Young people who have just obtained their driving license usually want to own a car as well. Therefore, the desire is not uncommon to have a car loan during the training. Although the credit market provides special credit opportunities for young people, getting a car loan despite training is not always easy. The low income level can quickly become a hurdle. In addition, the time limit on the training relationship is often a problem.
The lenders see good future prospects in the trainees. After all, they are the skilled workers of tomorrow. These prospects encourage some credit institutions to grant smaller loans, such as a dispo. However, despite training, there are often difficulties with a car loan. A common problem is the low income, although it is usually assumed that the trainee still lives at home and thus enjoys benefits. The expenses of the trainee can often be reduced by rent and additional costs. But that is often not enough for the lenders. A permanent installment payment ability they do not see guaranteed. In addition, the time limit of the training contract is a problem, because after the final exam has ended, the contract ends. The unemployment benefit would be correspondingly low.
The easiest way to get a car loan despite training is the guarantee from the parents. This gives the desire for a car loan a second foothold, which lenders often accept. In addition to the vehicle letter from the vehicle, they also have the certainty that their parents will have to pay the outstanding installments in an emergency. If the parents agree with the guarantee, a credit comparison should be made in order to obtain the best possible conditions. A small loan is usually sufficient, since the first car is often a used car. This is granted relatively quickly.
Without guarantee to car loan
It is possible to get a car loan despite training without a guarantor. This is possible through a private loan. But you should first calculate exactly how high the monthly rate may be. Furthermore, it is advisable to save a down payment in advance.