What do Germans like to borrow money credit bureau
Top 5: What Germans like to finance with loans
According to the current market study by the purchase of a car is the main reason for financing for the Germans. Around 32% stated that a purchase of utility vehicles was used as the purpose of a loan. Financing for a new car followed closely – 26% said they needed a loan in 2017.
It should be emphasized that car financing is almost always cheaper to apply to a bank than to a car dealer directly. Car dealers have only one variant to offer, that of their partner bank. With banks or online portals, on the other hand, you can make several comparisons and choose a cheap provider. In addition, with money in hand you can negotiate a discount with the dealer, which is difficult to do with financing from car dealers. So it is easy to see why cars are often bought on credit .
Loans for furniture and kitchen furnishings are also among the top 5. However, they are in third place with 17% far away from car loans. Nonetheless, facility financing is proudly in 3rd place, which has also been observed by retailers and therefore often request their own financing models directly in shops.
This is followed by the redemption of installment loans or debt restructuring . For this, 15% of the borrowers take out a loan. Such refinancing is advantageous for borrowers because, for example, they can replace old, expensive loans with loans with currently low interest rates, thereby saving money.
The last among the top 5 is financing for computers and consumer electronics . For this, 14% of the respondents take out a loan.
Where the loans are taken out
The loan agreements are still most often concluded in a bank branch. However, the proportion of online loans is constantly increasing. From 2015 to 2017 alone, it increased from 21 to 27%, which in turn means that more than one in four Germans already concludes a loan agreement online.
The use of online portals to compare loan conditions is also increasing. The information from the network is used not only by customers who apply for loans online, but also by customers of bank branches. In other words, even if you opt for a loan in a bank branch, you get information beforehand on the Internet, and every third person already does that.
Conclusion: Cars have been the most common uses for loans for years, so it is not surprising that it was no different in 2017. Home furnishings are expensive and can sometimes cost more than a car. So that it also seems logical here that not many people can finance it out of their own pockets and often opt for a loan. A little surprising is the fact that loans are often taken out for debt rescheduling, but given the low interest rates in recent years, it is economically easy to explain – the old expensive loans are simply replaced by new, cheaper ones – this saves money. Computer & Co can also tear a hole in the family budget, so that it is also gladly financed through debt