Credit for the dream grill: How to finance quality cleverly
15 Jul 2025
3
Minutes
Katrin Straub
CEO at nextsure
Summer is approaching, bringing with it the scent of freshly grilled food. However, high-quality grills can quickly cost several thousand euros. Discover how you can achieve your desires for acquiring a premium grill with a suitable loan, without breaking your budget.
The topic in brief and concise terms
A loan for a high-quality grill allows for an immediate purchase, with the effective annual interest rate being the key comparison factor.
A good credit rating (SCHUFA score > 97%) is the key to low interest rates and can reduce loan costs by 30 percent or more.
Pay attention to flexible contract details such as free special repayments, as these allow for a quicker, cost-saving repayment.
Investing in Quality: What Defines a Premium Grill
A high-quality grill is more than just a cooking appliance; it is an investment for at least ten years. Models in the price range of 1,000 to 2,000 euros already offer professional equipment for discerning grill enthusiasts. Features such as powerful stainless steel burners, large grilling surfaces for more than six people, and solid cast iron grates can be found here. The durability of such devices justifies the higher purchase costs, often over 1,500 euros. In contrast to cheaper models under 500 euros, they offer significantly better heat distribution and retention. This quality comes at a price, which is why a purpose-specific device loan is a sensible option. Investing in such a device needs to be well planned, making the choice of the right financing all the more important.
Use the suitable loan as a strategic tool
An instalment loan is often the best solution to make a larger purchase without having to dip into your savings. With fixed monthly instalments and a defined term of twelve to 120 months, it offers maximum planning security. The interest rates for such consumer loans are often significantly lower than those of an overdraft facility, which averages over eleven percent. A decisive advantage is the free choice of dealer, unlike dealer financing. You can appear as a cash buyer with the money from the loan and potentially negotiate discounts of up to ten percent. A loan calculator helps you accurately calculate the monthly burden. The right balance between term and instalment is the key to sustainable financing.
Reduce interest costs by up to 30 percent through credit optimization
Your creditworthiness, expressed by the SCHUFA score, is the most important factor for the interest terms. A score of over 97.5 percent signals to the bank a very low risk of default and leads to the best offers. Banks are legally obliged to check your creditworthiness before granting a loan. Even small deviations in the score can increase the effective annual interest rate by several percentage points. You can actively improve your score even before applying for a loan. One free self-assessment per year helps identify and correct erroneous entries. Optimising your creditworthiness is a crucial step before obtaining specific offers.
How to improve your creditworthiness before applying
Good preparation can save you hundreds of euros in interest costs. Here are four steps to optimise your creditworthiness:
Consolidate existing loans: Several small loans can negatively impact your creditworthiness. Rescheduling to a single loan improves the overview and often the score as well.
Cancel unnecessary current accounts and credit cards: Too many accounts and cards can be interpreted as a sign of financial instability. Reduce these to the necessary amount of one or two.
Balance your overdraft: A frequently used or overdrawn overdraft has a negative effect. Balance the account as much as possible before applying for a loan.
Always pay bills on time: Payment defaults lead to negative entries and significantly worsen the score. Ensure a flawless payment history of at least three years.
A clean household budget without overdraft usage is the best basis. With an optimised score, you can confidently start the credit comparison.
Comparing offers correctly: The effective interest rate is decisive
Banks often advertise with a low nominal interest rate, which only indicates the pure interest costs for the loan. For a true comparison, only the annual percentage rate is decisive, as it includes almost all costs such as processing fees. The indication of the annual percentage rate is legally required for credit institutions to create transparency. Make sure that you always base comparisons on the same loan amount and term. A loan of 5,000 euros with a 48-month term is only comparable with an identical offer. Use an independent loan comparison to find the best conditions. However, even then, caution is advised because the displayed interest rates are often just bait offers.
Contract details that can save real money
A good loan agreement offers more than just a low interest rate. Flexible repayment options are crucial for responding to unforeseen events. The option of free special repayments is a significant advantage that many modern installment loans offer. This allows you to pay off the loan faster and save on interest costs. Some banks even permit the early repayment of the entire loan at no charge. Legally, a bank may charge an early repayment penalty of up to one percent of the remaining debt. For a remaining term of less than twelve months, this rate decreases to 0.5 percent. Check if payment holidays are possible in case your finances become tight. A long loan term does reduce the installments, but increases the overall costs. Flexible options give you the freedom to shorten the term retrospectively.
The structured path to financing your dream grill
A systematic approach to borrowing prevents costly mistakes and speeds up the process. With a clear strategy, you will receive your payout in just six steps:
Determine budget and loan amount: Find out the exact price of the barbecue including accessories and set the maximum monthly instalment you can afford.
Check and improve creditworthiness: Request a free SCHUFA report and rectify any incorrect entries.
Make condition enquiries: Obtain several offers. Important: Always make a 'credit condition enquiry,' as this is neutral to SCHUFA and does not affect your score.
Compare offers in detail: Compare only the effective annual interest rate and pay attention to flexible contract terms such as special repayments.
Submit application and legitimise: Once you have chosen an offer, submit the final application. Legitimisation is conveniently done online via video identification process within a few minutes.
Payout and purchase: After successful verification, the loan amount will be transferred to your account within a few days. You can now fulfil your wish with free use.
This structured approach ensures you obtain the best possible terms.
Risk protection: When a residual debt insurance is sensible
Banks often offer a residual debt insurance (RSV) with loans, which is intended to cover situations like unemployment, incapacity to work, or death. However, these insurances can significantly increase the cost of a loan, often by ten to twenty percent. For smaller loan amounts, such as for a high-quality grill, an RSV is usually not economical. The benefits are often tied to strict conditions and there can be long waiting periods of up to six months. Our expert tip: Check whether existing insurances, such as an occupational disability insurance, already cover the risk. Such coverage is more comprehensive and is not tied to a single loan. A loan for other garden projects should also be planned without expensive additional insurance. Carefully weigh the costs and actual benefits before taking out such a policy.
Request a personalised risk analysis now: Have your insurance situation reviewed for free and receive specific optimisation suggestions.
More useful links
The Bundesbank offers statistics on interest rates for installment loans to private households in Germany.
The Bundesbank provides further data on deposit and lending rates of banks in Germany.
Statista provides statistics on loans to individuals in Germany.
The Federal Statistical Office offers tables and data on private consumption in Germany.
The Federal Agency for Civic Education provides information and facts on consumer spending in Germany.
The Federal Environment Agency offers structural data of private households regarding income, consumption, energy use, and emissions.
Statista shows statistics on the purpose of loans for private households.
The Bundesbank provides the results of the wealth survey.
The Stiftung Warentest offers a detailed test report on gas grills.
Wikipedia provides a comprehensive explanation of the consumer loan agreement.
FAQ
What documents do I need for a loan application?
To apply for a loan, you typically need a valid ID card or passport, the last two to three payslips, and current bank statements. Non-EU citizens also need a valid residence permit.
What is the difference between a credit inquiry and a terms inquiry?
An 'Anfrage Kreditkonditionen' is SCHUFA-neutral and only serves for comparing offers. A 'Kreditanfrage' is made when you apply for a loan bindingly. Too many loan inquiries in a short period can worsen your SCHUFA score, whereas Konditionsanfragen do not.
How quickly is a loan for a grill disbursed?
After you have submitted the application online and verified your identity via video identification, the final review usually takes place within a day. The disbursement of the loan amount to your current account then typically takes only one to three working days.
Can I take out a loan without a specific purpose?
Yes, an installment loan is generally granted without a fixed purpose. You can use the loan amount freely for the purchase of the grill, accessories, or other desires. This gives you maximum flexibility.
Is dealer financing (0% financing) not cheaper?
A zero-percent financing offer sounds tempting but is not always the best choice. Quite often, it removes the opportunity to negotiate a cash discount, which can be up to ten percent. An instalment loan with low interest may be cheaper in the end and offers more flexibility.
What happens if I can't pay a loan instalment?
If you are unable to make a payment, contact your bank immediately. Many loan agreements allow for a payment break of one to three months. Do not ignore the situation, as reminders and a possible negative SCHUFA entry could result.
