You did not repay a loan immediately. First make an overview of your monthly income and expenses. Are you left with money? Then that is the amount you can spare to repay your loan and the interest. Also consider whether this will still be possible in the future. For example, if you are going to work less or if your children are going to study. It’s also important to check out all the regulations concerning lening zonder BKR to make sure that this is the best choice for your needs.
Choose a term that suits your budget
The period in which you have to repay a loan is called the term. A longer term results in lower monthly costs. This gives you more time to repay the amount you have borrowed. However, if you have a longer term, you will pay interest for a longer period. As a result, the total costs of your loan are higher than for a shorter term.
Choose a term that matches the life span
Suppose you borrow a car and you expect it to run for another 5 years. Then choose for a maximum term of 5 years. Otherwise, you will pay for something that you no longer use.
Compare before you close a loan
You can compare loans by looking at the interest rate. But there is more:
Do you have a partner? If you have a partner, you may sometimes receive a lower interest rate if you take out the loan in both your names.
- Check whether you pay the costs for advice, mediation and taking out the loan.
- Can you repay extra money at any time? Or do you pay a fine?
- Will the loan be waived if you die?
- Which loan suits you?
Borrow consciously and don’t let yourself be seduced by a higher amount. Borrow only what you need. The term of the loan determines the total cost of the loan. The longer the term, the higher the total cost of the loan. You should therefore be advised well to ensure that the monthly amount and the term of the loan are in line with your budget.