All people who are looking for loans with a term of 60 months should inform themselves beforehand and also carry out a comparison on the Internet.
This applies regardless of whether you need the loans with a term of 60 months for a new car, a new home or another large consumer good. Loans with a term of 60 months are available both on the Internet and at a local branch bank. Which variant is cheaper would have to be decided on a case-by-case basis and depends not only on the conditions of the bank, but also on individual factors.
If you want to get a loan from a German bank, you need an impeccable Credit Bureau information and a secure income. This income should ideally come from a job as an employee or civil servant and be paid indefinitely. People with a fixed-term contract can often not get a 60-month loan. The only exception would be if the fixed-term contract would also take 60 months.
However, this is likely to be rare. In most cases, the time limit does not go beyond a period of one to two years. As a rule, the self-employed and freelancers can only receive a loan if the conditions of the bank expressly provide for this. For many banks, the risk of lending to this group of people is too great, with the result that they will always reject a loan application without additional collateral.
Application, approval and payment
Most loans with a term of 60 months can be applied for around the clock on the Internet. The bank will then carry out an immediate credit check, which in particular includes a Schua information. If this is in order, it can temporarily approve the loan and informs the customer by email or in writing which documents it still needs for a final approval.
Above all, it will be the necessary proof of income and / or the current employment contracts. In the case of a purely online or direct bank that does not have a branch network, these documents would have to be sent to the bank’s headquarters using the PostIdent procedure, where they will then be checked. A final approval is usually given within a few hours. This means that the customer can soon have their money at their disposal.
In principle, the entire loan amount is paid out in one sum. To do this, the customer would have to enter a checking account to which the money should be transferred.
All loans with a term of 60 months are repaid in equal monthly installments. These installments consist of the redemption component and the interest. The latter can be both credit-dependent and credit-independent.