Immediately after the move, most households plan the kitchen equipment in the move loan, especially since the almost simultaneous application for several loans leads to a deterioration in the credit score. In the event of a later kitchen renewal, however, consumers need a separate loan for the kitchen, since only a few households can finance a new kitchen facility with existing savings. Different variants are available for this.
Kitchen financing through the dealer
Many furniture and kitchen stores offer installment payments as an easily accessible loan for a kitchen. You either process this directly with the customer or arrange a loan to a partner bank, taking over part of the default risk and also partly taking over the interest calculated by it. In this way, the kitchen buyer only pays a small installment surcharge if the kitchen retailer does not even offer him zero percent financing. Low interest rates easily motivate kitchen buyers to forego the price comparison for the actual goods.
This does not make sense, because a higher selling price compared to other retailers cancels out the price advantage of paying interest-free installments when buying a kitchen. In any case, it is advantageous in the case of kitchen financing via the seller that the lending serves at the same time to promote sales and that the retail trade, rather than a conventional bank, approves lending with a poor credit rating. If the kitchen buyer pays a significant part of the purchase price as a down payment, retailers often refrain from submitting income receipts themselves because they rate the ability to make a one-off payment as proof of creditworthiness.
The bank loan for a new kitchen
With a traditional consumer loan, the bank is not interested in whether its customer uses the loan for a kitchen or other purpose. In a personal loan interview, the bank clerk usually asks about the planned use of funds, but this is hardly relevant for the award decision. In addition, most consumers take out their kitchen loan online, since in this case the interest is cheaper than when applying for a loan in the branch. More and more credit institutions are offering modernization loans or home loans with interest rates lower than the standard interest rate on consumer loans from the same bank.
A loan comparison shows whether this form of borrowing for a new kitchen is also cheaper than a loan from a competition bank. The home loan is unbeatably cheap, which can also be used for a new kitchen if it is ready for allocation, since its purchase is part of the housing industry. In practice, the building society loan for a kitchen is rarely used, since property owners mainly use the loan for other renovations and tenants rarely conclude a building loan contract unless they want to buy or build residential property in the foreseeable future.
Alternatives for kitchen finance
Recipients receive a limited credit for a kitchen through the job center if they can demonstrate the need for replacement purchases or an initial purchase after a move. The agency only finances the urgently needed parts such as a simple stove and the indispensable kitchen cupboards. You can apply for loans for any purpose and thus also for a new kitchen via a website for the organized granting of personal loans.
So that the platform members registered as lenders agree to a loan request for a kitchen, loan seekers describe in detail why they want to buy the kitchen again. The traceability of a kitchen loan request represents the central decision criterion for personal loans before the credit rating criteria.