Should I refinance my car loan?
How can I repay my loan faster?
There are several ways to pay off a loan faster. A look at your loan agreement will tell you what options you have. All secondary conditions are listed there.
Use special repayments
If you have agreed on special repayments in your loan agreement, you can repay a certain partial amount or the full installment loan. This lowers your remaining debt and shortens your term. Note how high your special repayment can be and how often you can make use of it.
Increase your rate
Have you a Call or credit line, the repayment (including interest) is flexible: you decide for yourself when and how much you repay. Usually, however, a monthly minimum repayment is agreed. Increase your rate to pay off the loan faster.
Have a flexible one Real estate loan agreed, you can often adjust your rate several times during the fixed interest period. Some credit institutions also give you the opportunity to change your rate in the event of special life events, such as the birth of a child.
Installment loans are repaid in fixed, constant installments. Usually, you cannot adjust your rate.
Pay off your loan early
You can repay loans before the end of the contractually agreed term. A so-called Prepayment penalty that your bank will compensate for the loss of interest income.
Installment Loans you can repay early at any time. A prepayment penalty of a maximum of 1 percent of the repayment amount is due. If the remaining term is less than 1 year, only 0.5 percent compensation is due. As a rule, you even save with an early repayment: This is because the interest rate of 0.5 to 1 percent of the early repayment penalty is usually below the interest rate on your loan.
Also Real estate loans you can pay off ahead of time. You can find out how high the early repayment penalty is in a consultation at your bank. Stiftung Warentest offers you a calculator that shows you the maximum amount of the early repayment penalty.
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