Moving into the first home of your own is certainly a milestone for everyone. So here can finally be lived alone and done and left what you want. But before moving in, it is necessary to set up the apartment. However, for such an initial equipment usually the most diverse things are needed, which burden your own wallet heavily. However, a loan can be a sensible way out here.
Depending on the size of the apartment and possibly existing furniture, must be expected here with different levels of cost, from several hundred to thousands of euros.
The own four walls want to be well equipped. This starts, for example, with a bed and a wardrobe, goes through a washing machine to the carpet for the living room. If there is no kitchen, this must also be purchased.
Although usually give the parents a variety of things for their own apartment with and / or help with some money but that is usually simply not enough. Depending on the size of the apartment, existing or required furniture, come here quickly several hundred or even a few thousand euros together.
For the first own apartment, it usually does not have to be expensive designer furniture, but a certain basic equipment is needed. For example, a fridge and a stove and a couch are included.
On the other hand, however, it is mostly the fact that young people, when moving into their first home, often still have little or no savings. In addition, first residence, for example, is not needed purely out of pure desire, but out of necessity: that is the case, for example, when, for educational or study purposes, you have to move out of your home and move to another city.
Here it is then quite a good option to take out a loan to equip your own four walls.
In such a project, the use of a installment loan offers in an ideal way. If it is not possible for the borrower to meet the various requirements, a guarantor or a second borrower is the obvious choice .
For the equipment of the home a installment loan is a very good choice. Since such a loan is not earmarked, the loan amount can be used at its own discretion. Thus, for example, it is completely irrelevant whether a new bed or a new mural is purchased. Due to the attachment of purpose, the borrower thus benefits from a very high degree of flexibility and can acquire exactly the things that are needed.
However, even with a loan to finance the equipment of the first home, the various requirements of the credit institutions must be met. For example, a secure, steady income is essential. Likewise, a good credit rating and a positive information is necessary. In addition, most banks also require a German checking account and a German residence.
However, the various prerequisites can present a major hurdle, especially for young people. Most of the time, this is a matter of safe, regular income. But even if you are still in education and the probationary period has already left behind, you are in possession of a fixed salary, which is transferred to your own checking account at regular intervals.
However, if the cash receipt turns out to be too low or does not take place regularly, or there are other problems with meeting the various requirements, then it is usually quite difficult to get such a loan approved by the bank .
However, it is not necessary to live in an empty flat, because with the help of a guarantor or a second borrower, it is quite possible to get such a loan anyway. However, it is important here that the guarantor or the second borrower then in turn fulfills the various predefined requirements of the banks. If so, successful lending is usually no longer a problem.
Guarantors or as the second borrower in the contract to be included, for example, the parents, grandparents, other relatives or even friends. However, the individual should be absolutely clear that they are responsible for the fulfillment of the contractual obligation or the payment of monthly installments, if the actual borrower is not able to do so. Because of this, it is highly recommended to consider in advance whether you really want to be included as a guarantor / second borrower in the contract.
After the loan application has been approved by the bank , the payment of the desired amount is usually very fast: Within a few working days, the borrower usually already has the money. The credit institutions generally transfer the sum in question to the account specified in the contract.
Outgoing borrowers should never immediately accept the first loan offer. Much better is to compare the various loan offers well together in order to save and benefit from various special benefits.
However, it often pays off with a loan for the initial equipment of your own apartment, when the different loan offers of various banks are compared well with each other. However, you should not be fooled, because even a difference of a few percentage points may under certain circumstances, depending on the loan amount, make a huge difference of about several hundred euros.
In addition, some banks offer a variety of special services. For example, with the help of a free special repayment, it is possible to save money: With such a payment, it is not only possible to reduce the loan amount, but also lower interest payments. If this option was not contractually agreed, a prepayment penalty must be paid. This is a fee charged by the banks due to the lost interest income through the early installment payment. Such a payment is possible, for example, if the employer paid Christmas or holiday pay, for example.
Likewise, the suspension of a monthly installment in an emergency can be offered as a special service by the banks. If, for example, the car suddenly has to go to the workshop, you can use it. So it is possible to have the car repaired and yet the repayment of the loan is not endangered.
But even a variable repayment rate is a very useful option. If, for example, you suddenly have to manage with a lower salary, this will make it possible to reduce the repayment . On the other hand, if you receive a salary increase or come in the second or third year of training, so that a larger amount is available in the month, then it is possible to pay a higher repayment and thus pay back the loan faster.