Black Week is attractive with its many offers, but be careful with dealer financing: interest rates are often much higher compared to independent loans. Verivox shows how expensive it really is.
The many cheap deals offered during Black Week tempt many consumers to make spontaneous purchases. But those who use direct financing from online retailers often pay much more. An evaluation carried out by the comparison portal Verivox shows: Interest costs can be increased with financing of 2,500 euros up to three times higher compared to cheap independent installment loans.
Black Week Financing: Convenient but expensive
For the evaluation, Verivox evaluated three of Germany’s four largest online retailers: Amazon, Otto and MMS E-Commerce.
- At a mail order company Otto fell with 18.92 percent highest interest rates among the three providers. For a purchase value of 2,500 euros and a term of three years, interest costs add up to 729 euros.
- E-Commerce MMS Terms where the online store is located Media Markt and Saturn operating: Here the interest rate 10.90 percentwhich yields interest of 421 euros over three years.
- The cost is the lowest Amazon. With an interest rate of 10.01 percent An interest charge of 386 euros appears here.
Anyone who finances the required amount through a self-directed installment loan usually saves a lot of money,” says Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH.
Installment purchases from dealers are up to 185 percent more expensive
To classify high dealer interest rates, Verivox compares the conditions of independent installment loans. This amounts to an average of 6.62 percent – for financing of 2,500 euros, interest costs of only 255 euros are charged.
For comparison, financing through Otto 185 percent more expensive. Interest charges are on Media Markt and Saturn 65 percenton Amazon 51 percent on top of the independent installment loan.
Many banks now offer a completely digital credit process – as easy and convenient as direct financing from online retailers. With electronic signatures and online authentication, all transactions can be completed from the comfort of your own home. At banks with real-time credit checks, the loan amount is often paid the next business day
Payment plans provide an overview
Another advantage of classic bank loans compared to purchasing dealer installments or buy now pay later (BNPL) offers is, apart from the cheaper interest rates. fixed payment plan. Constant monthly rates ensure planning clarity and security.
As Schufa reports, more than a third of users of deferred payment services have missed at least one deadline in recent months and received reminder fees. Such payment failures can affect your Schufa score and make it difficult to take out loans in the future.
