Loan Comparison Austria: How to Find the Best Loan

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Why a Loan Comparison Pays Off

The difference between the cheapest and most expensive loan can amount to several thousand euros. A careful loan comparison saves you money and time. In this guide, you'll learn what to look out for.

Loan Comparison: The Key Criteria

Criterion	What to Watch	Priority
Effective Annual Rate (APR)	Total costs incl. all fees	Very High
Total Costs	Loan amount + all interest/fees	Very High
Monthly Payment	Fits your budget?	High
Extra Payments	Free extra payments possible?	High
Early Repayment	What costs apply?	Medium
Payment Pause	Payment suspension during hardship?	Medium

Step-by-Step: How to Compare Loans Correctly

Step 1: Determine Your Needs

Before comparing, clarify:

• How much money do you need? Don't borrow more than necessary
• For what purpose? Purpose can affect interest rates
• What payment can you afford? Max. 30-40% of disposable income

Step 2: Get Quotes

Get at least 3-5 quotes:

• Your main bank
• Online direct banks
• Comparison portals
• Specialized lenders

Important: Use only rate inquiries (not loan applications). These don't affect your KSV score.

Step 3: Compare Offers

Look at the effective annual rate (APR) – only this is comparable. Create a table with all offers.

Step 4: Check Conditions

Read the fine print:

• Processing fees
• Account management fees
• Extra payment options
• Early repayment penalties

Step 5: Make Decision

Don't automatically choose the lowest interest rate. Also consider flexibility and service.

Example: Loan Comparison in Practice

Suppose you need €15,000 for 48 months:

Provider	APR	Monthly Payment	Total Costs
Provider A	5.49% p.a.	€348.42	€16,724.16
Provider B	6.99% p.a.	€358.66	€17,215.68
Provider C	8.99% p.a.	€372.48	€17,879.04

Savings: Provider A vs. Provider C = €1,154.88 difference!

This shows: A thorough comparison always pays off. Find more calculation examples in our Loan Calculator Guide.

Loan Comparison by Loan Type

Personal Loan Comparison

The classic consumer loan for various purposes:

• Typical amounts: €1,000 – €50,000
• Terms: 12 – 84 months
• Interest range: 4.5% – 9.9% p.a.
• Feature: Freely usable

Comparison tip: Look for extra payment options – these save money long-term.

More: Personal Loan Guide

Car Loan Comparison

Specifically for vehicle financing:

• Typical amounts: €5,000 – €80,000
• Terms: 12 – 84 months
• Interest range: 3.9% – 7.9% p.a.
• Feature: Vehicle as collateral

Comparison tip: Compare dealer financing vs. bank loan – often the bank loan is cheaper.

More: Car Loan Calculator Austria

Home Improvement Loan Comparison

For renovation, furnishing, or moving:

• Typical amounts: €3,000 – €80,000
• Terms: 12 – 120 months
• Interest range: 3.5% – 6.5% p.a.
• Feature: Purpose-bound

Comparison tip: Check combination with housing subsidies – can further reduce interest.

Mini Loan/Quick Loan Comparison

For short-term shortfalls:

• Typical amounts: €100 – €1,500
• Terms: 30 days – 6 months
• Interest range: 7.9% – 13.9% p.a.
• Feature: Fast payout

Comparison tip: Only use for real emergencies – interest rates are significantly higher.

Common Mistakes in Loan Comparison

Mistake 1: Only Comparing Nominal Rate

Problem: The nominal rate doesn't include all costs.

Solution: Always compare the effective annual rate (APR) – this includes all fees.

Mistake 2: Overlooking Hidden Costs

Problem: Processing fees, account management, payment protection insurance are forgotten.

Solution: Ask about all cost components and include them in the comparison.

Mistake 3: Getting Too Few Quotes

Problem: Accepting the first offer.

Solution: Compare at least 3-5 offers. Online comparison portals make this easy.

Mistake 4: Ignoring Flexibility

Problem: Only focusing on the interest rate.

Solution: Also consider extra payments, payment pauses, and early repayment.

Mistake 5: Damaging KSV Score Through Many Inquiries

Problem: Making multiple binding loan applications.

Solution: Only make rate inquiries – these are not recorded in the KSV.

Checklist: Loan Comparison

Before comparing:

• [ ] Determine exact loan needs
• [ ] Set maximum monthly payment
• [ ] Consider desired term
• [ ] Define purpose

During comparison:

• [ ] Get at least 3-5 offers
• [ ] Compare effective annual rate
• [ ] Calculate total costs
• [ ] Ask about ancillary costs (fees, insurance)

Check conditions:

• [ ] Extra payments possible? Free?
• [ ] Early repayment? Costs?
• [ ] Payment pause possible?
• [ ] What collateral is required?

After decision:

• [ ] Get offer confirmed in writing
• [ ] Read contract carefully
• [ ] Note withdrawal right (14 days)
• [ ] Keep payment schedule

Loan Comparison: Online vs. Bank

Online Comparison Portals

Advantages:

• Quick overview of many providers
• Convenient from home
• Often cheaper due to lower admin costs
• No impact on KSV (for rate inquiry)

Disadvantages:

• No personal advice
• Standardized processes
• Sometimes stricter credit check

Main Bank/Branch Bank

Advantages:

• Personal advice
• Individual solutions possible
• Existing customer relationship can help
• Room for negotiation

Disadvantages:

• More time-consuming (appointment scheduling)
• Often higher interest rates
• Limited selection

Recommendation: Use online comparisons for an overview, then also get a quote from your main bank. This gives you a strong negotiating position.

Conclusion: The Perfect Loan Comparison

1. Determine your exact needs – don't borrow more than necessary
2. Compare the effective annual rate – only this is meaningful
3. Get at least 3-5 offers – the effort pays off
4. Look for flexibility – extra payments and payment pauses can become important
5. Read the fine print – avoid hidden costs

Related Articles:

• Loan Calculator Austria – Calculate Your Loan
• Loan Interest Rates Austria – Current Rates
• How to Get a Loan in Austria
• Personal Loan Austria

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Disclaimer: The interest rates and conditions mentioned are examples and may change. The actual interest rate depends on your creditworthiness and the chosen provider. For binding offers, contact the provider directly.