The banks charge different interest rates on loans. There are not only differences between the normal interest rate and the effective annual interest rate, but they also differ in interest rates that depend on creditworthiness. The latter means that the bank will charge a higher interest rate if there is a negative Schufa entry, but this is not so serious as to reject a loan application. Finding a loan with low-interest rates is therefore only possible through direct comparison.
Real estate loans
It is particularly important for long-term loans to pay attention to interest rates because borrowers are bound to interest rates for a long period of time. You can opt for a long fixed interest rate for real estate loans, but this is only worthwhile if the interest rates are low. In a high-interest phase, you should refrain from doing this, as it can take up to twelve years for follow-up financing.
When money is urgently needed
Finding a loan with low-interest rates proves difficult when the money is urgently needed. With instant loans, the borrowers can hardly compare the offers, because if you need the money on the same day or the next day at the latest, you have to contact a branch bank. In most cases, this is the house bank that does not always have the best interest. If you are urgently dependent on the money, you have to take what you can get.
If you’re not in a hurry
Those who can take their time benefit from the comparison portals that are available on the Internet. On the one hand, the interest rates at online banks are lower anyway, on the other hand, they differ from bank to bank. The Internet is the first choice for a loan with low-interest rates.
But you should take a closer look at the offers because there are banks that take low-interest rates, but make a vigorous effort under the other conditions. The best example is the prepayment penalty for special repayments. Many banks grant this option without asking for money. But especially banks with remarkably low-interest rates get these costs back in.