Car loan comparison – house bank, online bank or Autobank?
Car finance is very popular in Germany
Car financing is available for a variety of reasons both for a new car and for a well-preserved used car. Car financing refers to earmarked borrowing . Unlike a consumer- free consumer loan, which is also referred to as consumer credit, auto-financing is a loan against security. In order to prevent a sale of the externally financed vehicle, the registration certificate Part II, the former motor vehicle letter is deposited with the lender. This document is the cause of the vehicle. Whether buying or giving, the car always includes proof of the respective owner. Car financing is necessary if there is not enough savings for the required purchase price.
With the autobank of the dealer, with the vehicle bank of the vehicle buyer and with the online bank on the Internet, there are several, very different types of financing options to choose from to apply for the car loan. While the car buyer at the car dealer as well as at his house bank for the car finance only one offer is made, the situation on the Internet is just the opposite. Here can be determined with the loan calculator on one of the online portals independently and without assistance, the cheapest car financing. Even with car loans, a credit comparison is worthwhile, because especially in mid- or luxury-class cars, the sums are no longer insignificant. With a car loan comparison, the user can get an overview of the conditions, the financing and the banks.
- 1 car loan through the Autobank at the dealer
- 2 Car financing via a bank of your own choice
- 2.1 Car loan comparison as a parallel, simultaneous comparison of several offers only possible on the Internet
- 3 Car loan without Schufa rare, but possible
- 3.1 Summary of car loan comparison
Car loan through the Autobank at the dealer
The local dealer offers car financing for its car brand, which is sold exclusively by him, for example via the VW bank or via the Renault bank. This financing offer is usually valid for new cars, depending on the individual case but also for used cars. In many cases, it is virtually no alternative for buying a car. The aim of the manufacturer is to use lucrative offers of his own Autobank to influence the sale of vehicles and thus their new registration numbers. Together with this car financing, the car buyer is offered a complete package for his vehicle. These include car insurance, regular maintenance and inspections, up to the TÜV inspection with main and exhaust gas examination. It is difficult, even impossible, for the customer to compare this car financing directly with other offers. It is much more than a car loan through the associated services and the associated customer loyalty.
The car buyer gets rid of running, time and effort. He gets everything delivered from one source, which is temptingly easy. On the other hand, there is no way for him to look for alternatives, to calculate and to compare. The financial settlement is identical to that of the car loan at a bank or savings bank. The Autobank is also a Schufa business partner. The credit rating is assessed on the basis of the Schufa base score, and the car finance is entered in the Schufa database. As a collateral, the former motor vehicle letter, today’s registration certificate Part II deposited with the Autobank. The car buyer is de facto tied to his authorized dealer.
Car financing via credit institution of your choice
For the vehicle owner, it can be quite worthwhile to take care of the car financing for the new car itself. He has two decisive advantages. On the one hand, he can choose his own financier based on a car loan comparison. For another, he is a cash buyer at the car dealer. The new or used car is paid in one sum. If the car buyer brings no used vehicle and gives in payment, he can negotiate a cash payment discount in the one to two digit percentage range of the purchase price. This reduces the price of the vehicle quite clearly.
Either this saved sum is used for a first special repayment of the car loan, or the loan amount is set accordingly lower from the outset. In addition, now offers a car loan comparison with the autobank of the dealer. However, this is not possible one to one, because not every single service can be computationally recorded by an online computer.
Car loan comparison as a parallel, simultaneous comparison of several offers only possible on the Internet
Even the own house bank can make only a single car loan offer. This varies only in terms of loan size and repayment term, but is basically one and the same car loan. On online portals on the Internet, however, can be selected from several to numerous car loans (per se, an online loan). Among the features in which the various car loans differ significantly include, among other things:
- free special repayments
- early repayment of car loan
- Choice between credit-dependent and credit-independent car loan
- Choice between car loan with and without Schufa
- Choice of closing rate in financing
Basically, car loan as a installment loan is a typical consumer credit. Because the car loan for the new car or for the used car is secured by the deposit of the registration certificate Part II, he is often much cheaper. The effective interest rate is lower than for consumer-free consumer credit. The vehicle owner can not sell the loaned car without the consent of the lender. He can not sell it or give it away. The future vehicle owner simply needs the registration certificate for vehicle financing. A car loan with a final installment is usually the best choice, since the monthly burdens remain small and the consumer is financially not overwhelmed with the final installment .
Car loan without Schufa rare, but possible
The loan without Schufa is offered by some German and foreign online banks. This is a installment loan in the middle four-digit euro area. For the credit check, the Schufa base score is waived. The loan seeker provides a detailed self-assessment of his economic situation with current income and expenditure. The subsequently approved loan without Schufa will not be entered in the Schufa database. He remains a discreet loan of which only the two parties know. Against this background, it is not excluded, but also not easy to include a higher car loan in the five-digit range without Schufa. For the low-priced used car, however, this is not a problem. Since this is also a consumer credit in this case, the online bank dispenses experience according to a collateral. In the end, it does not matter to her how the loan amount of EUR 3,000 to EUR 6,000 is used. Decisive for the credit approval is the creditworthiness, which is scrutinized on the basis of the documents, without the Schufa score.
Summary of car loan comparison
- Both a new car and the used car can be financed via the car loan as installment credit
- A car loan from the dealer’s car bank is one of several options
- The house bank, like the Autobank, can make only one loan offer
- A real car loan comparison is only possible on the internet
- Both the credit terms and the contract contents must be compared
- In addition, a car loan from the Autobank should be compared with that of the bank
- Which car loan in the end is the cheapest, depends largely on the amount of the cash discount, which is negotiated with the car dealer
- Here again several offers from different dealers can be compared
- With a few exceptions, car loan is always a loan with Schufa
- The purpose-built car loan with Schufa is secured by depositing the registration certificate Part II with the lender