To successfully finance a purchase, the monthly loan installment should not be too high. The financial limit is determined by the amount of income and the monthly expenses. The threshold of pain, however, should not be fully exploited. Finally, you should plan for a specific buffer in case of emergency.
Most banks offer a maximum maturity of 84 months online. Many shy away from credit default risk, which increases with increasing credit terms. However, some providers are also promising the customer ten-year loans. Whoever is looking for a real estate loan with several decades to run, should contact a branch of his bank. In order to pay for the long-term loan no more than necessary, the prospect should compare the credit conditions of several financial institutions.
Loans with an 84-month term
An installment loan with a long term of 84 months can be had, for example, at Meno Bank. The applicant will have to agree on an annual effective interest rate of between 4.29% and 9.99% depending on his creditworthiness. Included is a 3% processing fee. An account maintenance fee is waived. A maximum amount of $ 50,000 will be paid out.
The applicant receives a long-term installment loan against proof of a permanent employment contract and a clean credit bureau.The current employer must have been employed by the customer for at least 6 months. In favor of the borrower, a grace-free start-up period of 89 days is agreed. Unscheduled repayments are explicitly granted to the creditors.
Also over the Barclaycard an installment loan with a long running time of 84 months can be requested. The effective interest rate is based on the creditworthiness of the customer and can be between 4.75% and 11.90%. Purchases up to 35,000 $ can be financed through this house. A processing fee will not be charged. Should the borrower reschedule immediately after the conclusion of the contract, he can exercise his 8-week right of return. Special repayments are accepted.
Credit Europe Bank also offers customers a long-term installment loan of 84 months. The interest margin is 4.40% to 11.95%. The maximum amount to be paid is $ 50,000. The customer benefits from a right to installment increase / reduction and payment break, which is entitled to this once per calendar year. A processing fee is waived.
Credit with 120 months maturity
With its long-term installment loan of 120 months, the Mekeni Bank combines many customer benefits. The loan installments, which amount to a combination of the maximum loan amount of $ 30,000 and an annual effective interest rate of 8.49%, can be suspended free of charge up to twice a year. This applies if at least three credit installments have been made in the meantime. Furthermore, the credit holder has a 30-day right of withdrawal.
Free special repayments are possible at any time. The offer is aimed exclusively at employees. Myna bank also offers a long-term installment loan. However, only officials can benefit. The interest rate varies between 5.99% and 12.99%, depending on the credit rating. A processing fee of 3.5% is already included.
Through this financial institution, the consumer can even take credit sums up to 85,000 $. Special repayments are possible as well as installment breaks (on request and only with payment difficulties). For a permanent job, the applicant must have been employed by the current employer for at least 6 months. A clean credit bureau is required. Proof of salary must be provided as proof of income.