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Some purchases come with a hefty price tag. Just think of purchasing a brand new car. Obviously, not everyone has enough capital to fully fund a project themselves. That’s why you can borrow 25,000 euros from one of the many lenders in our country.
Taking out a personal loan entails costs. The costs are summarized in the annual percentage rate, or APR. The borrower usually only has to pay the fixed interest rate on a loan. Although there is an exception: the mortgage loan. This housing loan is accompanied by a variable interest or fixed interest, administration costs and estimation costs.
What are the costs for a loan of 25,000 euros? Various factors determine the total costs. To start with, there is the loan itself. Depending on the project, the lender can adjust the price tag. For example, a green renovation loan is much cheaper than a personal loan. It is up to you to prove which project you want to finance with the borrowed capital. Those who want to renovate their house, for example, must be able to submit a specification.
The lenders then look at the borrower’s loan amount. The higher the loan, the greater the chance that banks will raise the fixed interest rate. The term of the loan also affects the amount to be repaid. The longer the term, the greater the chance that the borrower will adjust the rate upwards. Lenders must adhere to a maximum term. That term depends on the amount borrowed. It is legally established that a loan of 25,000 euros has a maximum duration of 120 months.
Those who borrow € 25,000 may consider spreading the loan over a longer loan period. For example, monthly payments take a smaller bite out of the family budget. At the end of the journey, the loan may be more expensive. It is therefore important to consider how heavy the monthly repayments may weigh.
Who wants to insure the cheapest interest, can compare all providers and the cheapest interest rates on Gandalf. Gandalf shows an overview of all lenders for each type of loan. In this way, after a few mouse clicks, you will immediately know which lender offers the cheapest loan on the best terms. Gandalf compares all car loans, renovation loans, green loans, pooling loans and mortgage loans. Remember: Borrowing money also costs money! Borrowing without costs is therefore too good to be true.
Concrete example: The fixed annual cost percentage (APR): 6.99% (fixed annual actuarial lending rate: 6.99%), for an installment loan of € 7,300 with a term of 42 months. The monthly repayment will be € 195.72 for a total repayable amount of € 8,220.24. The fixed annual cost percentage can vary depending on the credit amount, the duration of the credit contract, the withdrawal modalities or the chosen payment modalities. Installment loan for private individuals, subject to acceptance of your file and mutual agreement. Interest rates and product conditions change regularly. Because reliable comparisons are only possible on the basis of current data, the product information (such as interest data) that we provide is often updated daily, or as often as necessary. Gandalf is neither a credit broker nor a lender.