Loans with a term of 180 months
With a loan with a term of 180 months, the financial pressure on large purchases can be significantly reduced. Loans 180 months In general, they fulfill the wishes of their customers for a consumer credit in the form of tranches and conditions very well. He is guided by the wishes of his clientele and knows that it is always better for the bank to repay the loan in full after a longer term than that the borrower can not continue to pay the installment and then can not pay it off.
However, it is somewhat uncommon for credit institutions to approve a loan with a maturity of 180 years and make it available to its customers. Because 180 months are only 15 long years. Maturities of 180 months or more are a matter of course in real estate financing. However, if a bank grants a consumer loan with a maturity of 180 days, the borrower must provide ample security.
For example, the loan loss insurance is always part of the loan agreement in the event of death of the borrower or in the case of unemployment. Because no one can rule out the occurrence of such occurrences over such a long period of time. However, with a 180-month loan, many other things are different. First, such a loan is really costly.
Duration of the loan
The interest rate increases, as with all forms of financing, with the duration of the loan. The shorter the term of the investment, the cheaper the interest and vice versa. With a maturity of 180 years, it is not uncommon for consumers to have 9 percent or more on their loan.
If you just want to make cash with the desire for a fancy car or a luxurious kitchen, you should really consider this in view of the terrible interest rates on the loan. However, if you see no other option than a 180-month life as a consumer, then you should definitely make a provider comparison before you make such a loan.
Although not all banks offer this form of financing, those who do so often have very different conditions. And not only the interest on the loan should be considered. It is also to consider the possible unscheduled eradication. Finally, it can not be ruled out that over the years there will be one or the other chance of repaying the loan more quickly with a special repayment.
In addition, the same applies to the granting of a 180-month loan as for other loans. In addition, the principal borrower must provide his employment contract stating that he has an indefinite employment relationship.