Last month, the Motor Show heralded an unprecedented competition between lenders. Spin Lender after another announced a substantial cut in interest rates. Finally, just like previous years, Spin Lender came up with the cheapest rate for a car loan: 0.65 percent.
The Motor Show has closed its doors in the meantime, but the majority of the Spin Lenderen still use the rates they launched at the time. Although the promotional period is almost coming to an end. At Spin Lender, for example, the promotion runs until March 31.
Cheaper renovation loans
During the Batibouw construction fair, a number of financial players lowered the price tag for a renovation loan or a green loan. Anyone who wants to take out an ordinary renovation loan is the cheapest off at Fine Bank. The large Spin Lender is currently working out with an interest rate of 2.50 percent.
Crelan has the cheapest green loan. Anyone doing an energy-efficient renovation will receive an interest rate of 1.39 percent from the Spin Lender. It is not clear whether this is a temporary promotion.
Unprecedented reduction in personal loan
It is no surprise that Spin Lenderen reduces the rates for a car loan and a renovation loan during an event. Although there are certain lenders who unexpectedly come out of the corner. One of those players is Buy Way.
This lender has this week reduced the interest on a personal loan from 5.79 to 0.85 percent. That is an unprecedented reduction on such a loan. Although there are some conditions attached to the cheap rate. The interest only applies to loans with a maximum term of 48 months. In addition, the borrower may not exceed 25,000 USD. Moreover, the promotion only runs until 31 March.
Borrowing also costs money
Despite the recent interest rate cuts, we advise our readers not to take out a loan blindly. Such low Spin Lender products, no matter how low the price tag, are always associated with monthly costs. That is why it is only advisable to take out a loan if you can use the money for the purchase of a car at the moment.
Those who cannot pay off their loans will be placed on the blacklist of the Central Credit Register to individuals. The lenders must consult that list before they grant a loan to someone.