If you want to buy a car, you can take out a car loan from the car dealer, but such a loan has the disadvantage that it is granted only for a new car and that the car buyer is bound to the bank of the car dealership. Such a car loan is not always cheap, so it makes sense for the car buyer to look for alternatives and apply for a car loan from a bank.
He is particularly favorably with a direct bank, because these banks save costs, since they operate no branches. By comparing on the Internet you can find a cheap bank and apply for the vehicle loan there.
Such a car loan offers the advantage that it can be applied for new and used cars and that one is not bound to a vehicle brand.
1 Plan a car loan exactly
If the borrower wants to buy a new car, he can use the car loan from a direct bank at the car dealer to secure the advantage of a cash rebate and thus save on car purchases. Even when buying a used car, the car loan can be granted, it can be applied for with different loan amounts and terms.
It is important to plan the car loan exactly, there are several possibilities:
- With a part of equity
- Without equity
- With final rate
A car loan with a closing rate is possible with and without equity, it is characterized by low monthly rates, but remains at the end of the repayment period, a high final installment, which is payable at once. The car loan is a installment loan, which is characterized by monthly equally high rates, if it is not just about the car loan with closing rate.
2 Calculate a car loan
Who wants to apply for a car loan, can use the car loan calculator on the Internet, which is available free of charge. To do this, fill in the input fields of the calculator with the purchase price, the desired loan amount and the desired term and indicate whether it is a new or used car. The amount of the monthly installments is displayed, for the car loan interest rates an average according to the market interest rates is assumed. One can (and should) play through for the car loan several variants, because after all, it is important to select the monthly installments so that in each month there is still enough financial scope for current expenses. A cheap car loan can be found quickly with the car loan comparison, if one has opted for loan amount and term.
The comparison usually shows the amount of monthly installments and interest rates for car loans at the various banks, you can get more information about the individual banks. About the comparison you can quickly select the right bank for the car loan to get the loan cheap.
Several direct banks have specialized in ” car loan online” and offer cheap car loans; For example, a Bankate car loan is quite cheap. However, it does not always have to be the Bankate Bank, and other banks offer the car loan cost-effectively. Also on the comparison you can calculate a car loan, you can also use this, if you want to replace an existing unfavorable car loan.
3 Apply for a car loan – it’s that simple
If you have found a cheap bank for the car loan on the Internet comparison, you can apply for it online. At the click of a mouse, you can go directly to the bank from the comparison to complete the application online.
You give information about the purchase price, the loan amount, the term and whether it is a new or a used car. Furthermore, you have to provide information about the person, the monthly income and the current expenses. The application is sent online, you often get a short time later an answer.
For the car loan are not as strict requirements for the borrower as for other loans, because the purchased vehicle serves as security. Nevertheless, the applicant’s creditworthiness needs to be checked, for which the applicant must send proof of income and account statements together with the signed loan application to the bank.
The postal worker checks his identity on the basis of the identity card or passport of the applicant. If the applicant fulfills all requirements, the car loan will be paid out soon, so there is nothing to stop you buying a car.
4 Security transfer for the car loan
With a car loan, the purchased vehicle serves as collateral for the bank, regardless of whether it is a new or used car. If the applicant has received the loan and bought the car, he must hand over the original letter to the bank and he must also take out a fully comprehensive insurance for his car. At the end of the repayment term, the borrower receives the vehicle registration form from the bank.
5 If there is a negative Credit bureau entry
If there is a negative Credit bureau entry, it is often difficult to buy a car, even if you need it urgently. With a German bank one gets no car loan, if one has a negative Credit bureau entry. You do not have to give up the car, because you can apply for a car loan despite Credit bureau. Caution is advised, because many scammers are on the Internet, the promise of such loans despite Credit bureau at fabulously favorable conditions and in truth convey no loans, but only a high processing fee. As a result, the applicant loses time and often gets even deeper into the debt trap. However, one can apply for a car loan, despite negative Credit bureau, from reputable agents, such as Ver-credit.
These agents work with Swiss banks that do not ask for Credit bureau information. But it should not be forgotten that these banks demand high collateral for the car loan. The borrower should have a permanent employment with a correspondingly high income, which is at least half a year in the application for the car loan.
Even with these banks, the purchased car represents a security for the car loan, but secured the banks continue. If the applicant can not provide the collateral for the car loan, he can provide a guarantor. He should, however, if he is already in debt, check very carefully whether there are alternatives for the car loan.
6 The car loan from private individuals
If you have no good chances for a car loan at the bank, because you are self-employed or for other reasons not good credit, you can still apply for a car loan from private individuals, he is also suitable as a car loan for the self-employed.
To get such a car loan, one uses a credit marketplace, such as Creditend or Trucredit. Private individuals who are willing to lend to private individuals have registered there. The car buyer must create a loan project and for this loan amount, credit period and as a purpose car purchase specify.
Private individuals who are willing to lend, the car buyer receives a corresponding offer. If he agrees, he gets paid the car loan.
7 Conclusion: The most important thing about car loan at a glance
- Car loans are offered with and without equity capital. In addition, there are car loans with final installments (lower monthly installments).
- On the Internet, there are numerous ways to have a car loan calculated individually and subsequently apply for the cheapest bank.
- In addition to banks, credit markets and individuals also offer car loans.
- In car loans, the award is less strict than other loans. The reason: the car serves as security. Nevertheless, sufficient creditworthiness must be available in any case.