Black Friday: Bank credit up to 715 euros cheaper than buying in installments from online retailers


Black Friday: Bank credit up to 715 euros cheaper than buying in installments from online retailers

Munich (ots)

  • Payment by installments at the dealer costs up to 16 percent interest
  • Financing from online retailers costs an average of ten percent interest
  • Installment purchases through dealers are on average more than twice as expensive as an installment loan

On Black Friday, on the last Friday in November, many retailers offer discounts. Consumers who opt for financing directly from the retailer when hunting for bargains often pay high interest costs.

These costs top out at 965 euros for a purchase over 4,000 euros. With an installment loan from a retailer-independent bank, CHECK24 customers pay interest costs of 250 euros on average and thus save 715 euros.

Two financing examples with a purchase of more than 2,000 euros and a two-year term and 4,000 euros with a three-year term show the differences in the conditions. In the most expensive case, consumers pay 15.79 percent eff. pa for two years or 15.64 percent eff. pa for the three-year financing, in the cheapest 5.99 percent.

Here you will find an overview of all online retailers who offer payment in installments.

“The installment purchase of supposed bargains via an online retailer is convenient, but often expensive”, says dr Stefan Eckhardt, Managing Director Loans at CHECK24. “Almost all financing offers from dealers are significantly less attractive than an independent consumer loan.”

“Anyone who makes several purchases on installments endangers their creditworthiness with the Schufa”says Dr. Stephen Eckhardt. “Consumers should bundle all their Black Friday expenses into one independent form of financing. In this way, they benefit twice over – from great bargains at retailers and low interest rates when financing.”

Installment purchases through dealers are on average more than twice as expensive as an installment loan

For example, if consumers finance a television worth 2,000 euros from a retailer, they pay between 124 and 322 euros in interest costs. For an installment loan of the same amount for free use, CHECK24 customers* paid an average of only 84 euros in the current year. On average, an installment purchase from online retailers costs1) 9.90 percent interest, making it more than twice as expensive as an independent installment loan.

“As a rule of thumb, consumers with sums over 1,000 euros are cheaper with a separate consumer loan than with financing from the retailer”, says dr Stephen Eckhardt. “But there are also many zero-percent financings with cost traps. They are often interest-free for a period of one year and then cost double-digit interest rates.”

Digital loan conclusion saves the trip to the post office or bank branch

Since the beginning of 2017, CHECK24 has made it possible to take out a loan completely digitally. It is no longer necessary to sign the loan agreement by hand and send it to the bank by post. The identity check is also done from home, using a digital identification process – it’s convenient and secure.

More than 300 credit experts provide personal support for consumer questions about installment loans

More than 300 CHECK24 credit experts will advise you personally seven days a week by telephone or e-mail on all questions relating to consumer credit.

1Source: Evaluation of the financing costs at eleven online retailers, as of November 9th, 2022

About CHECK24

CHECK24 is Germany’s largest comparison portal. The free online comparison of numerous providers creates consistent transparency and customers often save several hundred euros by switching. You can choose from over 300 car insurance tariffs, over 1,000 electricity and over 850 gas providers, more than 300 banks and credit brokers, over 350 telecommunications providers for DSL and mobile communications, over 10,000 affiliated shops for electronics, household goods and car tires, more than 300 car rental companies, over 1,000,000 accommodations, more than 700 airlines, over 75 package tour operators and service providers from around 70 categories have the right offer for you. The use of the CHECK24 comparison calculator and personal customer advice seven days a week is free for consumers. CHECK24 receives remuneration from the providers. The C24 Bank also belongs to the CHECK24 Group. CHECK24 has its headquarters in Munich and is represented at 18 other locations in Germany.

CHECK24 supports EU quality criteria for comparison portals

Consumer protection is the top priority for CHECK24. CHECK24 is therefore actively involved in enforcing uniform European quality criteria for comparison portals. The list of principles of the EU Commission “Key Principles for Comparison Tools” contains nine recommendations for objectivity and transparency, which CHECK24 fulfills in all points – including rankings, market coverage, data currency, customer reviews, user-friendliness and customer service.

Press contact:

Maria Trottner, Public Relations, Tel. +49 89 2000 47 1174, [email protected]
Daniel Friedheim, Director Public Relations,
Phone +49 89 2000 47 1170, [email protected]

Original content from: CHECK24 GmbH, transmitted by news aktuell

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