Commercial car loan – where can you get it?

It happens again and again that freelancers, self-employed or small businesses need a car loan commercially. However, applying for such a loan is often far more difficult than a personal installment loan, as many financial institutions do not offer a car loan commercially at all because they consider the risk of a loan default to be too great. Especially young companies or traders with fluctuating incomes often have great problems getting such a loan.

Where can you get a commercial car loan?

Where can you get a commercial car loan?

First of all, you should contact your house bank. after all, they know you and your financial situation best. If you are not over-indebted and have so far fully met your financial obligations, chances are good that your loan application will be approved. Nevertheless, you should definitely use the Internet to compare different providers.

Especially when it comes to a larger loan amount commercially with the car loan, you can save considerable sums under more favorable conditions. For example, you can get car loans from the banks of the major car manufacturers at particularly favorable terms. This is because the car companies are naturally interested in selling as many of their vehicles as possible. But there are also other financial institutions that give car loans to traders.

What should you pay attention to?

What should you pay attention to?

So that your loan application has the greatest possible chance of success, you should carefully prepare for it. For example, it is advisable to obtain information from the Credit Bureau beforehand. This means you kill 2 birds with one stone. On the one hand, you can see your creditworthiness assessment with your own eyes. Second, you can check the entries of the Credit Bureau. These are often incorrect. For example, the current address is often not included or liabilities are listed that have long been settled but have not yet been deleted for some reason.

If you apply for a car loan commercially, you must bring your income tax return from the past two years as proof of income. The loan is easier if you can provide collateral. With a commercial car loan, the vehicle to be financed is an option. In practice, this means that the vehicle letter will be deposited with the bank and will only be handed over to you when the loan has been repaid.

What is better, financing or leasing?

What is better, financing or leasing?

It all depends on the circumstances. For many freelancers or the self-employed, a commercial car loan is the better solution, since the borrower has free disposal of the financed vehicle. It can be used for both commercial and private purposes without limiting the mileage and becomes commercial property after the car loan has been repaid. In contrast, when leasing, the vehicle remains in the possession of the lessor. The installments can be deducted from the operating costs for tax purposes. However, there is a strict limitation on annual mileage, which is expensive to exceed.

Fast loan for cheap financing

 

 

The trend towards online credit is evident in the credit sector and can also be seen as the future when it comes to borrowing. Hand in hand, the number of loans taken out online is increasing. Credit calculators are available on the Internet, a welcome tool for finding the best loan for yourself.

As simple as the online comparison calculator is, you should still pay attention to a few things. In the following you will learn what is important.

With lucrative offers to attract new customers, both branch banks and an ever increasing number of direct banks are vying. Nevertheless, the large number of credit providers, eg B. in the terms of the contract, terms, processing fees or interest payments, sometimes too big differences.

For this reason, an online comparison of the various offers always pays off for the borrower.

Before you start looking for a loan, some preparatory measures are necessary.

There are a few things to look out for before you compare your loan

There are a few things to look out for before you compare your loan

No matter what type of loan it is, before taking out a loan, a solid and factual comparison of the receipts with the monthly expected loan costs in the form of a household account is essential. This is the only way to protect yourself from nasty surprises and find out how high the loan rates can be.

Because after all, too

  • rent payments
  • current loans
  • Insurance
  • food
  • Car and
  • various other household costs (electricity, gas, water)

Quite apart from the fact that such statements are usually required by reputable lenders to check customer creditworthiness and to minimize their own risk anyway.

An important point in the overall calculation is the availability of short-term cash reserves in order to be able to pay for unpredictable repairs (car, washing machine, etc.) and essential purchases.

The way to the dream loan

The way to the dream loan

Once the money available for the repayment of the loan has been calculated, you can use this financial basis to search for a suitable loan with the help of a loan calculator.

In addition to the obligatory budget bill, borrowing requires a number of other preparatory measures. This saves both the borrower and the credit intermediary time and nerves.

It does not matter whether the loan is requested online or at the branch.

Depending on the terms and conditions of the credit institution and the type of loan, the following documents may be requested and should therefore be readily available:

  • Photo ID
  •  
  • usually at least the last three salary slips or an annual wage slip
  • Collateralization in the form of life insurance, savings books, building society contracts, land register excerpt etc.
  • Documents or applications for possible funding

Although some direct banks grant loans even with poor creditworthiness, you are sometimes sometimes well advised if you can still look forward to a guarantor or provide other collateral.

The advantages of an online loan comparison

The advantages of an online loan comparison

A great advantage of using an online loan calculator is that it is available at all times. The customer is therefore not tied to opening times and also saves the way from one bank to another.

In comparison to personal and lengthy consultations on site, the results of an online loan comparison are also available in a matter of seconds and can be compared in peace.

To get a serious overview of eligible loans, you should compare at least five different offers with a loan calculator.

An offer that appears to be cheap at first glance does not always have to be the best. Since there can be large differences in the processing times for loan applications from the various providers and many loans are usually required at short notice, the time of application also plays an important role.

Once the decision for an offer has been made and the loan application has been made, there is no need to wait long for a response from the financier.

 

Students – apply for an instant loan

The need for financial means is often particularly high during your studies: not only the tuition fees have to be paid, but also the rent, electricity, additional costs, learning materials, food and drink have to be taken care of. But where to take it from and not steal it? Parents cannot always help financially, and not every student is entitled to a student loan. There are also no part-time jobs for students like sand at sea – especially if you are looking for a part-time job from which your studies do not suffer.

The solution could be a student loan that helps overcome the financial constraints. But do students also get instant credit?

Student credit without Credit Bureau

Student credit without Credit Bureau

Loans without Credit Bureau, the so-called Swiss loans, can be found on many sites on the Internet, especially at German loan agencies that work with special Swiss banks. Caution: a Swiss loan is not the same as a loan that you take out in Switzerland, because Swiss loans were created specifically for the German market. Credit Bureau information is not obtained from Swiss loans on the Internet, which makes them so popular with many people, and basically this would also apply to students if they were not excluded from such loans in principle.

With a Swiss loan, the banks require the applicant to have a fixed and regular income that stems from an employment relationship or a civil service relationship, unfortunately the Bafög, like the unemployment benefit, cannot be classified as income.

Education loan for students

Education loan for students

While students are not lucky with Swiss loans, there are so-called educational loans that are specifically designed for school and university students. Banks that grant an educational loan are, for example, the Lite Lender and also some savings banks, although of course creditworthiness is always a prerequisite, so Credit Bureau information is also obtained. Education loans are paid out in monthly installments and later, after graduation, as soon as the former student has a corresponding income, is paid back to the bank with interest.

There is also the so-called Best Bank education loan: here the requirements are quite strict, and the loan amount is limited to a maximum of 7200 USD, which is paid out to the applicant in at least three and at most 24 monthly installments.

Saving interest by comparing credit

As is well known, borrowers not only have to repay the money borrowed from the bank themselves when they take out a loan, but also the ancillary loan costs: the main factors here are, of course, interest, but also commissions that arise when using a credit brokerage or account management fees, if it is a real estate loan. Borrowers would do well to compare the loan beforehand to save interest.

Of course, it is more convenient to take out the loan from the house bank or to take advantage of the dealer financing offered – this is perfectly fine even if the borrower does not really need to save as much as possible.

However, this does not apply to most borrowers – in addition, especially with large amounts of credit, such as those arising from mortgage loans or real estate loans, interest rates that are only slightly higher than those of the competition can enormously affect the debtor’s overall financial burden impact.

Credit comparison on the Internet 

Credit comparison on the Internet 

A credit comparison on the Internet is of course particularly convenient – but please make sure that the data is up-to-date and that it is an independent and reputable provider – unfortunately it happens too often that providers of credit comparisons work for a certain client and receive a commission for every successful completion.

Of course, it is also possible to make a loan comparison with the help of financial magazines such as “Astro Financet” in order to save interest – however, it must be noted that these magazines are usually only published once a month and the conditions of the banks can change quite quickly.

Who offer best financing

Who offer best financing

As a rule, the following procedure is recommended in order to save as much interest and other ancillary loan costs as possible: go to your house bank and have a non-binding offer for financing according to your ideas, i.e. in terms of term, repayment rate, loan amount, etc. Compare the conditions offered by your savings bank or bank with the conditions of the competition by means of an online loan comparison, and then decide on the variant that is cheapest for you.