Comparing loans

Krediteab 9 J.

ALWAYS compare before taking out a loan: the interest difference between the most expensive and cheapest provider is often 3–5 percentage points. On €20,000, that's thousands of euros.

How to compare loans properly (Germany):

The most important figure: the effective interest rate

Not the nominal rate, not the monthly instalment, but the annual percentage rate (APR) – it includes ALL costs (interest + fees).

Where to compare?

• Check24: the largest loan comparison portal, many banks
• Smava: specialist in instalment loans, even with poor creditworthiness
• Verivox: good overview, easy to use
• Finanzcheck.de: personal advice available

Sample calculation €20,000, 5 years:

• Bank A: 3.5% APR → total cost: €21,812 (€1,812 interest)
• Bank B: 7.0% APR → total cost: €23,711 (€3,711 interest)
• Difference: €1,899 – for 10 minutes of comparing!

Important: use a "conditions enquiry" (Konditionsanfrage) instead of a "loan enquiry" (Kreditanfrage) – the conditions enquiry is Schufa-neutral and doesn't harm your score.

Did you know? Interest differences between the most expensive and cheapest provider for the same loan are often 4–6 percentage points. That can make a difference of more than €3,000.

→ Kreditrechner

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