A long term loan is always useful if the loan amount is correspondingly high. For a 144-month loan, it can therefore be assumed that many euros should be lent to the bank in order to put a project into action.
What is a 144 month loan?
144 months equal 12 years. Anyone who wants to commit himself to a bank over such a long period of time should know exactly what the money from the 144-month loan should be used for. As a rule, this will be a large loan amount that will most likely exceed the 100,000 euro mark.
Such large sums of money are especially in demand when real estate is to be purchased or extensively renovated. It would also be conceivable to invest in your own company. Likewise, a rescheduling of an already existing loan, which should be provided by the rescheduling with better conditions.
However, if you have high-level debts and want to repay them with a 144-month loan, you should be careful. Accrued debt that is unmanageable and may have left its mark on the Schufa will not be repayable at this level, even with the help of a loan.
It would be better in such a situation to take advantage of a debt counseling and to take the stony path to bankruptcy. He usually does more than hold on to the debt and wait for a “miracle”.
144 month loan – provider
With a maturity of 12 years, the ranks of providers for the loan will be quite thinned out. Many banks limit themselves to loans with a maximum term of 10 years. Anything beyond that needs to be requested and negotiated separately.
However, there are also banks that have specialized in such large loans. For example, mortgage lenders who provide real estate loans on a much larger scale. And those who are looking for a loan with 144 months maturity, as an entrepreneur knows that this term is not necessarily the maximum term.
In order to find the right provider, the first offer should not be taken lightly. It is worthwhile, with the help of a comparison, to work out different offers, which are then put through their paces.
But you should take your time and do not consider the loan with 144 months duration as instant loan. If you act too fast, you could go wrong and pay dearly with very high additional costs.
144 month loan – tips and tricks
A good loan offer does not necessarily bring with it the cheapest interest rate. Even though the effective interest rate decides how expensive the loan is in the end. The best offer is rather that which is flexible and adapts to the borrower.
For a long term, it is always important, among other things, that a free debt restructuring after a certain time is agreed. This does not necessarily have to be done, but should be available as an option.
It would also be important to be able to make free unscheduled repayments and early repayment of the loan. At the moment, payment pauses are also very welcome. Usually one per year. These have the advantage that when repaying the loan can also be suspended once without the consequences for the borrower has.