Car loan comparison

Feda Mecan

feda mecan published on: 16. February 2016 last update: 3. December 2021 reading time: 18 minutes

You want a new car or used cars buy, look for one follow-up financing or you need a credit for a bigger repair?

  • Find the cheapest loan at the moment: with the car loan comparison on online banks.Com you will find the offers with the currently fairest and cheapest conditions.
  • Best offers selected instead of sorted by commission: we would choose the car loans in this comparison ourselves.
  • No cookies: you use this site completely privately – you are spared annoying and unwanted advertising afterwards.
  • SCHUFA-neutral: the comparison has no effect on your SCHUFA.

Our top 3 recommendations for the car loan comparison

Car loans are nothing more than installment loans with a fixed purpose for the financing of a car, motorcycle or motor home. However, earmarking is often accompanied by more favorable interest rates compared to an installment loan with an unrestricted intended use. The background to this is that banks usually ask to see the motor vehicle registration document. If you no longer meet your payment obligations, the bank can sell the vehicle and use the proceeds to cover at least part of the remaining debt. This is not possible, for example, when financing a kitchen or a vacation. The bank rewards the advantage of easier collateral liquidation with more favorable interest rates. not every bank offers a special car loan, but most of them do.
If you have already looked at our installment loan recommendations in advance of your financing request for a car, you will find an identical picture.


The yellow giant, the postbank, always finds itself. For installment loans just as for car loans. two of the reasons why we also favor postbank for car loans are that it also grants loans to self-employed persons and that there is no age limit for taking out a loan. The deutsche bank subsidiary always impresses with a completely unexciting product with solid key data.

The most important data:

  • Loan amounts between 3.000 euro and 50.000 euro.
  • Terms between twelve and 84 months.
  • Free special repayment once a year up to 50 percent of the remaining debt.
  • For loans over 50.000 euro or longer term forwarding to the credit marketplace of dr. Small.
  • No maximum age is specified for the granting of a loan.
  • Favorable two-thirds interest.
  • Loans also for self-employed persons.
  • Fully digital loan application.
  • Revocation period extended to 30 days.
  • Term freely scalable monthly, also 57 or 63 months possible.
  • Good credit acceptance rate
  • No complete special repayment possible.
  • Cost of installment break 15 euro.


Anyone who has ever looked behind the scenes of the deutsche bank group is probably surprised that two products from this house are considered "top 3 recommendation. But the skeptics may be reassured, the deutsche bank Privatkredit is not to be found here. norisbank’s top loan has convinced a wide variety of testers and trade publications in the past. clearly structured and easy to handle with solid conditions presents the car loan of this direct bank.

The most important data

  • Solid two-thirds interest rate
  • Credit between 1.000 euro and 65.000 euro possible.
  • Term maximum 96months.
  • Free special repayment of up to 50 percent of the remaining debt once a year.
  • At least six months in a permanent position
  • Best interest guarantee.
  • 30 days right of withdrawal.
  • Term individually scalable.
  • Good acceptance rate.
  • Good two-thirds interest rate.
  • Fully digital loan application with immediate disbursement.
  • Offer of a special car loan.
  • Not for self-employed

If we stick to unexciting products characterized by solid and clear loan terms and conditions, we end up with the PSD banks. This small but fine banking group, organized as a cooperative and until a few years ago reserved for a certain group of people, postal employees, has successfully established itself in the credit segment. There is not necessarily a standardized line, as the PSD banks are regionally autonomous. Our offer is based on the data of PSD bank hessen-thuringen.

The most important data

  • Credit amount between 2.500 euros and 50.000 euro.
  • Credit amount in increments of 100 euros selectable.
  • Term between 12 and 96 months individually scalable also for 23 months or 57 months.
  • Zero euro fees for special repayments.
  • interest rate from 3.14 percent effective p.A. Up to 10.14 percent p.A. Effectively term- and creditworthiness-dependent (as of 2021).
  • Personal advice as well as pure "direct banking" possible.
  • unscheduled repayments possible at any time, free of charge, in part or in full.
  • Fully digital credit process.
  • Clearly structured and self-explanatory application process.
  • No age restriction, just a note that the loan "should" be taken out by the 75th birthday. be repaid by the age of 18.
  • Different information on the homepage and in the actual loan calculator for term and loan amount.
  • Not available for self-employed persons.

Car loan comparison calculator

To start the comparison, enter your desired loan amount and the term of the loan. Consider three aspects: first: only take out the loan amount you really need for the car. Second: choose the term so that you can comfortably afford the monthly rate. Third: note that the majority of customers do not get the interest rate shown in the comparison. this is the best possible interest rate – you can see how many interest rates the majority of customers pay by looking at the representative example below each entry.

click on the "go to provider" button if you are interested in a specific offer to apply for financing.

Find the right loan offer with the loan calculator

a car loan is a credit agreement that is usually an installment loan for a specific purpose. This means that the bank provides an installment loan for the borrower, but you may only use it for car financing (= purpose). This means that you can usually only finance the following projects with the car loan for a specific purpose:

– purchase of a new car
– purchase of a used car
– follow-up financing with three-way financing
– major car repair

Since there are numerous offers on the market in this regard, not only from branch banks or direct banks, but also from automobile clubs, you should always carry out a car loan comparison. This serves to find the most suitable and usually most favorable car loan.

You can make the comparison yourself using a comparison calculator. You only have to enter a few details, in particular the desired net loan amount, the term and also the intended use. in our car loan comparison calculator, you will quickly see for yourself that in some cases, an earmarked loan can be more worthwhile.

What distinguishes a car loan?

As already mentioned at the beginning, the car loan is a special credit. It is characterized in particular by the fact that the loan amount must be repaid in monthly installments. the loan rate includes both the repayment and the interest that the bank charges for the car loan. It is also typical that the rate does not change and the interest rate is fixed for the entire term.

another feature of the car loan is that the bank usually requires collateral from the borrower. This is usually the transfer of ownership of the vehicle to be financed. Without this security transfer, which is connected with the handing over of the vehicle registration certificate (registration certificate I) to the bank, the application is normally rejected.

One feature of car loans is now that they are not only granted by banks, but also in some cases by automobile clubs such as the ADAC. Unscheduled repayments are normally possible without any problems, as is the case with normal installment loans.

At a glance, the following are the characteristics that distinguish a car loan:

  • Specific purpose (purchase of a new or used car)
  • Fixed monthly rate over the entire term of the loan
  • Interest rate not changeable
  • Security from the bank in the form of a transfer of ownership by way of security
  • Special payments are usually possible without any problems

In the narrower sense, the car loan always means the installment loan from the bank, which has the already mentioned special purpose of use. In a somewhat broader sense, all financing variants that serve to finance the purchase of a new or used car are basically referred to as car loans. In the following section, we will therefore take a closer look at the different types of car loans, which are not limited to the bank installment loan.

The different types of car loans

There are essentially three different types of car loan, namely:

  • Car loan as an installment loan from the bank
  • Dealer credit
  • Balloon or. Three-way financing

In the following, we will go into the last two types of car loan in more detail, since we have already described the car loan as an installment loan from the bank in detail beforehand.

dealer credit: installment agreement with the car dealer

The dealer loan is not a loan in the strict sense, where a certain amount is paid out. Instead, it is an installment agreement that you make with the car dealer. In terms of function, the dealer loan is otherwise identical to the car loan or the car loan. Installment loan from the bank. This means that in this case the purchase price of the vehicle or a part of it is paid in monthly installments. In most cases, the dealer loan is linked to an interest rate, although some car dealers from time to time offer so-called zero percent financing.

The advantage of a dealer loan is that it is often granted at very favorable interest rates. The car dealer makes his business primarily with the sale of the vehicles and not necessarily with the interest income resulting from the corresponding dealer credit. The disadvantage is that you can no longer act as a cash payer vis-à-vis the dealer if you opt for an installment agreement. However, this also applies to balloon financing, which is explained in the next section.

Balloon or three-way financing: moderate monthly rate

In recent years in particular, more and more car buyers have opted for dealer financing, specifically for so-called balloon financing. This is often alternatively referred to as three-way financing. What is behind it? The two terms describe relatively well two important characteristics of dealer financing. Balloon financing means that the loan inflates like a balloon, figuratively speaking.

This image is due to the fact that a relatively high final installment is typical for balloon financing. This high final monthly installment ensures that the previous monthly loan installments are relatively moderate. in this respect, balloon financing is very similar to car leasing. This is also characterized by relatively moderate monthly leasing rates.

The designation three-way financing The reason for this form of car loan is that you have three options to choose from at the end of the loan term:

  1. Paying the final installment
  2. Financing the final installment
  3. Return the vehicle to the dealer for its residual value

At the end of the agreed term of the three-way financing, you first have the option of paying the agreed final installment. This means that the vehicle would then belong to you and there would no longer be any relationship with the dealer. Sometimes, however, the final installment is so high that you cannot pay it out of your liquid assets. This results in the second possibility, i.e. the financing of the final installment,

This follow-up financing of the final installment can be done, for example, through a classic installment loan. The third option is that you neither want to pay nor finance the agreed final installment. Then you return the car to the dealer for the calculated residual value.

Requirements for a car loan

The car loan is granted in the narrower sense by a bank or a car club, in the broader sense also by the car dealer. However, the latter usually also works together with a bank, namely with the affiliated car bank. Every major car manufacturer has its own car bank, for example volkswagen has its own VW bank. Almost all VW dealers work together with this bank or car club. The prerequisites for a car loan are usually the same at the car bank as at the car dealer.

First of all, you must be of legal age, because minors are not allowed by law (except for very few exceptions) to conclude a credit agreement in germany, because they would incur legally binding debts. The check must therefore be aimed at ensuring that the person seeking credit is of age and therefore creditworthy.

Banks and car dealers not only check the age of majority, but also the creditworthiness of the borrower. By checking your creditworthiness, the car bank or the car dealer want to determine the default risk of the loan, which should of course be as low as possible. Therefore, one of the typical requirements for a car loan is that you..

  • … you earn a regular income
  • … you are employed as a dependent
  • … you do not have a negative entry in the schufa
  • … you live in germany
  • … you make a transfer of ownership of your vehicle by way of security

there are more requirements for a car loan, which are almost always mandatory to fulfill. This refers in particular to the schufa information, in which no negative entry may be present. This would include, for example, an order to pay, a writ of execution or an affidavit.

You must also have a regular income and you should no longer be in the probationary period. Ideally, you should be a dependent employee, although some banks and car dealers also grant loans to self-employed persons. As a rule, the transfer of ownership by way of security is also a mandatory requirement if you wish to obtain a car loan.

Tips to save on car financing

There are some tips on how you can save money on your next car financing. The most important basis is certainly the car loan comparison, because with this the currently most favorable offers are shown to you. It would therefore be wrong to turn only to your house bank or immediately to the car dealer without having compared other conditions.

In the conversation with the car dealer it is also helpful to point out other offers. This shows that you have done your research. The dealer is more likely to either give you a slightly better deal on the car loan, or even give you a small discount on the car.

Include a cash discount

An important tip in the context of car financing is to keep a possible cash discount in mind. This can even be the deciding factor as to whether financing through the bank or the car dealer is ultimately more favorable. Many consumers are guided in comparing the offers solely by the nominally lower interest rate. However, it can happen that the car dealer offers a slightly more favorable interest rate than the bank, but the bank’s car loan is still more favorable than the dealer’s loan. How can this be?

The answer is: pay cash! If you pay the dealer in cash, a discount of between 10 and 20 percent is usually possible. Paying cash does not mean that you actually have to put cash on the table. The decisive factor is that you do not finance the car with the dealer, but with an external bank. under this condition you are considered a cash payer and can negotiate the appropriate discount.

If the borrower pays cash, the purchase price will decrease and you will have to finance a lower amount. You should therefore carry out a comparative calculation to see whether the bank loan, which may have a nominally higher interest rate but a lower loan amount, is ultimately more favorable than dealer financing. The car dealer may offer a slightly lower interest rate, but in return he can no longer give you a discount in the form of a cash rebate if you finance the car there.

Integrate equity and take out less credit

A real saving tip for car financing is to be able to include your own capital. The more funds you have of your own, the lower the loan amount and thus the lower the interest charge can be. So if you have for example 10.If you have a fixed-term deposit account with a balance of 000 euros, you should use this amount and not 30 euros in return.take out a car loan for a new vehicle worth 000 euros. Instead you take the 10.000 euros from the fixed deposit account and thus only need a loan amount of 20.000 euro.

Procedure to find the best credit offer

To find the best loan offer, the borrower must take several steps. Therefore, the most important thing is to compare several offers. First you should decide which type of car loan is the best solution for you. Here, it is particularly important to compare the car loan and the balloon loan. Comparing the classic installment loan with the dealer loan and balloon financing. If, for example, the lowest possible monthly loan installment is most important to you, balloon financing is more suitable than the classic installment loan or the typical car loan from the banks. However, you should then be able to afford the relatively high final installment later on.

In the second step, you compare the offers from the corresponding sector. This comparison should be made within the car loans on the one hand. On the other hand, you should also compare the different financing options that come into question. This means in plain language: first you carry out a car loan comparison and get as a result the conditions that banks currently offer for installment or car loans. There you select the most favorable offers.

In the second step, you then compare the best offers with the conditions you would get at the dealer’s. In concrete terms, you compare the best car loans with the dealer’s loan. As a rule, there is only one offer for dealer financing. You probably won’t choose your car based on which dealer offers the most favorable financing, but rather on where the car itself fits and is favorable. When comparing car loans and dealer loans, you should also bear in mind the cash discount mentioned above.

The procedure for finding the best car loan as a borrower can be summarized as follows:

1. Select suitable type of car loan
2. Car loan comparison and include installment and car loans from banks
3. Compare the cheapest car loans with the dealer’s financing offer
4. Pay attention to possible cash discount
5. Carry out a comparison calculation
6. Possibly negotiate with the dealer

Take out a car loan conveniently online with the online bank comparison calculator

Have you found the best car loan for you using our comparison calculator?? Congratulations!

Now all you have to do is apply for it.

There are two ways to do this:

  • Your house bank is the lender
  • you do not yet have a relationship with the lender

If your house bank is the lender

In this case, providers such as ING, for example, offer you a fast and simple service. click here on "to the provider" and you will get to the provider’s page. there you can specify your desired amount and continue the credit application. In this framework, in many cases, you do not have to upload proof of salary, because the bank knows you and your creditworthiness well. this way your credit application will be checked and also answered quickly.

If you do not yet have a relationship with the lender

If you are a "stranger" to the lender, the application is still nothing you can’t do over coffee. You click on "go to provider" again and start the application process there. In the course of which, for example, you will have to upload proof of salary to support your creditworthiness. Likewise, in this framework also the legitimation takes place by videoident procedure. For this you need a terminal with a camera and your identity card. If you have to search for your passport or prefer to go to a post office, you can also use the postident procedure for authentication.
If everything is done, you will of course get an answer faster in the case of the videoident procedure and can soon drive your new car.

Better safe than sorry: take out residual debt insurance

If there’s one thing we should have learned from the first pandemic year of 2020, it’s that life doesn’t always go according to plan. For this reason, you should always consider taking out residual credit or residual debt insurance. This is true even if you are currently in a good financial position and in your golden years. Here applies: safe is safe.

When does residual debt insurance protect me??

the conditions of the individual credit offers differ certainly in some points or in the covered sums, but basically the insurance helps you or your survivors,

  • In the event of death: for example, they pay off the entire remaining debt up to a certain amount, including the final installment.
  • In the event of incapacity: if the inability to work is not intentional, some residual debt insurances, for example, cover a maximum amount of X for a period of Y months. A renewed incapacity for work is also insured.
  • In the event of unemployment through no fault of your own: also here a maximum amount for a certain period is paid for you by the insurance.

Of course, insurance also costs something. This can minimally increase your loan rate, but you should be aware, especially with high loan amounts, that your surviving dependents or you in difficult times must be able to take over the monthly installments in the contractually agreed installment amount.

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