The driver’s license is a document without which most people can not cope today. He is needed in almost every situation and also for work, he is a requirement that can not be waived in any case.
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But a driver’s license is expensive and must first be paid. This is particularly difficult for young people, because usually the salaries are still low or there are other aspects in the room.
In such a case, a loan for the driver’s license can remedy. But what has to be considered with this? Which conditions have to be met and how do you get such a loan? Questions that need to be answered.
How does a credit for the driver’s license work?
Applying for a driver’s license is a little different than applying for a standard loan. In fact, the credit rating must also be checked here, but the cost estimate of the driving school instructor is binding for the award.
In this case, the borrower can decide whether he wants to have paid the loan directly to his account, or whether this should be transferred to the driving instructor. The latter is useful, because all hours, including the examination fees incurred, are paid immediately.
Important: compare loan offers in advance
Otherwise, the application is the same as a normal loan. However, the credit rating does not always play a role. Of course it is important that the KSV has no entries here. But since many young people who just need such a loan do not yet have their own income, a deadline for the first payment can also be set. This is due when the borrower receives his first permanent job or when he receives his first income. In this case there is a duty of proof, which the borrower must fulfill in any case.
Who grants credit for the driver’s license?
Loans for the driver’s license are offered by many banks. Even with this type of loan, it may be worthwhile to make a corresponding comparison.
Of course, here is the mass of offers significantly lower than other forms of credit, because there is always a risk that the sum can not be repaid according to the contract. Nevertheless, comparisons give a good overview of the respective conditions and ensure that the customer quickly knows what he is getting into with the corresponding providers.
A well-known provider of these loans is the Santander Consumer Bank. This grants the loan for a very moderate interest rate of 5.3 percent. The term can be made very flexible, with a high deadline for the repayment-free period can be set. However, in addition to the obligatory documents, a cost estimate must also be submitted, which was issued by the respective driving instructor.
Based on this document, the amount of the loan is then calculated. An employment contract does not necessarily have to be presented, and it can not hurt to have one in the room. As a rule, there may be no negative entries in the KSV, but here too the parents or other persons may act as guarantors.
Erste Bank and Sparkasse also grant a corresponding loan. Here, the loan seeker must also prove a cost estimate, but the payment is always made to the instructor himself. It is therefore basically a restricted loan. The interest rate is 6.8 percent on average, but may also be higher or lower due to the credit rating. The term can be flexibly adjusted, whereby a grace period of up to three years can be used. After that, it is up to the borrower to prove that he is able to pay the installments or that an employment relationship is in the future.
How can such a loan be obtained?
A loan for the driving school does not necessarily have to be applied for by the actual learner driver. The parents also have the opportunity to take one to finance the driver’s license for the children. However, normal credit criteria apply here because it is assumed that they have a fixed income.
However, the employer can also step in and give out an appropriate loan. This is the case when a particular candidate is needed, but a driver’s license exists for his job.
Here the employer bears all the costs, but is free to collect part of the salary for the repayment of the debt. In such a case, therefore, a separate contract should be concluded with the employer, which regulates a possible repayment in every detail.
Which other conditions must be observed?
A loan for the driving school may turn out to be fantastically favorable, because the grace periods also give a margin. However, there is nothing for free and here is the devil in the details.
As with any other loan, the borrower is required to repay the borrowed amount. This must also be done within a certain period, otherwise the bank has the right to initiate a seizure. Thus, the borrower – this is a high pressure, especially for adolescents – is in a dependency, because he is in any case obliged to do everything possible to pay off the loan amount. This means that he must effectively seek a job.
If repayment by the borrower is not possible, other relatives may be used if the loan was drawn before the age of 18. Here then the parents have the duty to pay off the sum. However, this only applies as long as the borrower has not earned his own money. If, in the meantime, he has been employed or has demonstrably earned income, the obligation to pay solely for him no longer applies.
Can a loan for the driver’s license also be obtained from credit intermediaries?
As a rule, there are also offers that provide such a loan. The conditions are similar to those of the banks, whereby here too the KSV may not contain an entry. It can not hurt if in the run-up to borrowing an employment relationship is in the room that comes into force after passing the driver’s license. This serves as collateral, as it allows the institution or bank to expect to have a salary to pledge if the borrower does not pay the installment.
However, intermediaries are expected to pay higher interest rates, as these are usually a risk loan that needs to be adequately hedged. Therefore, you should also compare the conditions in this area before making a decision.
However, the credit from abroad for the driver’s license does not exist. Here is just a Swiss credit in the room, which can be suitable with a maximum amount of 3,500 euros also to pay a driver’s license. However, the interest rates are usually much higher, so that such is only suitable for people who have a very bad or no credit rating.
Can a loan for the driver’s license be rescheduled?
A loan for the driver’s license can later be rescheduled. From the time of repayment, it is a normal loan that can be redeemed under appropriate conditions through a debt repayment loan.
Here, however, should be taken to ensure that the terms are really cheaper, because usually the driver’s license loans are given with good credit at fairly low interest rates. A debt rescheduling can sometimes be even more expensive, so you should definitely check in this area, if such a step is really necessary.