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Reasons for the smava car loan

SCHUFA-neutral & non-binding

SCHUFA-neutral

The mcmoney loan comparison has no influence on your Schufa score. With smava you can compare loans

SCHUFA-neutral & non-binding

SCHUFA-neutral

The mcmoney loan comparison has no influence on your Schufa score.

SCHUFA-neutral & non-binding

SCHUFA-neutral

The mcmoney loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

SCHUFA-neutral & non-binding

SCHUFA-neutral

The mcmoney loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

SCHUFA-neutral & non-binding

SCHUFA-neutral

The mcmoney loan comparison has no influence on your Schufa score. With smava you can compare loans

SCHUFA-neutral & non-binding

SCHUFA-neutral

The mcmoney loan comparison has no influence on your Schufa score.

SCHUFA-neutral & non-binding

SCHUFA-neutral

The mcmoney loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

SCHUFA-neutral & non-binding

SCHUFA-neutral

The mcmoney loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

The smava loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

The smava loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

The smava loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

The smava loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

The smava loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

The smava loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

The smava loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

The smava loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

The smava loan comparison has no influence on your Schufa score. With smava you can compare loans without any obligation.

What you should know about overdrafts

Millions of consumers in Germany use their overdraft facility. Once set up, you can use your overdraft facility to overdraw your account at any time up to an agreed amount. This is convenient, but it also has clear disadvantages:

The overdraft is expensive

According to Stiftung Warentest , as long as the account is in the red, an average overdraft interest rate of almost 10 percent is charged (as of October 2020). This is one of the most expensive ways to borrow money.

The overdraft requires a lot of self-discipline

Anyone who overdraws their account must ensure that it is repaid. Anyone who fails to do so will continually pay almost 10 percent interest on the overdraft.

The overdraft is not directly noticeable

You just quickly paid with your debit card and it could have happened. Usually, you don’t notice straight away whether you’ve overdrawn your account and by how much. This can be expensive and risky due to the high interest rates.

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Conclusion
Only use the overdraft for a short time! If you pay back your overdraft in installments over several months, it is better to switch to an installment loan straight away.

3 reasons why overdraft refinancing is worthwhile

Installment loans are almost 40% cheaper than overdrafts

According to  Stiftung Warentest,  overdraft interest rates average 9.6 percent (as of October 2020). However, according to  the Bundesbank  , the interest rates for installment loans in Germany average just 5.9 percent (as of November 2020). The longer it takes you to repay, the more worthwhile it is to refinance from an overdraft to an installment loan.

Reduce debts thanks to an installment loan

Unlike an overdraft, repayment of an installment loan does not depend on your own self-discipline. Borrowers agree a repayment plan with the bank. The loan amount, including interest, is paid off in full at the end of the term at the latest. The interest that will accrue up to that point is already fixed when the loan is taken out. This means that you know exactly how much you have to put aside each month and can plan better.

Installment loans are almost 40% cheaper than overdrafts

According to  Stiftung Warentest,  overdraft interest rates average 9.6 percent (as of October 2020). However, according to  the Bundesbank  , the interest rates for installment loans in Germany average just 5.9 percent (as of November 2020). The longer it takes you to repay, the more worthwhile it is to refinance from an overdraft to an installment loan.

Overdraft facility Installment loan
Average interest rate 9.6% 5.9%
repayment self-responsible fixed monthly rate
Availability / Payout directly For online loans, ideally on the same working day or within 48 hours.

How to replace your overdraft with an installment loan

Our calculation example is intended to illustrate the financial impact of refinancing your overdraft. We assume that you currently have an overdraft facility of 2,500 euros. The overdraft interest rate in this case is 10 percent, which is quite realistic for most banks. If you use this loan for a year, the interest expense is around 250 euros. If you exceed your credit limit during this year, you will also be charged overdraft interest. If you replace the overdraft with an installment loan, you can benefit from a much lower interest rate. For our example, we are assuming an interest rate of 4 percent. This results in an annual interest payment of around 50 euros. In this example, you would therefore save around 200 euros by refinancing your overdraft. Please note that this is only a calculation example. You can find out how much an installment loan costs in your case using our loan comparison.


Our calculation example at a glance:

Overdraft facility Installment loan
Loan amount 2,500 euros 2,500 euros
Interest charges ~ 250 euros ~ 50 euros
Duration 1 year 1 year
Repayment amount 2,750 euros 2,550 euros

How to replace your overdraft with an installment loan

Millions of consumers in Germany use their overdraft facility. Once set up, you can use your overdraft facility to overdraw your account at any time up to an agreed amount. This is convenient, but it also has clear disadvantages:

Determine loan amount

Check your current account balance. The amount that your account is in the red is the minimum amount that you need to borrow with an installment loan to balance your account. However, it is often advisable to set the loan amount a little higher. This way, you won’t end up in overdraft again due to unexpected expenses. To refinance your overdraft, use the „Purpose of use“ input field to set up refinancing. Select your desired amount in the „Net loan amount“ input field. Now specify in the „Term“ input field how many months you want to repay the loan. Click on „To loan comparison“ to go to the next step.

Select a suitable loan

With the smava loan comparison, you get an overview of offers tailored to you with realistic interest rates that correspond to your creditworthiness. This allows you to make a good decision quickly. The following applies: the lower the interest rate you choose, the more you will save by refinancing your overdraft.

Take out an installment loan for overdraft refinancing

To complete the loan application, you must sign it digitally using QES (= qualified electronic signature) or by hand and have your identity confirmed by post or video identification. Provided that all documents are submitted immediately, the money can be in your account within 48 hours of the loan being taken out. Depending on the individual case, a payout may be possible on the same working day.

Frequently asked questions about car loans

Akkordeon Inhalt

Our loan comparison portal gives you the choice between more than 20 lenders. You can apply for a loan either from a bank or from smava partners who arrange loans from private individuals. So you decide for yourself who you borrow money from.

What interest rate you get, what the maximum loan amount is and how long the loan is repaid depends not least on your own circumstances. It is therefore not possible to say in general terms what conditions are possible. In principle, the amounts range from a few thousand euros to six-figure amounts, depending on the smava partner. The terms can be between 12 and 120 months. The effective interest rate also always depends on the individual case. Interest rates of 3 or 4 percent are quite realistic for installment loans, depending on your income.

Those who are self-employed or freelance usually have fluctuating income, which is due to the order situation. For lenders, the risk of default is therefore higher than for permanent employees or civil servants, for example. However, our portal offers you a good opportunity to borrow money despite fluctuating income. Some of our partners arrange loans from private individuals. The framework conditions are flexible and the terms can be negotiated individually. The chance of approval is therefore higher for self-employed people than with a conventional bank loan.

An entry in the SCHUFA does not prevent you from borrowing money. Every consumer in Germany has a file with Germany’s largest credit agency. So there is always a score. This can be good, moderate or bad depending on payment behavior. A positive SCHUFA file is characterized, for example, by the consumer paying their bills regularly and not using the overdraft facility at their main bank very often or not at all. Only when the creditworthiness or credit score is below a certain limit will a loan be rejected or financing from service providers not be made possible. With offers via smava, you can borrow money despite a SCHUFA entry – but not without a check by a credit agency. This is because within Germany, every lender is obliged to subject potential borrowers to a credit check.

Other loan types from smava

smava offers many different types of loans. Whether for a car, debt consolidation or your business – there are cheap loans for every purpose. In addition, our loan offer is aimed at different groups of people. Whether employees, pensioners or trainees – use our loan comparison to find the right loan. Didn’t find what you were looking for on this page? Then you might be interested in:

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