Loans with a term of 72 months are standard products of every direct bank. The loan offer is correspondingly extensive. Use the well-known loan comparison from Good Finance to compare the cheapest installment loans with each other.
You will then be forwarded directly to a form for your loan request. Fill out the form and send it online. Good Finance automatically compares the eligible loans and sends you the cheapest loan offer.
The use of the loan calculator and the partner bank’s loan
Offer is free and non-binding. You can also use the detailed loan calculator on our website to get an overview of the conditions. From the information in the loan calculator, you can see that the interest conditions differ only slightly at first glance.
Nevertheless, a comparison is worthwhile. With a term of 72 months, even small interest rate differences can make a difference in the total costs.
This is especially the case when it comes to not insignificant loan amounts. By acting prematurely without a loan comparison, you are giving away money to the banks. And that is certainly not in your mind.
Here is an example: net loan amount 15,000 dollars, term 72 months, credit for free use:
Average interest rates given by banks in the credit comparison were used for the calculation examples. So the data is realistic. As of January 2019.
Compare loans with a term of 72 months correctly
Always compare effective annual interest rates. They are the only benchmark for comparison. According to the law, all costs must be present in them. Residual debt insurance is an exception if it is optional.
Don’t worry about the banks’ decoy offers, which are listed in bold letters in all loan comparisons.
The information in the small print below the offer is more suitable for comparison. There you will find the interest rate offer of the representative example, sometimes referred to as the average interest rate.
Six years is a long time in which your economic situation can change. Then it is helpful if the loan conditions can be adjusted.
So pay attention to the flexibility of the loan offer. Free special repayments are standard today. From time to time, banks also grant free early loan repayment or redemption suspensions. Do not be limited to a term of 72 months from the start. “Play” with the comparison calculator.
For example, enter 60 months or 84 months as the term and see how the credit rates and the total amount (the costs) change.
Banks offer either credit-related interest rates or non-credit-related interest rates (all customers receive …). “Receiving all customers” does not mean that all customers actually receive a loan from the bank.
Only customers who achieve the so-called borderline credit rating can enjoy a loan. Loans with non-credit interest rates seem fair and cheap, but they are not.
Anyone who has a better credit rating than the marginal credit rating is disadvantaged. He would have deserved more favorable credit terms. Whose credit rating turns out to be worse is not given a loan at all.
Compare loans with Good Credit
The direct banks participating in credit comparisons reject your loan request? This does not have to mean the end of your loan request.
The credit check at direct banks is carried out automatically. The model customer is a high-earning employee or civil servant.
Perhaps you just made a small mistake in the credit request, forgotten additional income or a non-serious negative SCHUFA entry.
That is enough for direct banks to refuse. In such cases, have the loan comparison carried out by a specialist and get advice on how you might still get a loan.
Good Credit carries out a professional loan comparison for you free of charge and without obligation. The financial service provider from Halle is our recommendation.
A large number of positive customer experiences are evidence of the customer orientation and seriousness of the credit intermediary.
A reasonable 72-month term for consumer loans
Taking out loans with a term of 72 months is a pretty good choice. 72 months are clearly more than the average term.
On average, loans are taken out for 40 months to 48 months. However, on average, the amounts are also relatively small, below 10,000 dollars.
Those who need higher loan amounts, 10,000 dollars and more, are well served with a term of 72 months.
The borrower, therefore, compromises between a reasonable total cost and an acceptable loan rate.
However, shorter terms are recommended, provided that the somewhat higher rate can then be applied without any problems.
For amounts of 10,000 dollars and more, up to 60 months are optimal. Banks tend to charge higher interest rates for longer terms. The longer the repayment period is chosen, the higher the credit default risk.
Interest rates often increase when a loan is taken out for longer than 60 months. This is also clear from the Good Lender’s table on average interest rates for consumer loans.
A yardstick for choosing the right loan term is the estimated useful life of the purchase planned with the loan.
Auto loans are the most used type of loan. The normal useful life for motor vehicles is usually 5 or 6 years.
Then a new vehicle is due at the latest. Car loans with a corresponding term are therefore useful.
If an excessively long term is chosen, significant disadvantages can arise. When the loan-financed replacement procurement is necessary, the original loan probably still exists.
This loan must then be co-financed with the new loan. Existing loans can also have a negative impact on creditworthiness and credit score if additional loans are to be taken out.