Immediate financing is free to use if it is not assigned to a specific purpose. This means that the borrower can use the money to buy or buy what he wants. Therefore, instant financing is always suitable if you are still undecided as a consumer or if you want to use the loan to act as a cash payer at a retailer. This can be very beneficial when negotiating prices for a car or furniture.
Many banks issue their instant loans without requiring customers to use the money for a specific purpose, unless the immediate financing is called a car loan, furniture loan or vacation loan. However, such loans are always granted in a special case. The car loan mostly comes from car banks that belong to the manufacturing group and are granted at particularly attractive terms, but are then only intended to finance a very specific car. This limits the consumer quite a bit, so that with cheap instant financing that you can use wherever you want, you often drive much better, even if the interest rate seems much cheaper at first glance.
Become a cash payer with instant financing
For example, instead of getting a car loan from a car bank and the dealer is unwilling to give a large discount on the vehicle price because he subsidizes the low interest rate, instant financing from a third party bank, even if the rate is higher, be optimal. With instant financing, the customer can become a cash payer at the car dealer and automatically has much better cards when negotiating the vehicle price. The bottom line is that cheap, immediate financing from a third-party bank can be cheaper than low-interest car financing through the car bank. The customer has to do the math.
Immediate financing can be used in many ways
Unrestricted loans have the advantage that the borrower can do what he wants with the money. For example, you can get additional liquidity if you want to go on vacation, if you want to set up a new company or if a move is imminent. Even a rental deposit can be paid by immediate financing if the money is given without proof of use.
Always make a loan comparison
So that you as a consumer can also be sure that you are taking advantage of particularly cheap instant financing, a free credit comparison should always be carried out beforehand on a corresponding credit comparison portal. Here, the providers of instant financing are listed in a kind of table and the currently valid conditions are shown. Loan seekers can see at a glance which providers have the best terms.
However, it must be borne in mind that many banks – especially those that rank first – advertise with interest rates dependent on creditworthiness and the advertised interest rate is not the one that every borrower automatically receives. If you intend to use such interesting offers, you cannot avoid having a personal offer created if you want to know how high the interest will actually be. This is a bit of a hassle, but it can be worthwhile because it enables you to take out a particularly cheap loan.
In addition to interest, there is more to consider. In the case of immediate financing, it is also important, for example, whether the loan is granted with or without processing fees, whether it is possible to make free special repayments during the term of the loan and whether the loan can possibly be redeemed early without having to pay a prepayment penalty. Customers should also take a look at the approval rate to assess their chances of getting the loan they want.