A fulfilled life in which there is at least one car, a well-furnished apartment and regular vacations costs a lot of money. Sometimes these amenities are therefore not only paid for by your own savings. Especially when a larger, expensive purchase is planned, many consumers resort to a loan. For larger investments, we would be happy to provide a loan with a term of 180 months that promises small installments over a long period.
And even if the monthly interest on a loan with such a long term is higher than on a loan with a short term, these loans also offer many advantages. And these can not only be found in the low monthly load. We would like to explain to you at this point what advantages these are and where you can apply for a loan with a term of 180 months.
Not all banks offer these loans
If you start looking for a loan with a term of 180 months, you will quickly notice that it is not available everywhere. After all, it is a loan that is to be repaid over a period of 15 years. A long time when a lot can happen. Therefore, these long-term loans carry a relatively high risk of default, which many banks do not want to take. In addition, such long-term loans are always accompanied by high loan amounts, which not every bank likes to lend. At first glance, it can therefore seem a bit tedious to find a suitable loan offer. But if you look closely and compare, you will discover good offers at fair conditions.
The benefits of a 180 month loan
A loan that is repaid over 15 years has several advantages. This long term means that you have small monthly installments that should only have a limited impact on your budget. The interest is also fixed on such a loan. If you benefit from a low interest rate now, you will be able to do so throughout the term. No matter how the effective interest rate may change over time. Your credit will always remain the same.
In addition, with such long terms, you always have the option of agreeing free special payments with the bank. Once you have more money available, you can let this flow into the loan and thus ensure that it can be redeemed early. This saves a lot of money, since the interest only has to be paid as long as the loan exists. If you trigger this prematurely, there will be no more interest payments.
With such a long term, you can also agree with the lending bank that you can reschedule free of charge if the interest rate improves. In many cases, a fixed time is agreed for this. Usually after half the term. You can then independently look for a better loan offer for the outstanding loan amount. Or you can simply wait for the offer from the bank that manages the loan. You as a customer do not want to lose this and will therefore make you a good offer for debt restructuring. If you accept this offer, the loan is only changed and you do not have to change banks. If you find a better offer, take out the new loan and use the money to delete the old loan.
Where a loan with a term of 180 months can be taken out
Since not all banks offer a loan with a term of 180 months, it is worth making a comparison beforehand via the Internet. The comparison will give you all the contact points for the loan and will also show the conditions on which the loan would be made available to you. Please keep in mind that you need a very good credit rating for a loan with such a long term. Furthermore, the lending bank will require a second co-applicant or at least a guarantor to reduce the risk of default. Last but not least, you should not forget that this loan will accompany you over a long period of time. Therefore, think about a residual debt insurance or at least about a risk life insurance, in order not to leave a large mountain of debt in the worst-case scenario.