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1. Online credit request
fill out your credit request online, according to your credit request, and send it to us completely online. your request is free of charge and without hidden costs.
When filling out the loan application, you will be asked to provide personal data that is important for the loan processing. In order for your loan request to be processed quickly and smoothly, your information must be complete and correct. Otherwise, the processing time will be delayed and if necessary. So that the credit. All information is used for the credit check on your creditworthiness, which is carried out before any credit is granted.
a credit check is not necessary in the case of a credit without credit history.
2. Personal advice
Your personal credit advisor will check your credit application and then, together with you, go through all the suitable offers. You decide for yourself and without obligation.
After evaluating your credit application, our credit experts will contact you as soon as possible in order to provide you with a non-binding offer tailored to your general conditions. The offer is based on a number of credit options, which our experts always have in view and discuss with you. They will discuss all financing options with you that are suitable for your goals in order to find the most suitable and favorable loan for you in each case.
We carry out a free credit comparison for you by checking all banks that come into question with regard to your credit request.
3. Fast payment
Your signed credit agreement will be transferred directly to you for disbursement after contract receipt and online postident verification. payment within 24 hours to your account.
You receive the desired loan agreement, for final review and signing, from the bank (lender) you have selected, with the terms and conditions you have agreed upon. Afterwards you send it – online or offline – back to us again. The lender checks the documents again and pays out your desired loan amount as quickly as possible to your specified bank account.
we and our partner banks prefer the fast, digital way of transmission and identification, via identification and processing by video- or postident. But also the classical way, via mail, is still one of our means.
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many favorable financing offers for your car purchase
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Car loans – low-cost financing for your new or used car
the new automobile is one of the most common financing occasions in germany when it comes to private consumption. For this purpose, consumers have a choice of so-called car financing, which is offered on the market in several variants. One of these offers is the so-called car loan, which we will look at in more detail in the following article.
Car purchase as a frequent occasion for financing
Statistically, more than 30 percent of all car purchases in Germany are at least partially financed by a bank or dealer (autobank). Often the buyers have some own capital, mostly from the sale of the current vehicle. However, the missing part usually has to be financed if the full purchase price cannot be paid out of one’s own pocket. Since the purchase prices of new vehicles average between 20.000 and 40.If the purchase price of a car is less than EUR 000, a not inconsiderable amount of financing is required. Of course, used cars are somewhat more favorable, with average prices ranging between 5.000 and 15.000 euro fluctuate.
What are the variants of car financing?
Before we talk about car loans in detail, we would like to give you an overview of the different types of car financing that are generally available on the market. Sometimes an alternative to car loans can even be the better financing solution, for example, if you want to have the money easily and quickly within a particularly short period of time. The typical financing options in the field of car financing include:
The offers in the area of financing can thus be divided into two large groups. On the one hand, both car loans and installment loans are granted by banks and sometimes by automobile clubs. On the other hand, the larger car dealers also offer financing solutions, in particular the classic installment agreement and the more modern three-option financing. Especially in the commercial sector, vehicle leasing can also be a possible alternative.
Short description of the financing alternatives:
In the following, we would like to briefly describe what is important in the aforementioned financing options and what their essential characteristics are. Subsequently, you may already know what type of loan you would like to apply for.
car loans for car financing
We will discuss car loans in more detail below. In short, these are loans that are very similar to an ordinary installment loan. The big difference is that with car loans the purpose of use is determined is. Only purchases of new and used cars may be financed. The monthly installments then include both the repayment of the car loan and the interest payment.
Classic installment loan
The classic installment loan can also be used to finance the next new or used car. Since the purpose of use not specified by the bank Once the purpose of the loan has been determined, the corresponding loan amount can of course be used to finance the next automobile.
Installment agreement with the dealer
In terms of construction, the installment agreement at the dealer can be compared with the bank’s installment loan. However, no loan amount is paid out to the dealer, of course, but is used directly to cover the purchase price or at least part of it. It should be noted that in the case of dealer financing, you automatically forgo receiving a cash discount. We will also discuss this special feature in more detail in the remainder of this article.
three-way financing: also known as balloon financing
A financing option that has been offered very frequently by dealers in recent years is three-way financing, also known as balloon financing. In this case, the financing is divided into three components, namely:
Special payment at the beginning (optional)
Characteristic of balloon financing is especially the relatively high final installment. This is often several thousand euros. However, this means that the monthly installments are relatively moderate. Thus, there is a certain commonality between three-way financing and car leasing.
Vehicle leasing: particularly useful for business owners
Vehicle leasing is a financing alternative that is also offered to private customers, but is primarily useful for commercial customers. This is because only tradesmen have the option of claiming the monthly leasing installments for tax purposes. Some private individuals, however, prefer car leasing, especially because the monthly leasing rates are quite moderate and so, for example, a new vehicle model can be driven every two years.
What is a car loan??
Let’s now move on to our main topic, namely car loans. as already mentioned in the brief description, this is basically an installment loan, except that the purpose is fixed. Depending on the bank and other lenders, there are usually the following three purposes for which car loans may be used:
Purchase of a new car
purchase of a used car
major car repair
Of course, car loans can be used to finance not only passenger cars, but also the purchase of motorcycles, trucks or other vehicles. Car loans are offered by banks as well as some automobile clubs such as the ADAC. Car loans are therefore earmarked installment loans, which you cannot use, for example, to finance your next vacation trip.
What are the components of car loans??
Since car loans are special variants of installment loans, the conditions and components are similar, respectively. Almost identical. This is important to know, for example, if you want to compare financing offers and pay attention to certain conditions. If you are going to buy your next vehicle with the help of car loans, pay special attention to the following components:
interest rate (annual percentage rate)
monthly loan installment
For example, you can calculate all components online from these components. For example, if you specify the loan amount and the term, this will allow you to determine the monthly loan rate. Here are numerous online calculators available, with which you can quickly and easily calculate how high the loan installment will be. Alternatively, you can also determine the term over which you would repay the loan, given a maximum credit rate.
The transfer of ownership by way of security
If your vehicle is to be financed via car loans, these are usually particularly favorable in direct comparison with classic installment loans. The main reason for this is that the loan is earmarked for a specific purpose and is almost always secured by collateral. This security is the so-called transfer of ownership by way of security. What does this mean in detail?
Before the automobile is financed, the car, motorcycle or truck must be pledged as collateral to the bank. This means that you indirectly transfer the ownership rights to the lender. Nevertheless, you remain the immediate owner, because you must of course be allowed to use the car in practice. The transfer of ownership as such takes place as follows:
Contract for transfer of ownership by way of security
handing over the vehicle registration document (registration certificate I) to the bank or to the dealer
return of the car note to you after full payment of the car loan
The handover of the vehicle title ensures above all that you cannot sell your car elsewhere without the knowledge of the lender. In this way, the bank or the dealer has a good security, so that car loans can often be offered particularly favorably. This can be seen in terms of the conditions in a comparison, for example, if you compare car loans with classic installment loans, where the purpose of use is free.
Which is more favorable: car loan or dealer financing?
The purpose of comparing credit offers is, of course, to finance the new vehicle as cheaply as possible. But what is more favorable: car loans or the dealer financing already mentioned?? The trick is to look at more than just the interest rate when comparing financing offers from banks and dealers. You should also take into account one important detail: the so-called cash discount.
The discount means that the seemingly cheaper dealer financing is sometimes more expensive than the bank loan, even if the interest rate for dealer financing is lower than that for the car loan. Why is that? The cash discount is given by many dealers to make the offer more attractive. However, this is only on the condition that the car buyer can actually act as a cash payer. This does not mean that you will pay the seller 10.000 or 20.put 000 euros in banknotes on the counter. Rather, cash means that you transfer the purchase price directly to the dealer, for example, by bank transfer. However, it does not count as a cash payment if you finance the car purchase yourself via the dealer. If, for example, you take advantage of the installment agreement or balloon financing with the dealer, you forego the cash discount.
So if you don’t get a discount, you will have to cover a larger amount (part of the purchase price) with outside funds than if you generally opt for car loans and negotiate a discount with the dealer accordingly. You must include this in the calculation when comparing car loans and dealer financing. Our following comparative calculation shows how this can look in detail. In this way, you can easily and quickly compare car loans with dealer financing, if you know the corresponding interest rate conditions.
Example of car financing via an installment loan from the bank and via the car bank (dealer financing)
|purchase price of the car||20.000,- €||20.000,- €|
(proceeds of sale from private current vehicle)
(trade-in from dealer current vehicle)
|preliminary credit requirement||14.000,- €||16.000,- €|
|cash discount dealer||20 % = 4.000,- €||0 %|
|new credit requirement||10.000,- €||16.000,- €|
|interest rate||2,9 %||2,7 %|
|repayment period||5 years||5 years|
|monthly loan installment||179,06 €||286,98 €|
|total cost (interest)||743,77 €||1.219,01 €|
This comparison shows that the interest rate for bank financing is somewhat higher than for dealer financing. nevertheless, the total cost (interest) of the bank loan is lower because the car buyer is a cash payer. The 20 percent discount means that a lower loan amount is required and therefore lower interest costs are incurred. However, this calculation only works for comparatively small interest rate differences. If the car dealer were to offer an interest rate that is, for example, at least one percent better, the cash rebate would usually not always be able to compensate for this.
Also, the private sale of your vehicle is preferable to a trade-in from the dealer, as you will get a better value. It is not uncommon for you to earn more money, which you can use as a down payment (cash payment) and as a means of exerting pressure on the vehicle dealer.
You can also find more information in our blog article on how to save money on vehicle financing
Apply for car loans: offline or online?
If you decide to take out a car loan, there are basically two ways in which and where you can submit an application. The first option is to go to the branch of a bank that offers such financing options. This way, however, is relatively cumbersome and time-consuming. Usually you have to have an initial interview, the applications are processed and you have to go to the bank a second time to sign the loan agreements. Only then is the desired loan amount disbursed. the second variant is much simpler and also faster, namely to apply for the corresponding financing online. The following providers of a car loan are the first to be considered:
branch banks with internet presence (online loan)
foreign credit institutions
If we assume that you opt for the simpler and faster option, namely the online loan, then the application and processing of the loan has a certain pattern. you can use the following instructions as a guide if you would like to know how the application and processing of the car loan works:
compare credit offers (recommended)
carry out a calculation to determine whether a cash rebate is worthwhile
select financing offer
online application via the bank’s website
credit decision is communicated
carry out legitimation
submit documents (upload or attach by e-mail)
loan agreements are sent or digital signature
loan amount is transferred to the account
these steps include almost every application for a car loan that you make via the internet and thus via the website of the bank you have selected.
Are special repayments and installment breaks possible??
For quite a few credit seekers, it is also important to remain as flexible as possible when it comes to car loans. Therefore, the question arises whether a special repayment is permitted and whether it is also possible under certain circumstances to agree on a break in the installment payments. the latter always depends on the bank in question, because each credit institution makes its own individual decisions in this regard. installment breaks should only be used anyway if you are in financial difficulties and cannot currently pay the agreed loan installments. Then it is definitely worthwhile to talk to the bank, so as not to jeopardize the entire vehicle financing.
the situation is somewhat different for unscheduled repayments. Since car loans are classic consumer loan contracts, it is a legal requirement that banks must allow special repayments. Not only that, but in addition the unscheduled repayment usually free of charge. You do not have to worry about having to pay an early repayment penalty, as is the case, for example, with real estate loans that you pay off early.
residual credit insurance as a frequent side offer
in the context of car financing and car loans, banks often like to offer a kind of ancillary service, namely a residual credit insurance or residual debt insurance called. This ensures that the outstanding loan installments are secured in certain situations namely, in the event that the borrower is not able to pay it. Such a credit insurance can be useful, but the typical risks are often already covered by other contracts. This becomes clear when you know that the following risks are usually covered by credit insurance:
(longer) incapacity for work
death of the borrower
unemployment (through no fault of your own)
Many people in germany already have financial protection against their own death and occupational disability by taking out term or endowment life insurance and occupational disability insurance. Under this condition, the residual debt insurance would be a kind of double insurance, since they cover one and the same risk with two different insurances. Therefore, you should always consider whether credit insurance for car financing really makes sense. In addition, it is not a question of low-cost insurance. Depending on the amount of the loan, the premiums often range from 300 to more than 1.000 euro.
Conclusion about car loans
Car loans are a very good way to finance the purchase of your next vehicle. However, there are other alternatives besides car loans, in particular classic installment loans, the installment agreement with the dealer and three-way financing. You should therefore first compare the financing options mentioned in order to find the most favorable loan offer possible. Be sure to take into account any cash discounts, as these can determine whether bank or dealer financing is more favorable.
Frequently asked questions and answers about car loans
To conclude our article, we will now go into some frequently asked questions that arise in connection with car financing and car loans.
Who provides car loans?
In the narrower sense, car loans are loans that are granted by banks. In the broader sense, financing at the dealer is sometimes referred to in the same way, so that in principle the following providers are eligible for financing: