Holidays in full and empty in your wallets? We checked which banks would finance your winter fun the cheapest. Take a look at the ranking!
Winter is a period of increased expenses: holidays, New Year’s Eve, heating costs, carnival and, finally, holidays, for which there is usually no more cash in your wallet. As Good Credit has checked, as much as 31% have problems financing winter trips. Poles. What do our countrymen do most often in such situations? They take loans. There is nothing wrong with this, but it is worth checking where such a commitment can be made the cheapest.
Cheapest holiday loan?
So we decided to look at the offers available on the market. What assumptions have we made? Simple – we are looking for a loan of USD 40,000 USD with a 60-month repayment period. We asked banks to calculate farms with a monthly net income of USD 4,525. We have arranged the offers in terms of the most sensitive parameter – a monthly installment. In total, we compared 15 proposals. Our calculations have shown that the monthly installment may range from 814.62 to as much as 959.05 USD.
The Good Finance offer proved to be unrivaled. The total cost of the loan was USD 48,877 and the monthly installment – USD 814.62. All thanks to an interest rate of 4.99 percent. and 7.90% commission
Good Lender has also prepared a favorable offer. The monthly installment proposed by this institution was higher by just under USD 20, but unfortunately for 5 years, it will translate into USD 1,157 more of the total amount to be paid (48,877 vs. USD 50,034). This result was affected by an interest rate of 4.99%. and a 10.50 percent commission
The last noteworthy offer has been prepared by Fine Bank
Unfortunately, here the losses to the winning Good Finance were even greater: almost USD 40 on a monthly installment, which translated into USD 51,160 of the total amount to be paid (i.e. as much as USD 2,283 more than in Good Finance). This result was affected by an interest rate of 6.14 percent. and 9 percent commission.
Other banks have prepared offers in which the total cost of the loan exceeded USD 51,300 and in the least favorable offer reached USD 57,543, which was USD 8 666 higher! Surprised?