As many do car loan complete to a New cars To finance, many people also finance theirs used cars. Here there is then various possibilities: Die payment by installments without a bank that Used car financing without deposit or even one Leasing. Tuningblog explains the differences and also the advantages and disadvantages that the respective variants have.
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- How to finance used cars?
- used car financing
- the installment amount and the term
- Balloon financing / three-way financing
- When does balloon financing make sense?
- The used car leasing!
- How are the costs affected?
- FAQ on financing used cars
- Conclusion and another tip:
Get average 4000 Euros when buying a used car with the help of a loan financed. That corresponds roughly a third the full amount. If you don't have enough money or just don't want to spend everything at once, you can try the following, for example four options fall back on.
- A installment loan with or without deposit. This is the classic one Used car financing.
- The balloon financing
- The Three-way financing
- Leasing of the used car
The Hire purchase must by the way not necessarily be processed through a bank - also a ddirect financing through the dealer is possible. Further variants like that rental fee We leave out the vehicle in this article. More information is available in our article "Driving a car with a long-term rental - the car subscription!".
The classical Used car financing: The installment loan! At the Purchase on installments is the most common way of getting one used cars zu finance. If you are applying for a loan for a car it will be yours here better conditions offered as if you were applying for a loan for a trip, for example. The reason for this is that the bank still retains the car as a Safety has and then this the einzieh and sell can. That is why you usually also need the Registration certificate part II ("Vehicle registration document") at the bank so that you can leave the car can not be behind the back of the bench simply sell can. From a legal perspective, the owner of the vehicle is not you, but the bank.
Exactly how high the rates are depends on how high the sum and the running time of the credit is. So they are Costs fixed for the entire duration - over high Final installments or Residual value calculations you must therefore no worries do. It is best to check out the various offers Comparesince you have quite a lot of money here save up can.
- Advantages of the installment loan:
- Better planning possible due to fixed rates
- Interest is not that high
- Disadvantages of the installment loan:
- not you, but the bench are legally seen Owner of the vehicle
- possibly high monthly load
By the way: If you want to take out a relatively high loan for the purchase of a used car, you should generally also think about whether this is not a case New car financing worth it. This is especially the case when a Zero percent financing is offered (However, there are a few things you should pay attention to).
Within the balloon financing In most cases, a relatively small number is due and the rates are also quite low in comparison. However, there is often one at the end high sum due (for this reason one speaks of balloon financing) to end the loan. The other option is to return the vehicle to the dealer the abzugeb. As far as the total costs are concerned, these are usually the same with balloon financing compared to the classic installment loan higher.
The three-way financing works on the same principle. deposit and the monthly rates are pretty low and at the end of the term you can ones have a from three ways choose. So you can do a Final installment Pay and the vehicle is yours, but you can also choose one Follow-up financing make use of what, however, most with higher interest rates connected is. The third option is to give the car to the dealer return. To do this, however, you need a so-called Repurchase agreement to lock.
Nonetheless, it can balloon financing in some cases can be quite useful. By making the rates proportionate low fail is the monthly financial burden for her not particularly high - especially compared to the conventional one installment loan. If you are sure that you will receive an unscheduled sum of money during the term (Donation, inheritance, etc.), also represents the relatively high Final installment No problem. The same goes of course if you already have sufficient reserves feature.
- The advantages of balloon financing:
- lower monthly load
- the final installment is not as high as the residual value
- The disadvantages of balloon funding
- the total cost are higher in comparison
- a high Final installment is due
By the way: Some manufacturers also offer one Leasing for so-called "young used" at. These vehicles are usually Jahreswagenwhose mileage is not that high. Here, the comparison between the leasing rates and the rates for a loan can prove to be worthwhile. Because in some cases the manufacturers want to go through the particularly low rates aim that stocks reduced will. That way you can pretty much get a used car favorable finance.
Lately only ran between 1 and 2 percent of all used car financings in the form of a Leases from. Strictly speaking, leasing is not really a real type of financing, as it is with leasing not herbut the lessor Owner of the car is. The accruing Monthly Rate represents only the Fee which is due for the pure use of the vehicle. But it exists in general the possibility of buying the vehicle at its residual value after the end of the leasing period. This makes the leasing of used cars attractive for business customers too, because: The installments can be claimed for tax purposes. Private customers, however, have to Used car leasing consider a few things.
When leasing used cars, you always go Commitments a. This can be the maximum, for example Annual mileage include. At a Falling below engines of the agreed residual value (for example due to a major scratch, dent, etc.) in case of an Residual value leasing can it too Back payments kommen.
- The advantages of used car leasing:
- tax Advantage for business clients
- the possibility of the vehicle return
- The disadvantages of used car leasing:
- Obligations, for example regarding the mileage
- Eventual Back payments in the event of a loss of value
From the house banks are partially better conditions granted if you are able to submit a concrete offer. Another option would be via that Car bank of the manufacturer Financing complete. That has the advantage that the dealer is here Estates on the Purchase price can give, thereby increasing the overall financial burden reduced.
If you have the credit apply for, you should have him already there as car loan mark. Is this Usage before, you can too more favorable conditions than granted with a "free" loan. The following aspects are also relevant:
- Your credit rating. If the risk is related to your Solvency is high, you have to pay more. Because of this, you should check beforehand whether your Schufa entry is correct. From one Car financing without Schufa but you should refrain completely.
- If you have the credit for two, for example with your Partners, can apply for that Reduce costs accordingly.
- Note the running time: The longer the term of the loan, the higher the sum of the interest in the end. The monthly installments are then of course lower.
- Down payment and final installment: If you have a deposit can do that reduce costs. It is exactly the same with one higher closing rate. You should pay attention to this when you adjust the parameters accordingly when comparing loans. Maybe one will do for you too Special repayment Sense when you're unscheduled revenue Erwarten.
- How long should the used car be financed?
- Here you should choose the middle ground, so neither one too long still a too short Choose duration. If the runtime is too short, this can be done in relatively high rates result in other expenses less flexible are. If the running time is too long, increases on the one hand the Costs and on the other hand, of course, you also have to ask yourself whether the vehicle that is already in use will still be in five or six years' time economically is. After all, more complex repairs could be necessary, which means a new purchase may be more useful. If that is the case, the existing loan would only be one unnecessary financial burden.
- Down payment: yes or no?
- If your financial situation allows, you should make a deposit, because that takes care of it lower Monthly rates.
- Do I have advantages as a cash payer?
- In the case of one Financing the dealers are happy to close the loans over the internal car bank as this enables better conditions and the manufacturer not only on the vehicle, but also on it Financing deserved. So there is an advantage here not always expected.
- Can the loan be transferred to someone else?
- In principle it is possible. Of course, that requires that Bank approval and the corresponding Credit the person to whom you wish to transfer the loan.
- What happens in the event of damage?
- Most of the time, the bank will ask you for one anyway Comprehensive insurance complete to as good as possible in the event of damage secured to be. The reason for this is that the vehicle has the Bank security and in the event of a total write-off this security would be natural no longer given.
- Can the financing be revoked or terminated early?
- The usual applies here Right of withdrawal within 14 days, At a Termination fall in most cases additional costs the amount of which depends on the respective Individual case depends.
- What about a used motorhome?
- Even for a camper can be cheaper earmarked car loans like with a used car payment by installments to be completed by private. However have only a few banks Loans for used motorhomes on offer.
Keep you before graduation of a loan agreement always the full cost in the head. Add You add the cost of the loan and the purchase price of the car Compare You the Total with the offer from other banks. While some car dealerships can be more expensive in terms of credit, they might give one estate on the Purchase price of the vehicle - or the other way around.
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