Are you interested in a 7000 Euro payday loan? Would you like to buy a used car with the money? Or do you want to use the loan to renovate your house? Then, as a first step, you should make a loan of 7000 euros. By doing so you avoid costly mistakes in borrowing. We help you with advice and action when comparing.
Credit 7000 Euro: The best possible interest rates
Your 7000 Euro payday loan should be as cheap as possible. As a first step in the comparison, you should therefore look at the interest rates. The best possible APR ever comes from the Bankcot. He is 1.95 percent. It is available for terms of 4 years (48 months) to 7 years (84 months).
The lowest interest rate for all maturities between 1 year (12 months) and 3 years (36 months) is 1.99 percent. This annual percentage rate is offered by Credither.
For 8 years (96 months) it goes up: The Bankate offers the best possible annual percentage rate of 2.48 percent.
For 9 years (108 months) to 12 years (144 months) the interest rate increases again. The best possible offer comes from extrakredit.
The annual percentage rate is 3.95 percent.
7000 Euro Credit: The best monthly installments
Interest rates are only one side of the coin. Even more important are the monthly installments for your 7000 Euro payday loan. For example, for a period of 2 years (24 months), you will need to budget at least € 297.70. At 4 years, the best monthly rate is 151.66 euros.
For 7 years, you would have to pay at least 89.16 euros per month. 7 years is a good compromise when it comes to the interplay between rate, interest rates and maturity.
For 8 years duration the best possible monthly rate is 80,38 Euro. For 10 years you would have to budget at least 70.47 euros per month.
You can get the lowest monthly installment for 12 years. It is 60.88 euros. You can see that rates go down faster for short durations than for long ones. This is related to rising interest rates. Pay attention to it when selecting the term. Longer terms mean longer and higher interest payments.
Credit 7000 Euros: Pay attention to your credit rating
Central to your € 7,000 loan is your credit rating. The word means credit repayment ability.
In a nutshell, that depends on the fact that you have never had problems with a loan repayment. In addition, you should achieve the highest possible monthly surpluses. Ideally, your earnings are very high – and your expenses extremely low. If you have surpluses of 150 euros or more after deducting the credit, your credit rating is strong. However, if your credit repayment ability is weak, all interest rates can go up.
That’s why you’ve often read the word “at best” above. For example, the interest rate range of extrakredit ranges from 3.95 percent to 15.95 percent. You can easily strengthen your credit rating by not taking out the loan yourself. Present a second borrower or guarantor for your € 7000 loan.
Credit 7000 Euro: One last tip
One last tip we would like to give you for your 7000 Euro credit on the way. All the above information was for freely available loans. After all, we do not know what you want to use the money for. However, earmarked loans make more sense when buying vehicles or home ownership.
The conditions are generally better. This also applies to some secondary conditions such as special repayments. Therefore, depending on what you intend to do with the money, check to see if you can get a earmarked loan.