The big day has arrived, you have passed the driving test and finally you hold the long awaited driver's license or plastic card in your hands. Now only one question remains: "How as a novice driver, that pay own car?"Often already the costs for the acquisition of the driving license, the piggy bank let shrink quite beautifully.
A complete cash check makes the suspicions come true, the savings are no longer enough for your own car. In this case, the remaining amount can be financed. But taking out a car loan from banks or savings banks as a novice driver is not always that easy. Because financial institutions make themselves pay very well for the increased risk, among other things. An alternative to this is the personal loan, or P2P loan for short, which is available on reputable online portals (z.B. Auxmoney) is offered on the Internet.
Where the risk comes from and how to reduce it?
If you are now wondering how to lower your own risk. Would like to clarify briefly where the risk comes from at all. Because most of the time, young novice drivers find it particularly difficult to understand a refusal of financing.
One of the most important reasons is to be classified as a novice driver. In fact, this is the name given to a road user who has only had a driver's license for a short time. Or to put it better: "He has successfully passed the driving test, but has not yet had too much driving experience on public roads." He also can't have it at all because it requires him to have driven literally thousands of miles at all times of the year, day and night, and in all kinds of wind and weather. However, this takes time.
How to lower your own risk?
If you have a lot of hands-on experience, you have less risk. But since one is not possible without the other, the indispensable prerequisite for the acquisition of the practice remains the own car. After all, not everyone has constant access to their parents' second car. This is why novice drivers should inform themselves particularly well.
Informed, skillfully negotiated, money saved
The novice driver must expect to cause the odd minor fender bender to their own vehicle in the first few months of driving without affecting other road users. Tight the curve to the driveway at home, or parking and backing out of the garage doesn't quite work yet.
Against this background, the first car – better not a new vehicle, but a well-maintained and at the same time safe used car should be. By considering the following five tips, the inexperienced and young novice driver can use their money efficiently, that is, economically and effectively.
1.Tip: Do not lose sight of loan installments
Every car loan is with the monthly repayment of interest and redemption a cost factor for the coming years. The car loan should definitely be an installment loan. The credit conditions agreed in the contract do not change anymore. The vehicle owner can plan the car loan well into his or her current monthly budget without facing surprises for higher interest rates or similar additional costs.
Other expenses incurred for the car are the car tax due annually and the car insurance. It can be paid either quarterly, half-yearly or annually. Motor vehicle owners must consider these costs on a pro-rata basis when determining the monthly cost (save with insurance comparison…) for their car.
2.Tip: car must fit into the monthly budget
Choosing the right, meaning low-cost, car with make, model and type is indirectly a deciding factor in your car loan. The amount of which is based on the vehicle purchase price, taking into account existing savings. The small or middle class car of a common car brand should be bought. For one thing, the selection is correspondingly large, and for another, the car is much easier to resell after a few years than a more fancy or low-mileage car make.
3.Tip: Get cheaper financing through the car bank
Car loan colloquially means the vehicle owner's own borrowing. At the vehicle dealer, the vehicle owner in this case is a so-called cash payer, because he pays the purchase price in one sum in cash or cashless by bank transfer. The seller is not involved with the car financing. It's natural for new vehicles, and quite common for used cars, to receive a cash discount on the purchase price. This is reduced by a noticeable three-digit euro amount.
Car financing is when the car dealer provides the car loan through the car bank of the car brand he represents (e.g., the car manufacturer).B. Volkswagen = VW Bank). However, such a car loan is arranged only if a car of the authorized dealer's own brand is purchased. It is particularly good value for new vehicles in many cases. The novice driver should definitely also check this possibility for his car loan. A comparison with the company's own borrowing shows which of the two car loans is the more favorable overall on the bottom line.
4.Tip: Pay attention to Schufa information
Most banks and savings banks as well as all car banks are a business partner of the private credit agency Schutzgemeinschaft fur allgemeine Kreditsicherung, or Schufa for short. You have the awarded car loan entered as a piece of information in the Schufa database. This has an impact on the Schufa score as a basis for assessing the creditworthiness of the citizen concerned. Some online banks offer a car loan but also without Schufa. The car loan will then not be registered in the Schufa, but is a confidential and discreet contract.
The advantage is that the Schufa score remains unaffected because he can only calculate what is in Schufa. For the novice driver, it can be quite helpful if his previously good or first-class Schufa score is not affected by the car loan. In this respect, it is necessary to weigh whether the car loan should be one with or without Schufa. In individual cases, this also clearly narrows down the group of lenders in question.
My advice: If you want to get an idea of your Schufa score and the entries stored there in advance, you can download the credit report form here free of charge.
5.Tip: The amount of the loan must fit the vehicle
The car loan should also and especially for the novice driver, be secured by depositing the vehicle title. For its part, the lender will make a point of matching loan amount and vehicle value. The car owner should use the "Schwacke list" as a guide when determining the purchase price of the car. This is recognized nationwide and applies to valuations of used vehicles.
Obtaining a car loan can be difficult when the vehicle is purchased directly from a private owner. The buyer of the vehicle has no guarantee or warranty claims in this case. Any repairs that may become necessary are very quickly beyond the financial means of the young novice driver and jeopardize repayment of the car loan; as mentioned at the outset, the lender's risk of default is correspondingly high.
My advice: Unfortunately, there are also among used car dealers again and again so-called black sheep. In this case, the dealer gives his private address, or he has previously had the first owner sign a blank purchase contract. Do not in any case enter into such horse-trading, even if it gives an additional discount.
Calculate and compare loan offers
The novice driver must be aware that any car loan with its sometimes high loan interest rates can cost a lot of money. The lower the interest rates, the cheaper the car financing. The vehicle owner should therefore consider different offers. They include
- private credit from the family/relative circle
- Private loan from a reputable online portal (P2P loan from private lenders)
- Car loan from the dealership's car bank
- Car loan from a credit institution such as branch bank or savings bank, direct bank or online bank
- Car credit with and without Schufa
My conclusion: Without regular income, hands off!
Since the car loan is only one of several types of costs that are due monthly for the vehicle. Must the sum of all expenses for the car fit into the overall structure of monthly expenses. In fact, they can only be financed if the novice driver has a regular and contractually secured income. For the car loan, the monthly income must be well above the seizure exemption limit; it is about 1000 euros for one person.
Unless your own income is commensurate, a surety bond can make up for the lack of creditworthiness. For this, parents, godparents or close relatives usually declare themselves ready. You are quite familiar with the need for the novice driver to get plenty of driving experience in order to become an experienced and seasoned driver as quickly as possible. That provides in the double sense for more security in the traffic.