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With a car finance new or used vehicles can be bought. Since the financing is tied to the vehicle, the bank usually gets the vehicle registration document and keeps it as collateral for the loan. Customers opt for a car finance if the financial means are insufficient to pay the car in cash. If you opt for car financing, you can choose to fully finance the car or make a down payment.
Depending on the amount of the car price, the down payment or even the total amount can also be paid with a loan from Good Loan. This allows you to pay the dealer in cash and thus receive attractive discounts for your car finance. In addition, our 30-day short term does not have as much negative impact on your Bank score as traditional car finance.
Compare car finance
Before deciding to take out a car loan, you should carefully weigh the pros and cons of financing.
Benefits of auto financing for short term credit
The benefits are that you can buy the vehicle of your choice without having to save the full purchase price. You can decide for yourself whether you only partially finance your new car or attractive used car or whether you want to take out a car loan for the full purchase price.
Our short maturities for car finance keep track of your financial situation and take less risks.
Disadvantages of car financing with normal bank loan
The downsides are that you usually commit yourself to the vehicle and financing for several years at a normal bank.
It is also problematic if the residual credit exceeds the residual value of the vehicle for long-term financing. In the event of an accident with total loss or if the vehicle is stolen, you can not repay the loan with the insurance benefit. As a result, you pay a loan for a vehicle that you no longer own.
In addition, you should analyze your financial situation before financing. It is important that you can still service the loan even if you have to accept a loss of income due to illness or unemployment.
The following questions should be asked before your car financing:
What amount do I need to finance the car?
How long do I want to bind myself?
What loan amount can I afford?
Do I want to finance the car with or without a down payment?
Possibilities to finance a car
If you decide to finance your car, you have basically four options. In addition to the classic car loan, you can also lease a vehicle. There is also an alternative to the balloon financing and a 3-way financing, which are also suitable for the purchase of a car.
car loan With the classic car loan you get the financing sum from the bank or the bank. You pay the loan in monthly installments. The rates are constant. To make up for an odd calculation, the first or last installment may vary slightly. At the end of the financing period you have paid off the vehicle in full and have received the vehicle registration document, which has been kept as collateral with the lending bank. Note: As Good Loan has any loans at his disposal, the vehicle registration form does not have to be deposited here as collateral. leasing In the case of leasing, the vehicle does not become your property after the end of the financing. Rather, you rent the car for a pre-determined period of time, which is usually between three and six years. For the use of the vehicle you pay a monthly rate. This is called the lease rate. At the end of the term, the residual value of the vehicle is determined. You can keep and fire the car. Also, the inclusion of a loan on the balance is possible. balloon financing Balloon financing enjoys great popularity with the purchase of vehicles. The total for the purchase of the vehicle is divided into equal low rates and a single large final rate. The final installment may be half of the total funding. You should opt for balloon financing if you prefer small installments and know for sure that you can pay a larger final installment at the end of the funding, usually after three to six years. 3-way financing The 3-way financing represents a combination of car loan, leasing and balloon financing. They make a down payment for the vehicle and settle monthly for a predetermined period of time – about three to six years – monthly installments that are quite small. In the end, you have three choices: you can trigger the loan at a final rate and buy the vehicle. You can return the car as if you were leasing. However, the residual value is determined, which can be associated with additional costs for you. As a third option, you can finance the vehicle with a follow-up loan.
Which financing suits me?
Once you have decided on financing, you can take out a car loan from the dealer. However, this financing is earmarked and is often offered only for the purchase of new cars on favorable terms. If you choose to donate Good Loan online, you can decide for yourself whether to buy a new car or a second-hand car. They determine the type of financing and can invest the money on request also in repairs or the purchase of spare parts. The used car financing is very flexible and is geared to your individual needs.
Benefits of car financing through Good Loan
Choosing to donate to Good Loan will give you a number of benefits not available to other banks.
1. Free car finance calculator
Before you decide to take out a loan with Good Loan, you can use the free car financing calculator. The calculator gives you the opportunity to compare different installments and maturities. So you can find out easily and at no extra cost, what funding you can afford and what time you need to pay off the vehicle. The finance calculator makes it easy for you to choose a tailor-made car financing for you.
2. Credit requests for cars are Bank neutral
If you submit a loan request to Good Loan to finance your vehicle, it will not be recorded in the Bank. It is different if you decide to take out a car loan from other banks. In order to prevent over-indebtedness, the request is noted with such providers in the Bank. Your free car finance inquiry via our calculator does not have the slightest impact on your Bank score.
3. Quick car finance with immediate payment
Good Loan offers you the opportunity to finance a car very quickly. After checking the loan request, you can claim an immediate payment. This is especially advantageous when buying used cars. Many dealers do not want to reserve the car for a long time. However, if you can score with an immediate payment, the financing of the car is within one day. If you pay for the car in cash, you will even get a discount on the purchase price.
4. No long bond due to fast repayment
If you have decided to donate to Good Loan, you can repay the instant loan at any time. Serve your monthly installments or make a one-time payment if your financial situation allows it. Both the one-time payment and the early repayment have a positive effect on the car financing, because you save interest and the vehicle goes into your property faster.
Benefits of auto financing over Good Loan
- free financial calculator
- instant payout
- short term
- favorable interest rates
Car financing received low
Funding through Good Loan is particularly cost effective. You benefit from favorable interest rates and a short term. No commissions or processing fees will be charged for borrowing.
What are the interest rates for car financing?
The annual percentage rate of interest on car financing for Good Loan is 13.9%. This may initially seem a lot, calculated on the short term but results in a very manageable debit interest. For example, if you borrow 400 euros over a period of 30 days, the total amount to be paid is 404.64 euros. Ultimately, you pay only 4.64 euros for your loan.
How does a car finance work?
Car financing with Good Loan is easy to apply in three steps.
1. Select loan amount Once you have found your dream car, you can easily calculate the financing with our loan calculator. Enter the desired amount for your car finance into the calculator and select the appropriate duration. Immediately you will see the total amount including interest. Use the loan amount to finance your car, as a down payment or for a repair. 2. Make a loan application The loan application can be made online at Good Loan. Enter your personal information in the mask. Make truthful statements about your income and expenses. Also indicate which employer you are working for and whether you have a temporary or permanent employment contract.
It may be necessary to upload some documents. 3. Have it verified If you have completed the loan application for your car finance, it is necessary that you have yourself verified. For this purpose, a video identification procedure is carried out. So you can have your identity checked easily and quickly from home.
For the video identification process need a PC, a smartphone or a tablet with front camera.
Requirements for a car finance with Good Loan
Requirements for a car finance:
- Minimum age 18 years
- fixed income of at least EUR 500
- at least medium credit rating
- Residence in Germany
- Bank account in Germany
Required documents for a car loan:
- Scan of the personal document
- last three income notices
What do I have to consider when financing a car?
1. Inform thoroughly and compare conditions
Before you decide to auto finance, you should compare different offers. So you can convince yourself of the favorable Good Loan conditions.
2. Are there any pre-costs or processing fees?
Commissions and system fees increase the expenses of your car financing additionally. With Good Loan, you do not have to pay any processing fees or make advance payments to take up the loan.
3. Are there any down payments or completion rates? Can i afford that?
Advance payments or completion rates require a high financial liquidity. If you are planning such a car finance, you should set aside appropriate sums.
4. Is there a purpose?
Most loans go hand in hand with a purpose. Can you also use your car loan loan for repairs or tuning? At Good Loan you get your car loan at leisure.
Car financing without Bank
In the loan request for your car financing, no information is stored in the Bank. However, if you receive the loan, it will be noted as financing by Bank. This serves the security of both parties and is handled by all reputable credit institutions.
Pay off car financing immediately
The immediate payment of the car financing has the advantage for you that you can buy your dream car even if the dealer refuses a reservation of the car. You also have the opportunity to spontaneously opt for a car purchase. This is an advantage if your car is left behind due to a defect or an accident and can not be repaired because the costs are too high.