Loans for Employees

Why is the loan only for employees?

Of course, civil servants can also lock it. With a salary statement, the chance of getting a loan is very high. We don’t want to frustrate people, so we promote “credit for employees”. Anyone who still believes they have the required credit rating, although not employed, can of course give it a try.

Who can apply for a car loan?

Anyone who has reached the age of 18 and has an income from non-self-employed work. If you are self-employed, the bank would like to view the annual financial statements and invoices. Other securities are of course accepted.

Is the loan request binding?

No, the loan request is completely non-binding.

How quickly does the bank pay out the money?

As soon as the documents have been submitted and considered positive, you will receive a preliminary confirmation by email. The money will then be in the account in just a few days

Can you spend the money on the car loan on something else?

No, the car loan is an earmarked loan. The bank calculates the conditions on this basis and also keeps the vehicle registration document as security.

How much money can I choose for the car loan?

Banks usually offer amounts between € 500 and € 75,000 for car loans. Some banks also offer amounts up to € 100,000.

Can I get a car loan as a self-employed person?

The banks require annual accounts and business accounts. Sometimes bank statements and other evidence of assets are also accepted. As a rule, the self-employed have a harder time getting a car loan. This is often a risk for the banks, as it is not clear how regularly and to what extent income is generated.

Can I apply for a loan together?

Yes, but you must be registered at the same address.

After the car loan has been approved, will I also get the vehicle registration document?

No, the bank will keep the vehicle registration document as security. But this also depends on the amount of the loan and whether it is a new or used car.

How old can the used car be?

Most banks finance used cars that are no longer than 13 years old. If the car is older, you can also choose an ordinary installment loan for free use.

Can you also take an ordinary installment loan to finance a car?

If you get it approved, you can also take a normal installment loan for free use and have the advantage that you receive the vehicle registration document when you buy it. Here you should still check beforehand whether a dedicated car loan is possibly cheaper.

Are there car loans without private credit?

These are available from credit brokers. However, these are significantly more expensive than normal loans. We do not offer these.

Who will find out about my credit?

Except for the lending bank, the house bank and the Schufa nobody. Many customers believe that the employer will be contacted directly based on the pay slips. But this is not the case. He doesn’t notice anything about the loan.

What kind of vehicles can I buy with my car loan?

Cars, vintage cars, RVs and of course motorcycles.

What kind of car insurance should I choose?

Most banks insist on fully or partially comprehensive insurance. Liability insurance for a new car is neither in your interest nor in the interest of the bank.

Can the car loan be terminated early?

Every loan can (new consumer guideline from June 2010) can be terminated early. However, the bank can demand a prepayment penalty for this. This amount may not be higher than 1% of the transfer fee. If you have a term of less than 12 months, it is a maximum of 0.5% of the transfer fee.

Do I have to make a down payment for a car loan?

No. But it increases the chances of getting the loan because the down payment is considered a security.

Car financing through the bank or a car dealer?

Some car dealers subsidize the low interest rates. Often they are not ready to give appropriate discounts on the purchase price. This saving is usually much larger than the interest on the loan. Thus, free financing through the bank is always the better choice.

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