Loans with a term of 36 months can be applied for both online and in a local bank branch. It cannot be answered generally which variant is cheaper. This has to be decided on a case by case basis. Loans with a term of 36 months are generally freely available, but can also be earmarked. An example of this would be the car loans that are available both in a car dealership and at a bank.
If you want to get a loan with a term of 36 months, you would have to meet certain minimum requirements. This applies despite the fact that the loans with a term of 36 months are quickly repaid, which significantly reduces the bank’s credit risk. For this reason, the interest on these loans is also significantly lower than the interest on a loan with a longer term. A positive Credit Bureau information and a regular income is essential for a loan. This also applies to most loans with a term of 36 months.
Credit-dependent and credit-independent loans
A credit comparison often differentiates between a credit-dependent and a credit-independent loan. A credit-dependent loan is primarily characterized by the fact that those people who have a good to very good credit rating have to pay significantly less interest than those who have a rather mediocre or just enough credit rating. The latter are generally better served with a credit-independent loan. The same interest rate applies to all persons, which then only depends on the amount of the loan taken out and the term.
Application and approval
If the right bank is found and the loan application is made, it will be checked immediately. The bank will not only obtain Credit Bureau information, but will also check the type and amount of income. Anyone who can demonstrate a permanent and permanent employment relationship has the best chance of obtaining a loan. If you only work for a limited time, you could usually only get a loan until the end of the term of your employment. However, if the term is three years and all other requirements are met, loans with a term of 36 months should not be a major problem.
After approval, the loans with a term of 36 months are transferred to the customer’s checking account within a few days. This checking account does not have to be with the same bank that also provides the loans with a term of 36 months. The monthly installment is set when the contract is concluded. It depends on both the amount borrowed and the amount of interest. The rate remains unchanged during the 36-month term.