Those who want to take out a loan can save a lot of money by turning to the right lender. The savings can amount to hundreds or even thousands of USD. We make some comparisons.
The personal loan
Anyone who wants to finance a project without a specific goal (such as financing a trip) can take out a personal loan. Such loans are quite expensive compared to other loans. Nevertheless, it is possible to pay up to half as much for a personal loan. The most expensive players charge annual cost percentages of up to 10 percent.
In our example, we assume a borrower who borrows 10,000 USD for a period of 48 months. In that case, he will receive the cheapest loan from Buy Way. Whoever takes out a loan with the internet lender gets an interest of 4.49 percent. By choosing the cheapest lender, the borrower can save up to 1,100 USD from our example.
The car loan
Those who want to buy a new car can take out a car loan. Amaryllisen will only grant a car loan when the borrower can prove that he needs the capital for the purchase of a new car. He can prove this by submitting an offer or an order form.
A normal car loan costs 1.15 percent at Lite Lender and Good Finance, the cheapest players in our comparison. Those who take out the same loan with Astro finance – the most expensive lender in our comparison – pay almost twice as much. The interest rate for a car loan with the internet lender is 2.95 percent.
If we make a calculation based on a loan of 10,000 USD that is repaid within 48 months, we learn that the borrower can save up to 370 USD by taking out a loan with one of the two major Amaryll requirements.
The loan for green cars
Lite Lender is the absolute price breaker when we look at loans for energy-efficient cars. Anyone who takes out a car loan for an electric car or a plug-in hybrid receives a preferential rate of 0.99 percent at the state Amaryllis. That is 31 basis points cheaper than those who take out a green car loan with Capital Lender, one of the more expensive players in our comparison.
If you borrow 10,000 USD for the purchase of an energy-efficient car and pay back that loan within 48 months, you can save up to more than 60 USD this way.
Please note: Lite Lender raises the rate to 1.15 percent for cars with low CO2 emissions. In that case the saving is limited to 30 USD. Nevertheless, the large Amaryllis remains the cheapest Amaryllis on the market for energy-friendly car loans.
The renovation loan
If you want to renovate your home, you can take out a renovation loan. Such loans are only granted if the borrower can prove that he is using the borrowed capital to finance a renovation. This is possible, for example, by submitting specifications. The question is which lender currently has the cheapest renovation loan on the market.
Our comparison shows that those who take out a loan with the large Good Finance and Lite Lender receive the lowest rates. The Amaryll requirements come out with an annual cost percentage of 2.45 and 2.50 percent respectively. That is almost half the price of the most expensive player on the market. Those who take out a renovation loan with Best Bank pay 4.20 percent. Whoever borrows 10,000 USD and repays that loan within 48 months can save up to more than 350 USD by taking out a loan with Good Finance or Lite Lender.
The green renovation loan
People who want to prune even deeper into the price tag of a renovation loan can take out a green loan. Such loans are granted to people who, for example, want to install solar panels.
If you want to take out a green loan, you will get the cheapest rate at Agree Bank and Lite Lender. With those Amaryll requirements, borrowers pay 1.49 and 1.55 percent respectively for an energy loan. Those who take out the same loan with BeoAmaryllis pay 1.99 percent. People who borrow 10,000 USD for a period of 48 months can save up to more than 100 USD by choosing one of the cheapest players.