Can I pay for the LIC loan online?
This is how TV financing works with a loan
If you want to buy a modern television or a brand new model, you have to spend a lot of money. Because TV sets with a large screen diagonal or highly developed smart TVs cost at least 1,000 euros. Therefore, TV financing has long since established itself among consumers. You can pay for the repayment of the loan in manageable installments and in this way afford the model you want. This guide explains what to consider when financing a television.
The most important things in a nutshell
Consumers can finance a television at their house bank, online or through the dealer.
With a classic installment loan, the rate always remains the same.
Online financing enables TV financing without a credit check.
A 0% financing for the TV can hide expensive additional costs.
With the financial calculator from FINANZCHECK.de consumers can compare different providers.
Financing options for a television
Consumers have various options for TV financing. You can finance the television cheaply through the dealer, at your house bank or over the Internet. Each approach has its advantages and disadvantages.
TV financing from the dealer
Financing the television at the retailer seems to be the most convenient option for many consumers. You receive both your TV set and the sales contract from a single source. The seller also takes care of the financing, so that the customers hardly have any effort. All you have to do is transmit the necessary data, sign the contract and you can take the device with you.
However, this procedure also has decisive disadvantages. The dealer only cooperates with selected banks. This means that they are tied to a credit institute and cannot provide their customers with cheaper offers from another provider. In addition, the dealers are not financial experts, they cannot provide customers with comprehensive advice on financing issues. Nevertheless, it can be not only convenient but also inexpensive for consumers if they finance the television from the dealer. However, it is advisable to use the loan calculator from FINANZCHECK.de to get an overview of the offers of independent lenders.
Purchase and credit agreements come from a single source
Traders are not experts in finance
The customer does not have to worry about financing
No comparison to other providers
TV set can usually be taken with you immediately after signing the loan agreement
Binding to the retailer's partner bank
Usually no special conditions such as free suspension of the installments
Usually no financing commitment if the creditworthiness is bad or the SCHUFA entry is negative
Note: consideration of the deposit: Some retailers require their customers to pay a deposit on the TV set, even if they have received the loan approval. Consumers have to pay this amount with their own financial means. The amount of the deposit can be between 10 and 30 percent of the purchase price.
TV financing at the house bank
The house bank is the first point of contact for many people when they need financing. Consumers can obtain a small loan for the purchase of a TV set. This loan is granted up to a loan amount of 10,000 euros and is not earmarked. That means, in principle, the money can be used for all purposes without the banks asking for proof.
Financing the television at the house bank has the advantage that customers already know the employees. They also receive personal advice. The disadvantage is that the conditions of the house banks are fixed. In addition, the consultants are bound by the company's specifications. It is therefore very difficult for consumers who have a bad credit rating or a negative SCHUFA entry to obtain a loan from their bank.
Customers already know their advisors
No comparison to other providers
No lending or only difficult lending if the credit rating is bad or the SCHUFA entry is negative
Interest and conditions are specified by companies
TV financing online
Consumers who want to finance a TV cheaply choose an online loan in most cases. As with the house bank, this is a small loan that is available with a loan amount of up to 10,000 euros. Online financing offers many advantages. The biggest is that consumers can usually find a particularly cheap offer here. For example, you can use the free loan comparison from FINANZCHECK.de to compare many different loan offers. In addition, the loan can be conveniently applied for from home and the financing amount is in the bank account after just a few days.
The disadvantage of an online loan is that there is no local contact available. But customers do not have to do without advice, because most banks nowadays offer qualified customer service by phone, email and chat. In addition, online providers are usually cheaper than branch banks.
Comparison of different providers possible
No personal contact
Cheaper loans with good conditions
Consumers have to take care of the financing themselves
TV financing without credit check and with SCHUFA entry possible
Expensive interest in the case of bad creditworthiness / negative SCHUFA
Loans can be applied for easily and without complications from home
FINANZCHECK.de tip: save money with cash payments: Depending on the retailer, customers can benefit from discounts if they pay for the TV in cash. A loan from your house bank or an online provider enables you to pay cash for the TV.
0% financing for a television
Large and well-known electronics retailers lure customers with lucrative 0% financing. Theoretically, consumers can buy a television set or other electronic items at the regular price and pay off in monthly installments - at no additional cost. You don't have to pay any interest or handling fees. An example:
An electronics retailer sells a television for 1,200 euros. A customer concludes a financing for 12 months. Since there are no interest or other fees, the monthly rate is exactly 100 euros. (€ 100 monthly installments x 12 months = € 1,200 purchase price)
Consumer protection warns: 0% financing is not always cheap
TV financing without interest sounds extremely tempting at first. But consumer protection warns against this form of credit, because sometimes opaque fees are hidden in the contract or in the purchase price:
Dealers who offer 0% financing often sell their goods at a higher price than other providers. In this way, they compensate for the loss of interest.
Tip: Consumers should compare the prices of their dream device online.
Hidden costs related to fixed interest rates can be hidden in the contract. The interest-free period is only valid for a certain period of time. Then customers have to pay for expensive interest.
In addition, according to consumer protection, many people buy more or more expensive if they are offered 0% financing. It is not uncommon for them to acquire equipment that they cannot actually afford financially, or they also buy expensive accessories. In this case, too, the interest-free loan is not cheaper for customers.
Advantages and disadvantages of 0% financing
In principle, 0% financing for the TV can be advantageous. However, only if the customers first compare the prices of the television set with other providers and do not notice any major differences. You should also pay close attention to how long the fixed interest rate lasts.
No interest expenses, good opportunity to finance a TV cheaply
Under certain circumstances, there are hidden costs that result in a high additional premium
Financing and purchase agreement come from a single source
If you have problems with financing, fewer consumer protection rights, as no interest is charged
Customers have to take care of financing themselves
TV set may be more expensive than other providers
Recommendation: take out TV financing via the installment loan
An installment loan is usually the better solution for consumers than 0% financing. The loan agreements are much clearer and you can benefit from the competent advice of competent employees. The following reasons show why financing with a bank is worthwhile:
Clear and plannable
The classic installment loan is clearly structured for borrowers and can be planned over the entire term. The installments stay the same from the beginning to the end of the financing, so customers always know exactly how high their monthly charge is.
Compared to 0% financing, many small loans have additional conditions. For example, borrowers can make special repayments free of charge with which they can pay off the loan faster. Depending on the provider, there is also the option of temporarily suspending the rate without additional costs.
Anyone who takes out a loan with the house bank or an online provider can make use of the competent and qualified advice of the employees. The employees are available in person, by phone, e-mail or via chat and help you choose the right loan, taking into account your personal and financial situation.
Financing a television in a predictable manner with installment loans
The 0% financing is only worthwhile for consumers if they can ensure that they will not incur any additional costs. With an installment loan, on the other hand, you can safely plan the TV financing over the entire term and know every month what amount you have to raise to finance the TV.
Consumers who want to finance their TV cheaply should compare providers online. With the loan calculator from FINANZCHECK.de you get an overview of many different credit institutions. In this way, you can quickly and easily find a loan with good conditions for the purchase of your new television set.
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