If interest rates are low, you can save money by rescheduling an old loan

In this context, 15,000 euros is a popular loan. However, the long-awaited dream of a new car can also be realized in this way: according to the FinanceScout24 2014 Credit Study, eight percent of all loans are taken out. These are funded on average with 18,567 euros.

How to find the right € 15,000 loan

Whether the new car, a new kitchen or the move – with 15,000 euros, many dreams can be put into action. Even if you can not wait any longer: Before borrowing, you should take enough time. After all, this is also associated with financial obligations. If you stick to the following tips, you will find the right € 15,000 loan for your needs relatively quickly.

Credit for the new car: compare prices

Often only the comparison shows which offers are real bargains. Therefore, you should allow some time for a comparison of different new cars before borrowing. You can use independent comparison portals on the internet for this. Most of the time you can save hundreds or even thousands of Euros. So you lower the total loan amount and save interest.

Tip: put cars together online

On the websites of car manufacturers, you almost always have the opportunity to put together the desired car virtually. These configurators provide a 360-degree view, detail images of optional equipment and a detailed cost overview.

Budget calculation: find out your own scope

Before borrowing, be sure to find out what rate you can safely spend each month. This will prevent you from overburdening yourself financially. A household bill compares your monthly income with all expenses. These expenses include not only the rent but also, for example, the cost of:

foods
Insurance
free time activities
clothing
care products
vacation
automotive

Tip: Schedule buffers

If you have deducted all income from your income, you get your personal financial leeway. However, the credit should not exhaust this space: Plan for a buffer so you are prepared for extraordinary expenses. This includes, for example, the repair of the car or the purchase of a new washing machine.

Determine maximum credit volume

After finding out what rate you can afford on a monthly basis, you can now determine the maximum loan volume. This means the maximum you can afford for your desired term. Helpful here is a budget calculator on the Internet.

Before the rescheduling: Check current loan conditions

In some cases, it may make sense to replace the residual debt of an old loan with a new one – for example, if there is currently a lower interest rate than at the time of borrowing. Then you can get significantly better interest rates and reduce your overall costs. Above all, this is worthwhile if you have to repay several loans and combine them into a new loan.

How much you can save by rescheduling depends mainly on your current conditions. So take a look at your contract to find out the following key metrics:

Effective interest rate
Remaining time
remaining debt
Monthly repayment installment
Then you should compare your existing loan with other offers. For example, you can use independent comparison portals on the Internet. In any case, the comparison is worthwhile: Imagine having taken out a loan of 20,000 euros five years ago. Your remaining debt is currently 15,000 euros with an interest rate of eight percent. If you then find an offer with an effective interest rate of only five percent, you can save around a thousand euros.

Attention: Plan prepayment penalty

If you cancel your credit agreement early in favor of a new one, the bank may demand compensation for this. How high this is, you should find out in advance. Often a look into the contract is enough.

Consider your own needs and question them

Take a 15,000 euro loan, you can finally finance the long-awaited new car or make a beneficial debt restructuring. However, this also goes hand in hand with financial obligations. Therefore, ask yourself the following questions before going this step:

Do I really want to go into debt for a new car, even though it loses value quickly?
Would a cheaper used car be an alternative for me?
Is the rescheduling of my loan worth it, because, for example, I expect much more attractive interest rates?

Step by step to the 15,000 euro loan

The following step-by-step guide shows you how to quickly find the loan that suits your own needs and opportunities:

Compare providers
Before you decide on an option, you should compare the different providers. Basically, you have two options for taking out a loan for a new car:
Financing with the vehicle manufacturer
Credit at the bank
Often you will be courted with very attractive interest rates if you inquire directly from the car manufacturer for a financing. But the total funding is not only dependent on interest and therefore often much higher than initially thought. Also crucial is the amount of down payment, monthly installments, and final installments.

Good to know: Plan bargain discount

Most manufacturers offer discounts if you can pay the entire amount in one fell swoop. Not infrequently, this discount is ten to 15 percent of the purchase price. You can secure this with a loan from the bank. Overall, this is often cheaper, although financing from the manufacturer may offer more attractive interest rates.

compare offers
Via comparison portals on the Internet, you have the opportunity to compare countless offers for loans. To do this, you must enter your desired loan amount. The amount of money that you have to pay back depends on many factors. These should be taken before your decision under scrutiny: Annual percentage rate, duration, amount of monthly installments.
Even in the case of debt restructuring, a comprehensive comparison of the offers is worthwhile. However, before you cancel your existing loan agreement, you should present your chosen offers at your local bank. Often, but not always, the bank then comes to you and presents you with a new offer to keep you as a customer.
Make a loan application
If you have compared different offers and providers online, you can usually apply for the credit with just a few clicks. You will need to provide some personal information, such as:
name and address
job
marital status
income
In addition, many providers require that you also specify negative entries in your Schufa information. You can request the information online – but this may take some time, as you must send a copy of your identity card or passport and the application form by post to the Schufa.
ID
Before concluding a loan, the bank must make sure that you are the person you impersonate. At the branch office, this is really easy: Simply present your identity card or passport here. For online loans, however, providers need to resort to other methods. The most common is the Postident procedure of Deutsche Post.
loan disbursement
Once you have successfully applied for the payday loan consolidation and verified your identity, the bank will now check your details- here you go. These include, for example, your credit rating and your income.