Dream vacation with a travel loan
Anyone who treats themselves to a holiday should keep a close eye on the costs. Holidays are especially important for families. Parents relax and gather new strength for the time at home while the children burn off energy playing with other kids. Many Germans afford a holiday by saving for it all year. They book their trip at a travel agency or online and pay by direct debit. In the worst case, however, the holidaymaker overdraws their account for weeks or months and may pay high interest on the debt. A travel loan provides relief here and keeps costs low, even for families with children. There is a wide range of lenders where such a loan can be taken out both locally and online. Another option is to agree on a payment in installments directly with the tour operator.
An installment loan to finance your holiday
The installment loan taken out at lending institutions is a good option here. Simply choose the desired destination and have the costs for flights and accommodation calculated precisely. You should also add additional funds for excursions, meals and shopping on holiday. This calculation forms the basis for financing the travel loan. Lenders will also insist on the presence of collateral. This so‑called creditworthiness can be checked in various ways. German lenders are, among other things, required to perform a SCHUFA check. Foreign lenders, for example from Switzerland, may waive this but will require other proof, such as proof of stable income. Particular attention should be paid to the interest rate, since this, as with any loan, increases the actual cost. Interest rates and repayment installments vary significantly depending on the provider. You can inquire with providers locally or online or use a comparison portal. In general, however, the contractually agreed interest rate for a travel loan is always cheaper than an overdrawn account; the overdraft can be up to 13% in some cases. Loans are granted under the same rules as other loans. Copies of pay slips are required and, if you do not take the loan out with your house bank, a bank statement. Additionally, collateral is often required as security. For example, a life insurance policy could be used. Travel documents do not have to be presented to the lender, but an itemized cost estimate is helpful to calculate the loan amount. The term of the loan should also be considered. Generally, a loan for an item should be repaid over the period corresponding to the useful life of the item. This indicator does not apply to a travel loan. As a guideline, consider how much you can afford to repay monthly for the travel loan or how long the feeling of relaxation might last. If possible, this loan should be repaid as quickly as possible; a one‑year term should usually be sufficient. Online loans are particularly suitable for last‑minute offers, since you have the advantage of receiving a quick loan approval and can accept the last‑minute deal promptly. Direct travel loans can be found online and are often offered by direct banks. And at MAXDA you can also submit a free inquiry. As an independent broker, MAXDA searches among various loan offers to find the one that suits you: submit an inquiry at MAXDA and you will receive the best offer from many different banks.
Installment payments with the tour operator
Many tour operators also allow you to finance your trip and pay in monthly installments. Careful checking of the terms is indispensable here. There are significant variations, so a travel loan can sometimes be cheaper. The tour operator will also thoroughly check the holidaymaker's creditworthiness before approving installment payments, because the operator must ensure full repayment. The required documents are also copies of your monthly pay slips. Usually no security needs to be provided to the operator itself; however, if the operator works with a lending institution, that institution may require security. Installments usually become due one month after the start of the trip. If you choose to finance your trip through the operator, you should have saved the money you will need during your stay at the holiday destination. With the operator you can only finance the costs of the trip, not additional funds you need at the destination. For installment payments via the tour operator, a short term should also be sought, as this keeps costs low and restores financial independence more quickly. Assuming you typically go on holiday every other year, you can comfortably finance the next holiday again with a travel loan or through the operator. Maybe you'll even manage to save a bit of money so you need to borrow less in the future. Whatever option you choose to take out a travel loan, careful checking of the conditions is particularly important and saves real money. Obtaining enough offers and calculating precisely what can be paid, which destination you can afford, is of the utmost importance. First, the amount that can be paid monthly in installments within a year must be determined. Only then can you think about where you want to go and how much extra money you want to take for food and shopping at the destination. A travel loan from a lending institution is worthwhile in any case: the cheaper the agreed interest rate and thus the travel loan, the more money remains in the holiday budget.