Regardless of whether you are moving into your first apartment, because of a new family, a change of job or simply because more space is required – everyone will have to move sooner or later. If you have more than just a pillow and a toothbrush, moving is always associated with considerable costs.
In this article, you will learn how to finance your move with a loan, what to look out for, and how to find the perfect loan for your move.
What costs will I face if I move?
In addition to a lot of stress, a move always means a lot of money. It is often not enough to simply transport the furniture. Additional costs can arise, for example, from:
- The deposit is due to the new apartment.
- Costs for the broker.
- Possibly new furniture or a new kitchen.
- The cost of moving helpers.
- Rent and fuel for the moving van.
Overall, a sum of well over a thousand euros can quickly come together. For most moving people, the monthly budget and the amount of savings are broken.
How can I finance a move?
If your own financial means are not sufficient to finance the move, you can take out an installment loan. If the cost of the move is low, you might come up with the idea of using your own overdraft facility. In the rarest of cases, however, this is a good idea.
Instead of disposable, it is more worth taking out an online loan for the move. This offers a much cheaper interest rate and better predictability due to the fixed monthly rates. With the help of the loan comparison from Good Credit, you will find the right loan for your move.
This should be taken into account when moving a loan
As with any borrowing, there are a few points to consider when taking out a moving loan. The most important are:
- The amount of the loan.
- The term of the loan.
- The amount of monthly installments.
The amount of the loan
In order to be able to pay for the move in full with financing, you should first make a list of all the costs involved. Calculate all points that you cannot pay out of your own pocket.
The sum of all the costs for the movie shows you how high your credit must be. It is best to plan a small buffer for unpredictable costs. The amount of credit you can get depends on your personal credit rating.
The term of the loan
In principle, the following applies to every borrowing: The faster the loan is paid off, the lower the total costs. However, the short term also means that the monthly repayment rate is higher. You should therefore carefully consider which loan term is the right one for you personally.
With a possible special repayment, you can shorten the term even during the repayment phase. However, if the loan is repaid early, you should also consider the costs of any prepayment penalty that may be due.
The amount of the monthly installments
The monthly rate is the key criterion as to whether you can afford the loan. It results from the interaction of loan amount, term and the amount of the interest rate. You should always choose the monthly rate so that you can pay it back at any time. To do this, you first draw up a household bill by comparing your regular income, such as your salary, with the regular expenditure, such as rent.
The difference is the freely available budget, which you can theoretically use for the loan installment. In order to be able to afford something in the future and to avoid financial difficulties in the event of unforeseen expenses, this budget should never be fully exhausted. Always plan a financial buffer.
How to get your moving loan
Once you have determined the amount required for your loan and determined the maximum possible monthly installment, you can easily find the best loan for yourself with our loan comparison. If you have found the best offer for yourself personally, you can apply for the loan for your move immediately online. As a precaution, you should provide the following documents:
- Payslips for the past three months.
- Account statements for the past three months.
By clicking on “Next” you will be taken directly to the online application for your desired loan. The loan request via Good Credit is completely free of charge. In the course of the application process, you enter all the relevant data and then have to authenticate yourself.
You can use the video identification process or the post identification process. For banks that offer a fully digital loan, legitimation and signature are done directly online. Your details are also checked digitally, using the so-called account view. Once your loan application has been approved, the loan is usually paid out within a few banking days.