The car is the favorite toy of the Germans. But it is much more. It is a means of transportation and sometimes essential when the workplace has to be reached. Now it’s not just people who are beyond education. No, trainees also have to be mobile and flexible if they want to take their training seriously. Sometimes this mobility is only possible through a car loan despite training. But how do the banks see that?
Loans for students and apprentices
Many banks now offer small loans for apprentices and students. This clientele is becoming increasingly important for banks, so that they have prepared appropriate offers here. Most of the credits are designed to go hand in hand with low interest rates and low interest rates. The loan amount is usually under 10,000 euros and can be used for training or study. Sometimes you can also find offers that need to be repaid after graduation. However, special conditions must be met for this. A car loan despite training can also be possible in this way. You just have to be able to show the bank exactly why the car is needed.
Parental support can be helpful
Since the training allowance is usually not high enough to give the bank sufficient security, the parents are usually used as guarantors for the loan. A completely normal process, as the parents usually have a correspondingly high income and are ideally suited as a guarantor in direct relationship to their children.
It often happens that the loan is granted only as long as the training is running. Because during this time you have a fixed employment contract, which can only be terminated if serious errors or unbridgeable differences occur. This fact puts the employment contract on the same level as a permanent employment contract. For banks this is sufficient as security.
At best, one turns for a car loan despite training to the house bank, which also leads the current account. If the parents also have an account there, that can not be a disadvantage. Who does not want, can also use the bank of the car dealership. Here, however, should be taken to ensure that you do not opt for a balloon financing, although the low rates speak in the first moment. However, the last high rate can not usually be met by any trainee and a follow-up financing would be due.