The loan for new cars is advertised by almost every bank, because the automotive industry is booming and has therefore lowered prices. Most consumers want to use the favor of the hour and therefore buy a new vehicle. However, the price of such a car is of course still so high that it is not possible for average earners to buy it without a suitable loan from a bank. But with a loan like this, there are a few points you should know before you close it.
The credit for new cars: a classification
The loan for new cars is a so-called special-purpose loan. This means two things: You must not spend the funds as you please, but must adhere to the actual purpose, in return, the conditions are also cheaper than with a loan, where you determine what you use the money for. You have to prove that you actually used the money as agreed. With a loan for a new car, this is usually quite simple: you only have to submit a copy of the vehicle registration document. Depending on the bank, however, the latter also keeps the original of the vehicle registration document until the loan is redeemed or wants a copy of the sales contract to copy the vehicle registration document.
Who grants a loan for new cars?
If you need a loan for new cars, you have two points of contact that you can turn to. The car bank or the normal money house. The auto bank is always the right decision if you already know exactly which vehicle you want to buy, because an auto bank is the money house of a car company that only finances its vehicles. If you want a Mercedes, you can contact the Bank, if you want a VW, go to the Bank and, for example, if you want to buy a BMW, contact the Bank.
The auto bank has the additional advantage that you no longer have to submit proof that you actually used the money to buy a new car, because the bank knows that anyway, since it also made the purchase contract. However, if you do not yet know which vehicle you want exactly, then it makes more sense to go to a normal bank, because with the credit you receive, you can choose a vehicle from any manufacturer as long as it is only a new vehicle. So you are freer.
Definitely useful: a comparison
If you contact a normal bank for the loan for the new car, it definitely makes sense to do a comparison. That said, you should use a comparison calculator, which is available in large numbers on the Internet, to find out which bank makes you the best loan offer. It is about the possible loan amount, the term, the amount of interest and a potential processing fee. A comparison calculator is always recommended if it also tells how former credit customers think about the money house and thus give an impression of whether the bank is good or bad.