Families with children may need funding at various points. It starts at the moment when the youngsters see the light of day and the small car is not enough to carry the stroller. Many of the new parents would also like to improve from the living situation. Then for many, the wish for a small house with a garden is at the top of their wish list.
Loans for families with children and a wide variety of wishes
There are very special loans in the form of car loans and real estate loans, especially for the two requests mentioned. Such dedicated loans always have advantages and disadvantages. A real estate loan can usually be obtained at low interest rates due to collateralization via liens. However, the achievable interest rate advantage requires additional expenses that arise from the costs of registering the liens. Bank closing fees for a dedicated loan for families with children are also quite respectable.
With classic car loans, the lenders require collision insurance as security and this also causes additional costs, which often even outperform the interest advantages. If you compare the loan offers, you should therefore not only concentrate on the interest, but always compare the complete loan costs including ancillary costs.
Sponsored loan interesting for families with children
If you are looking for a home, you can also use the promotional loan to be requested through the house bank. It can be obtained for the new building as well as for the renovation of an old building if the requirements of the energy guidelines for Lite Lender’s energy-saving houses are met.
Funded loans, like unrestricted consumer loans, have the advantage that interim repayments are always possible without prepayment penalties. Long terms and low interest rates with a long fixed interest period complete the list of plus points.
Consumer credit as a loan for families with children
If the parents are employed and have successfully passed the trial period stipulated in the employment contract, the non-earmarked consumer credit could also be used as a loan for families with children. It is characterized by short processing times and mostly no closing fees. When choosing the provider, it depends on the personal economic situation. If you have a good income and a “clean” Credit Bureau, you will often get away with a credit-dependent interest rate.
All other interested parties are advised to take advantage of the offers, which set the same interest rates for all customers. In terms of the possible amount, consumer loans are now also suitable as real estate financing, since sums of up to USD 100,000 are sufficient for some banks as non-earmarked loans for families with children.