Benefit from the low loan rate: 3 tips
“Fix that interest!” I wrote last week. An encouragement to transfer a flexible loan to a fixed loan. And so also in the future to benefit from the low interest rates and improved conditions.
But you can use the current low lending rate in more ways. That’s why this week 3 tips.
(1) Extra repayments
Every disadvantage has its advantage, a true genius once said. Of course the same applies the other way around. Certainly in the case of low interest rates. Because while borrowing money is becoming increasingly attractive, owning money is becoming increasingly unfavorable. As interest rates fall, so-called savings rates also fall. So you get almost nothing for your savings. Do you have a loan and savings? Then I say: pay off! A loan costs more than savings. By paying off, you save interest costs, your expenses fall and you are debt free faster.
(2) Loan transfer
If you took out a loan years ago, there is a good chance that you will pay too much. You will probably save a lot of money if you transfer your loan. Transferring a loan often seems complicated and impossible. But nothing is less true. You can transfer any current account to a new bank and thus benefit from the current low interest rates. In some cases you have to pay a fine, but this is never higher than 1% of the amount that you repay. Thanks to the historically low interest rate, the benefit that results from reselling is often higher than the fine. Go to existing loan refinancing for more information.
(3) Borrow money for renovation
I mention a renovation here, because this is the most common loan goal.
And because it is nowadays difficult to finance a renovation with a mortgage. But it can also be that you want to borrow money for a car or vacation. It doesn’t really matter what your loan goal is; But if you are planning to borrow money, then this is the right time. You can already take out a loan with us from 4.4%.