Take out a cheap loan with a term of 180 months
A loan with a long term of 180 months is not an everyday loan request. Maturities of this duration are unusual for installment loans for free use. Direct banks are generally not prepared to issue loans with a term of more than 120 months. However, this only applies to non-earmarked loans. If a purpose limitation is agreed, offers can certainly be found on the Internet.
On the other hand, those interested in credit will hardly be looking for terms of approximately 180 months if they want to take out a conventional installment loan of over USD 20,000. Extremely long terms are in demand if a particularly high loan amount is to be applied to finance certain investments or projects. For example, a loan of 50,000 dollars is sought for a term of 15 years.
In the private sector, these are mostly loans that have to do with real estate or housing. Of course, other expensive purchases such as cars can also be the reason for demand for loans with a term of up to 180 months.
Construction finance from the Internet
Construction financing with fixed interest periods of 15 years or full financing with a term of 180 months are not special. Credit brokers specializing in real estate financing can be found on the Internet. Is a leader The credit broker Interhyp offers all financing options around the property. The offers of hundreds of regional and national banks and insurance companies can be used.
The company has advice centers at around 100 locations across Germany. Consultation on site by trained financing experts is therefore not a problem if the customer requests it.
Tips for taking out loans with terms of up to 180 months.
Long-term loans have an advantage and a disadvantage. The monthly installments are low, but the total cost of the loan is high. Because with long terms, the initial repayment for annuity loans is lower than with short terms. Interest must be paid longer on higher balance amounts.
A rational preparation for borrowing can at least help save unnecessary costs and avoid unnecessary risks. Before you start looking for a loan, determine your financing needs. If possible, use your own funds.
Find out your budget. How much disposable income do I have that can be used to pay the monthly loan installment?
- Choose an appropriate loan rate. It should not be too low so that the term is not extended unnecessarily. On the other hand, it should not be too high, otherwise your economic freedom of movement will be restricted too much.
- Compare as many offers as possible. For the same term, the costs depend solely on the effective interest rates. There are sometimes considerable differences in interest rates. A few tenths of a percent can make long-term loans with large amounts more expensive or cheaper.
- Pay attention not only to the interest rate, but also to flexibility. With free special repayments and installments, you can adjust long-term loans to changing conditions.
- Repaying loans is often the best investment. If you get money during the loan period, for example because a savings contract expires, special repayments are available. This shortens the running time and minimizes the total costs.
Conclusion on loan terms up to 180 months
Direct banks generally only offer normal installment loans for free use with terms of up to 120 months. Even with a 120-month term, the selection is not very large. Most direct banks limit the term to 96 months. Branch banks or house banks will behave similarly. An installment loan with extremely long terms without a purpose is very unlikely.
It is different if a purpose limitation is agreed. For loans for private purposes, residential loans for renovation or modernization of owner-occupied housing and construction loans are in the foreground. Another frequently chosen purpose is vehicle financing. In the case of earmarked car loans, the term is generally limited to a maximum of 96 months.
In the case of residential loans, the terms can be 144 months and longer up to 180 months. The SKG, for example, makes such an offer. The home loan can be taken out using the loan calculator used here or directly from the bank’s website. The financial service provider Lenders Credit provides mortgage loans for free use. This loan variant can also be concluded with unusually long terms. Civil servants and civil servants have the option of arranging a civil servant loan with the principal. This loan variant is even possible with terms of up to 240 months.