So you get a financing for driver’s license

  • June 14, 2019

The desire to own a driver’s license is great, but now the financing for driving license many people before a problem. Due to the tense economic situation in Germany, many people simply can not afford the costs. Here then only helps a financing for driver’s license.

This financing for driving license is in itself a normal installment loan with a bank or savings bank or with an on-line credit broker. Frequently, however, this financing for driver’s license is also referred to as micro-credit, since usually the loan amount does not exceed 5,000 euros. It is important here that the monthly installments are not too high, so it is also possible to repay the loan easily. In addition, the loan amount should be high enough so that the cost of the driver’s license can be paid even if they are higher than calculated, for example, because more driving lessons are needed.

The biggest problem with financing a driver’s license, however, is usually that taking a loan also requires a certain credit rating, and since most people who want to obtain a driver’s license are usually quite young, say, students or trainees, seldom is a sufficient credit rating to obtain a loan. Nonetheless, there are some financial institutions where the chances of obtaining a positive license to finance a license are quite high.

financial institutions

financial institutions

Minute Cash, for example, offers loans with an annual percentage rate of between 6.00 and 13.00 percent.

Even the online loan broker Credither can be a good alternative. Here is a loan with an APR of between 4.90 and 16.90 percent available, also depending on the creditworthiness of the borrower, amount of the loan amount and length of the term.

Both Minute Cash and Credither are free to create a loan offer. With Minute Cash you get it when visiting one of the branches immediately and at Credither it takes about two working days.

guarantee

guarantee

It may also be very helpful to hire a guarantor to get financing for the driver’s license. This is a good alternative if your own credit rating is not quite as good. A guarantor, with a high enough income or equivalent collateral, reduces the risk of default for the banks and savings banks, and they are therefore more willing to approve a loan to finance the driver’s license.

Nevertheless, more and more credit offers should always be obtained and scrutinized and compared very closely, so that the enjoyment of driving licenses is not marred by disproportionate monthly additional costs.

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