More and more Germans are willing to take out a loan for their desired vacation. This is shown by a current study by Norisbank. The willingness to finance a family vacation with children or a long-distance trip with an installment loan is particularly high.
High willingness to borrow for family and long-distance travel
Travel to many popular holiday destinations has become significantly more expensive in the recent past. Apparently, this has increased the willingness of many consumers to take out a loan for the best time of the year. Families with at least one child in particular can well imagine taking a vacation on credit: 45.5 percent of the families surveyed would be willing to finance their vacation. Two years ago, the rate was 39.4 percent.
The acceptance of a loan-financed trip is even more pronounced when it comes to going far away: around half (47.9 percent) would use a loan for a trip around the world, and 47.5 percent for a long-distance trip to a destination outside of Europe. Here, approval increased by almost four percentage points compared to 2021. Overall, the proportion of survey participants who would take out a loan for their vacation has increased from 29.1 percent to 31.1 percent.
Short maturities ensure financial leeway
Consumers should plan carefully when taking out an installment loan for their vacation in order to ensure their financial leeway even after their dream trip. “Anyone who has decided to take out a holiday loan should not choose a term that is too long,” recommends Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH. “The loan should be paid off by the next vacation trip at the latest.”
In order to keep the interest costs and thus the monthly rate as low as possible during this period, those looking for a loan should obtain as many financing offers as possible and carefully compare the conditions of the banks. It’s very easy with the Verivox loan comparison: Consumers simply enter the desired loan amount and the term in the comparison calculator and select “free use” as the purpose. After entering the required data, you will then receive your personal loan offers directly.