense. Another option is the loans offered by some furniture stores or electronics stores and car dealers where the customer does not have to pay any fees. These are always loans that are mathematically one of the best loans, but with a restriction if consumers only buy certain consumer goods because there are no additional costs when taking out the loan Worth considering whether these things are really needed.
The electronics stores and furniture stores offer customers such opportunities to ultimately promote sales of their products. A loan is not a gift, the installments must be paid back in any case. Consumers who budget responsibly with their finances and think about what they need, what things they can do entirely without and which are only acquired at a later point in time and then act accordingly when making their purchase decisions, will always be the best Find loans. Every loan that is taken up puts a strain on the household budget because it has to be repaid and the installments then have to be paid month after month over several years.
Loan that consumers should take out
The financial scope within the monthly budget is getting smaller and smaller due to several loan commitments. In order to illustrate this, a loan for a vacation trip, for example, can not be cheap, the vacation loan itself is not a loan that consumers should take out. The money for the vacation should always be saved in advance. Anyone who finances their vacation with a loan should only reasonably choose a term of up to 12 months so that this loan is repaid before the next vacation is due. Anyone who practices this differently usually does something wrong in their financial planning.
In the end, what can lead to the risk of overindebtedness sooner or later. So it is fundamentally wrong just because the loan seems cheap to finance all possible consumer goods and thus to live in a certain way over the circumstances. Many consumers only notice the error when it is too late or when a change in their lives, such as unemployment or divorce, worsens the financial situation and the obligations can no longer be met. There is nothing to be said against well-planned and appropriately prepared borrowing, especially not when purchasing is important, but the best loans are those that you do not have.