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The loan for a new car

Few buyers get around whether a new or used car, a loan for the car. The financing models range from balloon loans to leasing. The contribution takes a closer look at vehicle financing. Recommendations for private and business vehicles are given.

The loan for the car – buying a new car.

The loan for the car - buying a new car.

When buying a new car, the most important thing for many people is to avoid high rates. The balloon credit provides the answer to this financing request as a loan for the car. The purchase amount is practically divided into two large parts. The first part is served during the first installment payment phase. The second part must then be paid as a final installment. Depending on the contract, this can also be financed through a new installment loan. However, anyone who pursues this plan must also make sure that the contract guarantees continued funding.

If you only want to drive the latest model, the three-way financing is recommended. Like an ordinary balloon loan, only small installments are paid in addition to the down payment. At the end there is the completion rate. At this point at the latest, further financing can be decided. Alternatively, the final installment can be paid in one sum or the vehicle returned to the dealer. If you pay attention to the fact that the loss in value is balanced out, you can drive a new car every year. The down payment for the next new car is paid by the dealer when the vehicle is returned.

Financing the used vehicle.

Financing the used vehicle.

The loan for the car is of course not uncommon for the new used one. Here, too, the dealers try to lure with balloon loans and cheap rates. However, you shouldn’t get involved with slightly older used vehicles. As with new vehicles, follow-up financing is not automatically included in the balloon loan. With older used vehicles, problems can arise when the final payment is due. Slightly younger vehicles are a welcome security for loan financing. At the time of the follow-up financing, however, the vehicle has aged noticeably. Old vehicles can hardly be used as security for the bank. Without good creditworthiness, follow-up financing could become a problem.

A loan for cars with a constant rate is more suitable. The cheapest conditions for installment loans are rarely found at a car dealer. Direct banks offer good interest rates and fair conditions. You should therefore be the first choice for the installment loan. In addition, you can still get good discounts for cash payments.

Vehicle leasing with the later purchase option.

Vehicle leasing with the later purchase option.

Vehicle leasing as a loan for the car is generally only worthwhile for entrepreneurs. The leasing installments can be fully deducted as business expenses. There are also fewer problems with VAT. Individuals cannot benefit from these advantages. For them, leasing, with its restrictions on vehicle use, is rather not recommended. As a business vehicle, the maintenance contracts often included in company leasing are a real advantage. The vehicle is simply handed over for inspection or repair. Professional mobility is retained with a replacement vehicle. Like the inspection work, this service is usually included in a lump sum in the leasing contract.

If you would later like to buy the vehicle for private use, you can do so at the residual value at the end of the leasing contract. Thanks to the lease payments made, the credit for the car is then significantly lower.

Official loan for car purchase – It’s so easy to get a loan!

A civil servant loan is characterized by very long terms, low monthly installments and the simultaneous taking out of life insurance. It is only open to civil servants or long-term members of the public service and can be used freely.

A very significant difference to a conventional loan is the fact that the civil servant loan does not have to be repaid during, but only at the end of the term. For this purpose, the contributions to capital life insurance accumulated over the years are used, which are payable monthly.

Official loan for buying a car

Official loan for buying a car

Just like any other installment or consumer loan, the civil service loan is paid out in one amount immediately after approval. If the customer wishes, this civil servant loan could be used to buy the car. It does not matter whether the loan is to be used to finance a new or a used car.

A civil servant loan would have the great advantage that the customer can act as a cash payer in his car dealership. This enables him to secure valuable discounts on the purchase price of the car. Since most civil servants have impeccable credit ratings and a lifelong income, there will generally be no problems with the approval of the civil servant loan.

Compare loan offers

Compare loan offers

Even if the conditions for a civil servant loan are very good, it can be worthwhile not to access the first offer, but to use a comparison calculator on the Internet before making a decision. Such a comparison calculator is easy to use and only requires you to enter the desired loan amount, the preferred term and the monthly loan rate. Once a suitable civil servant loan has been found, it can in most cases be easily applied for online.

A civil servant loan is not only offered by the large German banks, savings banks or Volksbanks, but also by various insurance companies. As soon as the loan application has been received, the lender carries out a detailed credit check. Those who can demonstrate excellent creditworthiness often even benefit from particularly favorable interest rates for civil servant loans. If the loan application is approved, the entire loan amount will be paid out within a few hours.

Car Loan for Pensioners

If you decide to buy a car, you usually have to finance it. In the case of a new car in particular, the financial expenses for the purchase are so high that hardly anyone can pay out of their own pockets.

Many banks offer suitable financing options, so there are no problems from this side and the selection of offers is quite extensive. And as far as you can meet all requirements regarding creditworthiness, there will hardly be a bank that refuses such a loan. Finally, the car to be financed can be taken as a deposit, which represents a very high level of security.

Pensioners are the exception

Pensioners are the exception

It looks a little different with pensioners. When looking for a car loan for pensioners, the bank not only looks at the creditworthiness and the collateral, but above all also at the age of the applicant. Because that plays a big role in lending. If you received the current pensioners with open arms during their working life and gave them everything they wanted from a bank financially, the same people are now classified as unworthy of credit because of their age.

It becomes particularly bad if you want to take out a car loan for pensioners at 70 or even 75. Statistically, life expectancy is then no longer quite as high and a default in repayments is likely. The banks then very often reject the car loan for pensioners. Remedial action can only be taken if you can name a significantly younger guarantor. Happy to have your own child or even grandchildren. It is important that the guarantor is not yet retired and that he has a good income and a good credit rating.

That should be noted

That should be noted

A car loan for retirees is therefore about significantly improving the conditions for the loan. A young guarantor, a short term and a manageable loan amount can help. It is also worth comparing several offers with each other and not just asking the bank about the loan. Most of the time it is the direct banks that are much more flexible and agree to a car loan for retirees faster.

Credit for motorcycle – How to find the best one

Motorcycles are not just a means of getting around, they’re a real hobby. Hours of tours, biker meetings, exhibitions and races make motorcycling very popular with many people. If you long for your own motorcycle and want to buy the model of your dreams, you can take out a loan. After all, most motorcycles are too expensive to be able to finance them yourself. With a motorcycle loan it is possible to buy the desired model immediately and at the same time benefit from attractive discounts.

Motorcycle loan – what are the conditions?

Motorcycle loan - what are the conditions?

As with any other loan, you also have to meet certain requirements when you borrow a motorcycle. This includes a permanent job, a regular and sufficiently high income and a good credit rating. If you have had no problems with debt so far and meet all conditions, nothing will stand in the way of borrowing. The great advantage of a loan is that you can pay the motorcycle in cash at the dealer. This makes it possible to negotiate considerable discounts and buy the desired model at a much cheaper price. Merchant financing is usually not advantageous and much more expensive than taking out a loan from the bank.

How To Find The Best Motorcycle Loan

How To Find The Best Motorcycle Loan

Of course, favorable conditions are also important for motorcycle loans that suit you and your life. Low interest rates, low monthly installments and long, flexible terms are the secret of successful borrowing that does not lead to over-indebtedness afterwards. Before you decide on a particular loan, you should do a comparison on the internet. You will see that online banks are much cheaper than traditional branch banks.

Apart from that, you have better comparison options with online credit and benefit from faster processing. If the creditworthiness is sufficient, you will receive a loan approval just a few hours or days after the application has been submitted. So you can soon fulfill your dream of a new motorcycle and do not have to put up with long waiting times.