Your financing in five steps

Would you like to invest in something but don't have enough money? Many know it and many use different solutions than saving to make their desired investment in no time. Applying for funding is not difficult, but there are a few things to keep in mind.

Here are the top 5 of these steps:

1. Consider whether what you want to buy is really worth the loan

To apply for money, you need to be sure that they can pay it back. Do you really have to have what you want to buy so urgently that you couldn't pay for it with a savings strategy, for example?

2. Check whether you meet all the requirements for a loan

Applying for a loan is often a long and tedious process. To avoid stress, you should check in advance that they economically meet all the requirements. Entries at Schufa, for example, can have a negative impact on the approval of your loan application. The age of the applicant also plays a significant role.

3. Compare the different offers

You should never buy anything without first comparing the prices of the different providers. You will find numerous comparison portals for financing interest on the Internet. Online financing is usually cheaper.

4. Prepare an amortization plan (when paying in installments)

Amortization plans help to repay the installments in a stress-free manner and can be set up very clearly using Excel, for example. The period of amortization is very important and should definitely be considered when applying for funding.

5. Search for hidden costs

In addition to interest, there are often additional hidden costs that can lead to a nasty surprise. It is therefore worthwhile to search the offer for hidden costs in peace and quiet so that you can be absolutely sure about the amount of the money to be repaid.

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