For many financings, such as real estate, vehicles or quality facilities, long-term loans are taken up with large amounts of credit. This includes a loan with a 10-year term.
These loans are offered by numerous financial institutions, credit agencies and on credit marketplaces. However, a long-term loan is only available if the consumer can meet the credit requirements of the respective lender.
10-year loan – that’s what the house bank looks like
Many consumers turn to their home bank first with a loan request. This bank often has a great relationship of trust and a good business relationship.
Credit with 10 years maturity – crisis-proof financed with small installments
Anyone wishing to apply for a long-term loan with a ten-year term from their bank must make an appointment for a consultation. If it is a classic installment loan, only one badge is needed.
Bank customers who are not EU citizens must present a valid residence permit for identification. If, for example, a property or a motor vehicle is to be financed, the bank customer must submit a meaningful offer.
All the additional data required for a loan can be taken from the computer by the clerk. Salary statements do not have to be presented.
Even with long-term loans, a Private credit statement is obtained and a credit check is carried out. Only if the Private credit does not contain any negative features and the creditworthiness is sufficient can a long-term loan be approved.
If the credit rating is insufficient, additional loan collateral is required.
Creditworthiness – additional collateral
If a loan is taken out with a term of 10 years, it is often due to a very high loan amount. For loans up to 10000 euros, many lenders will need only monthly income to secure their loan.
If higher loan amounts are requested, the applicant must be able to offer additional collateral. As a rule, lenders accept various property and personal securities.
Fixed assets include fixed savings deposits, existing real estate assets, equities, funds or precious metals. Anyone who can not offer insurance collateral must be able to name the bank a guarantor or offer a co-applicant.
Co-applicants may be spouses or long-term partners. Many banks even assume that married people collect a loan together.
A guarantor usually comes from the nearby circle of friends or acquaintances. Of particular importance, however, is the liquidity of this person.
In the case of personal security, a legally binding liability is usually agreed. If the borrower is in default of payment, the liable person may demand payment without a judicial reminder procedure.
Online and direct banks – long-term loans from the Internet
For consumers, the financial services of online and direct banks are becoming increasingly popular. Especially the banking industry benefits from the banks on the Internet.
There are many benefits for consumers. The loans are easy to apply from home. In addition, the loans of online and direct banks are often much cheaper than the offers of conventional banks.
To apply for a 10-year loan, either a PC, notebook, tablet or smartphone is required. An online form will be completed on the bank’s website.
After entering the personal data, a Private credit information is obtained. Based on the data, a credit check is also carried out.
The consumer then receives either an acceptance or refusal. In the event of a commitment, the legitimacy of the applicant is determined by the postident or videoident.
The credit documents are usually sent to the institute by post. A final credit decision is made at an online or direct bank after reviewing the submitted documents.
Credit comparison on Creditend – it’s that easy
Meanwhile, more and more banks are pushing for the credit market on the Internet. The supply of credit is therefore increasingly confusing for consumers.
A manual credit comparison is very difficult. If you are looking for a loan with a term of 10 years, you can turn to a loan portal on the internet more easily. Creditend also offers this service on its comparison pages.
Incidentally, loans are even available at Creditend for up to 12 years. Consumers are offered credit sums of 500 to 120,000 euros.
For a simple credit comparison from home, a loan calculator is available on the credit portal of Creditend. In the calculator the key data for a installment loan are given.
These include the net loan amount, the repayment term and the purpose. Upon entry, numerous banks appear on the settlement page, indicating a 10-year loan.
A comparison of the loan offers is possible by the displayed credit conditions. If the consumer has found the right loan offer, the request can be put online immediately.
Limited credit requirements – credit marketplaces
However, not all consumers today can meet the credit requirements of banks. This also applies in particular to high loan amounts with long terms.
If you are rejected, you can apply for a 10-year loan on Creditend’s credit marketplace. Creditend’s loans are provided by private lenders and are available to private individuals, the self-employed and retirees.
Incidentally, the loan option is often referred to as a personal loan. At Creditend, installment loans ranging from 1,000 to 50,000 euros are available.
The application is made online via an application form. The credit marketplace attaches importance to a Private credit statement that does not contain any hard negative features.
If this is the case, the information will be treated neutrally. At Creditend, a second borrower can be included in the loan agreement.
This possibility can have a very positive effect on a long-term loan with a maturity of 10 years. If the applicant meets all the credit requirements of the credit marketplace, the personal loan may be paid out to the specified checking account.
Long term installment loans – a loan comparison can help
Those who opt for a long-term financing with an installment loan can turn to conventional banks or online and direct banks with their loan request. With a good credit rating and a positive Private credit, these lenders basically offer the cheapest loan offers.
The cheapest offers can be found before in a credit comparison. It is possible, however, that additional loan collateral is needed for a 10-year loan.
If the banks cancel a loan, there are still credit agencies and credit marketplaces available. However, these loans from these lenders are always a bit more expensive.