Since this can not always be saved over a longer period of time, many fall back on a loan. The usual amount of such purchases is a comparatively high loan amount of 30,000 euros. This is often used, for example, for the following purposes:
- Buying a property
- Purchase of a new or used car
- Modernization or renovation
- credit repayment
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If it is clear what the loan is needed for, you should check off some points before applying for a loan- you can too. Because you will only find the cheapest possible loan if you are clear about prices, terms, and your own credit requirements.
- Compare prices
Before any expensive purchase, it makes sense to compare prices. For example, if you are looking for a new or used car, you can use various online platforms for comparison. It may also make sense to visit car dealers on site. Here you can ask directly, which discounts you can negotiate with a cash payment. Because often dealers grant the biggest discount if you can pay the purchase price in cash. It is also worth haggling with private traders. If you are planning a modernization of the home, you should get quotes from different construction companies.
- Set up a household bill
You can use a household bill to determine how much your monthly credit can be. To do this, compare all budgetary expenditures with expenditures. But be sure to schedule a buffer for emergencies. The remaining sum can finally be used for loan repayment.
- Determine the exact loan volume
Include in the calculation of the credit volume, how much equity you may be able to raise. Because a share of equity, you can minimize the loan significantly. Alternatively, you can borrow part of the need privately. There is usually little or no interest and you can make the repayment more flexible.
- Question your needs
Does the car really have to be a new car or does it also have a comparable used car at a much lower price? Is the modernization of the home worthwhile in the long term? In any case, you should first consider whether the purchase is really necessary. If the old car still drives, you should postpone the purchase of a new car better and save on the purchase price.
Where you get the loan
Basically, you can apply for the loan either from your house bank or from a direct bank on the internet. At your house bank, you have a conversation with a bank adviser. You tell him how much credit you need for which purchase and he will make you an appropriate offer. Of course, this is not binding, so you can visit several banks to compare different offers.
This is much faster for direct banks that work exclusively over the Internet. Here you can compare several offers at a glance via a loan calculator. Often these loan offers are cheaper than those of your house bank since direct banks can save on personnel and processing fees. The favorable conditions can be passed on directly to the customer. Ideally, you will be granted the credit after entering and checking your data, while the house bank often provides several consultancy appointments.
In both cases, you will typically receive an annuity loan characterized by constant repayment rates. These are composed of an interest and a redemption portion, whereby the interest portion by the repayment decreases with each rate and the repayment portion increases.
Step by step to the € 30,000 credit
- Credit comparison: The search for a suitable loan begins with a credit comparison. Use a loan calculator that allows you to compare several loans. This is the quickest way to get the loan with the most favorable conditions. The comparison is based on the data you entered on the amount of the loan, the repayment installment and the term.
Tip: Assigned loan
If you want very favorable conditions, you should ask for a loan with earmarking. This can be worthwhile, for example, when buying a property or car. The advantage of this is that you can save a lot of money by earmarking. However, you may use the loan only for the intended purpose and must also prove this to the bank. In addition, the financed thing, so the car or the property is deposited with the bank as collateral. This reduces the risk of default for the bank and can offer the loan on better terms.
- Annual percentage rate: Your first look at the comparison should be on the APR. Because in contrast to the nominal interest, the effective interest contains all the costs that are incurred for taking up the loan. In addition to the nominal interest are the processing costs, payment costs, and all other incidental costs. Only by using the effective interest rate is it possible to compare different loan offers. So pay attention to the lowest possible interest rate.
- Completing a loan application: If a suitable loan has been found online, you can usually apply immediately. For this, you enter your personal data such as name, address, marital status and housing situation in the form. In addition, you must provide information about your employment and prove your income. Not to forget, of course, the details of the desired loan, ie loan amount, term and repayment installment. Also, enter an account to which the loan amount should be transferred. After submitting the form, the bank will check your details and usually ask for SCHUFA information to check your credit rating. It may well be that the interest rate changes after this test and adapts to your circumstances. The effective interest rate can therefore only be regarded as a guideline in the comparison.
- Identification procedure: You will only receive the € 30,000 loan if you can identify yourself. If you apply to the house bank, you can simply present your ID. On the other hand, the online application uses other procedures. The most common is the Postident procedure, in which you have to identify yourself in a post office. The branch then sends a confirmation of your identity along with the loan application to the bank. Likewise, some banks use the video ident procedure. You will have a webcam conversation with an external service provider and show this by video your ID. You will immediately receive confirmation that your data has been transmitted.
- Credit payment: Once your data has been verified and your identification confirmed, there is nothing in the way to pay the loan. Of course, the bank needs time to review your data. This can take four to five working days or even several weeks. Especially with high loan amounts, the bank checks more closely, so that longer waiting times must be expected here. If you need the money quickly, you should already have all the necessary documents ready before the application and pay attention to correct data when filling out. Because missing documents or incorrect information can delay the payment considerably.
Interest rate and term
It is not possible to make general statements about the interest rate since this depends on various factors. First of all, it is your credit rating that has a decisive impact on the level of the interest rate. Anyone who has a good credit rating usually receives a significantly better interest rate. Therefore, it makes sense to already give the credit comparison information on their own income situation in order to receive offers with a corresponding interest rate. Keep in mind, however, that the final interest rate will only be available to you after all your documents have been checked, and the effective interest rate will only be an average when compared.
Lower lending rates
If you want to lower your lending rates further, there are various possibilities. First, you can choose a special purpose loan. Since the financed thing serves as security for the bank, the default risk is minimized. So the bank can grant you a cheap loan. It can also have a positive effect if you borrow the loan from another borrower. This can be, for example, your spouse or a parent. Of course, the precondition is that the additional borrower also has sufficient creditworthiness.
The optimal term for the € 30,000 loan
In addition to interest, the term of the loan plays an important role and also influences its costs. With a loan of 30,000 euros, terms of 48, 60, 72 or 84 months are common. Depending on the financial situation, individual agreements can be made with the bank here. In any case, it is advisable to choose the shortest possible duration. Monthly installments are low for a long-term, but the monthly repayment rate becomes lower and lower while the interest rate increases. This ultimately increases the total amount of the loan. So who wants to lower the total cost, should consider whether the higher rates can be applied for a shorter term.
Tip: arrange special repayments
Your credit will be particularly favorable if you agree to the contract the right to special repayments. The law allows you to repay the loan in whole or in part outside the agreed installment plan. For example, if you have a surprising inheritance, you can use that capital to repay the loan. To shorten the runtime and at the same time the total cost. Make sure, however, that your bank offers free special repayments. Not infrequently, banks require a prepayment penalty for early repayment because the bank escapes interest payments.
For which situations is the loan suitable?
A 30,000 euro loan is worthwhile especially if an expensive purchase is planned for which capital is not immediately available. Usually, this can be used to realize a car purchase or the renovation of a property. In particular, the latter measure is associated with high expenditure and should, if possible, be carried out completely, so that the property is quickly habitable again. With a good offer, the rates are not too high and can also be included in a long-term financial plan.
buying a car
Car dealerships usually offer their own financing models to finance the new car. If you do not want to use them, you can take out a € 30,000 loan. This has one decisive advantage: you can pay for the car in one fell swoop and get decent discounts. Note, however, that in a used car, the credit volume does not exceed the sales value of the vehicle value.
However, before you take out a loan for the renovation, you should inform yourself about alternative funding opportunities, for example from KfW Bank. This is worthwhile in the energy-efficient renovation of the property or the purchase of a new heating system. The loans from KfW Bank are particularly low-interest and are partially subsidized by the state. You should only consider a € 30,000 loan if these funding options are out of the question.
For students, a € 30,000 loan may also be interesting if there is no claim to BAföG or the study is associated with high fees. The loan can be used to pay tuition and/or living expenses. A study abroad can also be financed by such a loan. Various banks have such a loan in the portfolio, which is usually very low interest and offers variable repayment options. Usually, the loan amount is paid in monthly installments to the borrower. The repayment installments are comparatively low so that the financial burden is not too high even after graduation.