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
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
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.