In the area of installment loans, there are more and more tenders that offer an interest rate of less than three or four percent. What influence do interest rates have on installment loans? There are more and more quotes in the installment loan sector, which provide for an interest rate of less than three or four percentage points. However, in the rarest exceptional cases, these very low-interest rates apply to all loans and borrowers. In most cases the interest rate will be affected by different factors.
The credit comparison is an essential part of the search for the best possible offers. It should be noted, however, that the interest rate comparison in practice usually only the best interest rate of the respective provider considered. For example, granting a installment loan at 3.25 percentage points does not necessarily mean that this very low interest rate applies to all debtors.
Therefore, in a credit rating comparison, it should always be ensured that the investor has an idea of the conditions under which the advantageous interest rate is available. For many installment loans, the lower interest rate applies only for a repayment period of one year.
Amount of the loan
It is not just the duration of the loan that can affect the interest rate but also the amount of the loan. When comparing loans, it is often the case that the very low interest rates are currently used, especially for loans with comparatively low loan amounts. For example, the consumer pays For example, for a loan amount of EUR 2,000, a lending rate of 3.45%, while a loan amount of EUR 5,000 would be 5.85%.
In particular, the creditworthiness of the borrower increasingly influences interest rates, as more and more banks offer a loan-based interest rate. So it is quite possible for such bonus-dependent interest rates that z. B. very good creditworthy debtors have to pay only 3.50 percentage points, while debtors with relatively mediocre creditworthiness z. B. 7.80 percentage points are to interest.