With favorable credit fulfill the dream of new cars. But beware of the small print. Picture: AP
Some lenders want with zero interest rates entice new customers – others want to park their money cheaper than at the ECB. Some consumer advocates warn offers.
Credit to zero percent interest a year: Who is currently advertising the Internet platform on the radio Check24 hear, perhaps pleased. Comes the zero interest rate policy by ECB President Mario Draghi now in the form of interest-free loans for consumers – and not just as a savings deposit without interest? Two vendors advertise loans over 1000 euros for 36 months with 0 percent APR. Besides Check24 working together with the Santander Consumer Bank in Mönchengladbach, there are these conditions even when Internet portal Smava that cooperates with the Fidor bank in Munich.
Behind two bids put no impostor, as usual, can sometimes be the case with credit bargain – but companies which deal mainly an advertising effect for new customer acquisition. You will be quite similar to before the offer for new customers slightly higher overnight interest rates as some online banks. For this put the institutions in each case a limited advertising budget for interest rate subsidies are available.
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A similar offer had made both platforms last year before – but only for a limited time. An “average four-digit number” of people had at that time the offer used, said a spokesman for Check24. Alexander Artopé, the head of Smava, reported also that “credit without interest” had been a success the last time – to go even assuming that the offer this year find an even more significant appeal. Even now, however, the creditors reserve a quite selective credit check before – who are not there, you get no credit.
Loans have not lost any liability
Zero percent interest rates are in the sales financing such as cars, consumer electronics, and furniture “has long been commonplace,” said a spokesman for the Santander Consumer Bank. Even with credit cards, there are variants in which for the first six months, no interest accrued. “Like last year, we now offer this condition for a selected amount and a selected maturity also Check24 on.” Loans with negative interest hang up is, however, for Santander “not an issue”. Also, Smava chief Artopé emphasizes: “So far we have not thought about it to offer loans with negative interest rates.” He thinks that might otherwise have customers give the wrong impression because just money wasted, “A credit remains one despite negative interest rates serious liability that must be paid. ”
The development of the online broker Flatex has been exciting. The company is struggling with the fact that customers keep high cash amounts with him and not get stuck insecurities, as initially designed. The deposits amount to around 1.2 billion euros. A portion of the company must at the ECB park and for that shell out 0.4 percent negative interest rates. One idea is to use the money better, were also zero percent loans to customers. They were from last autumn until the year as – issued offer “Super Mario”. should be increased (including those issued to normal interest rates of 3.9 percent loans) so the credit volume to around 100 million euros. The company also “free trades” introduced a toll-free trades, which one to get if you one – but then-interest – receiving credit. But all this was not enough apparently to solve the adverse interest rate problem. Therefore Flatex reported on Thursday, as reported to raise now on customer deposits even a negative interest rate of 0.4 percent, from the first euro at.
Little careful should be, if one closes somewhere a zero-percent financing, advise the consumer centers. This was “an enticement with pitfalls,” warns the Consumer Saxony-Anhalt – but that means above all the goods financing. Sometimes standing in the small print that there were the favorable conditions only at a very good credit rating, and otherwise, you’ll pay higher interest rates. In other cases, the customer will pay a higher product price to offset the favorable financing; since only help, to compare prices. And finally had to be careful with payment protection insurance that customers would often palm under favorable financing, but in turn are expensive.