Vacation credit – recovery on installments
Some tour operators offer installments for their customers, but the interest here can be significantly higher than with other lenders. Since the travel agencies also offer this installment payment online, the effort is limited, but using external third parties can lead to significant savings.
Neckermann, for example, offers its customers an installment payment with an effective annual interest rate of 11.12% (as of December 2, 2016). You have the choice between a repayment over 6, 9 or 12 months. Installment payments start 30 days after the start of the trip. The interest costs are of course significantly higher than the usual interest rates. Therefore, financing through a bank can reduce costs.
Apply for a vacation loan from the bank
If you use an external bank, you can expect more favorable conditions. It is also not absolutely necessary to already be a customer of a bank where you apply for a loan. In contrast to the bank’s collateral, unlike a car loan or similar, it is usually only necessary to provide bank statements and copies of the latest payslips. You do not have to submit documents for the planned trip. Whether the loan is approved is, of course, up to the bank.
Alternative financing through the internet
The third way to finance the vacation is a personal loan. Since the loan amount is significantly lower compared to real estate or car loans, a wide range of personal loans is available. Another advantage is the existence of different conditions. You can choose your loan individually according to the term, interest rate and repayment modalities.
In addition, the interest rates for private loans are kept at a reasonable price, so that you can get your holiday loan from us much cheaper than, for example, through the tour operator. And compared to a loan from a bank, private credit bureau information is not provided for a personal loan, so your credit request does not have a negative impact on your scoring. The only requirements are here.