For your request for a loan for the new heating system, the Capital Lender has the lowest-interest offer. You can finance your new heating system for 0.75 or 1.0 percent APR.
We’ll show you exactly how it works, who can participate in the program and why alternatives might be worthwhile. Note: As of July 22, 2016, it will no longer be possible to combine Capital Lender loans 151 and 152 with the (BAFA) heating package.
Loan for the new heating – publicly funded loan
Publicly funded loans for the new heating system can come from various offers of the Capital Lender. If the heating system were replaced as part of a comprehensive energy renovation, loan 151 would probably be the right choice. Up to 100,000 USD in credit would be eligible at the effective annual interest rate of 0.75 percent. Capital Lender offers fixed interest rates for the first 10 years.
It is not only the extremely low interest rate that is particularly interesting in exploiting this program. The grant program creates an incentive to borrow money through additional savings options. Up to 27,500 USD repayment subsidy – 27.5 percent of the total funding – can be granted. Repaying less than borrowing would be a realistic option.
If the loan for the new heating system is to be financed as a single measure using this loan model, the maximum borrowing is reduced. For individual measures, such as the targeted replacement of the heating, you can only apply for a loan of up to $ 50,000. If the installation of a new ventilation system goes hand in hand with the heating installation, it is particularly worth looking at the grant program 430. Subsidies for new ventilation systems are particularly high.
Alternative energy sources – heating loan 167
Not every heating exchange can be financed through 151 or 152. To convert heating systems to renewable energies, Capital Lender offers the heating loan under program 167. In this case, a loan could be financed up to a maximum of 50,000 USD for the new heating system. The financing offer offers a maximum term of 10 years. In this case, the fixed annual interest rate would be 1.0 percent.
The exchange of existing heating systems that were installed before 01/01/2009 would be eligible for funding under this program. For example, thermal solar systems with a maximum gross collector area of 40 m² would be funded. As well as the system for the exclusive hot water treatment of drinking water. Biomass plants between 5kW and 100 kW output would also be exemplary for the application of the promotional loan.
Capital Lender gives two more examples. Heat pumps with a nominal output of up to 100 kW should be funded via loan 167. – Or combined heating systems that could be operated both on a fossil basis and using renewable energy sources. As with all offers from the Capital Lender, it is unfortunately not possible to send credit applications directly to Capital Lender.
Apply for Capital Lender credit – how it works
Capital Lender delegates loan application, payment, loan support and the processing of repayment to commercial banks. Both local branches and direct banks would be responsive to the loan for the new heating system. With large loan amounts, it is worthwhile to make non-binding loan inquiries to several online providers. Some banks are willing to waive part of their commission.
An additional reduction in the interest rate is possible in this way. Nevertheless, submitting applications through correspondent banks does not automatically prove to be a blessing for all borrowers. If only a smaller loan amount is required, financing via public promotional loans would be possible. But for credit providers, the effort is then no longer in proportion to the commission profit. They refuse or offer their own credit products.
It is not just credit institutions that are having difficulty taking advantage of credit from public funding. For example, for seasoned do-it-yourselfers, the low interest rate on the heating loan is often secondary. According to Capital Lender guidelines, they have to pay third-party wages. Numbers, although installation and calculation of a new heating system would really be possible “from a book for dummies” on your own.
Credit terms not practical – what now?
Borrowers with public promotional loans cannot avoid the credit conditions, from the job machine for (redundant) energy consultants to the employment program for craft businesses. Only the change of provider helps against bureaucracy and illogical requirements. Loans for the new heating system (without land register) can also come at low interest rates from offers from the ordinary banking industry.
Interest rates above about 3 percent effective interest would then have to be calculated. But for real DIY enthusiasts, the bottom line is almost always worth it. – You really only pay material costs. For the loan search, it is recommended to use a free comparison calculator on the Internet. In addition to the loan amount and the term, it is important to specify the purpose. Dedicated loans are almost always cheaper than free credit.
It is particularly worthwhile for borrowers whose house is still deep in the red to look at alternative loan offers. For example, through Astro Finance, cheaper loans for heating renovation could come from private or interested banks. If the creditworthiness is somewhat weaker due to the high level of legacy issues, no savings option on the loan for the new heating should remain unused.