The bank of scotland car loan- fast and affordable
for your own car!
You want to buy a new car and need a suitable financing for it? In this case, the bank of scotland car loan is the right choice for you, because our loan combines extensive features with attractive conditions. So you do not need to worry about the financial side and can soon look forward to your new vehicle.
But what is to be considered generally with autokrediten? How are these loans structured and which factors are particularly important?? We would now like to answer these questions in detail and also show you the advantages of the bank of scotland car loan!
What is a car loan?
A car loan is basically a normal installment loan. Also with this credit the credit amount is paid back in constant monthly rates, whereby they make from the outset with each rate interest and redemption. At the end of the term there is no remaining debt and you have paid off your new or used car completely.
What are the special features of a car loan??
The peculiarity of the car loan compared to other personal loans is that the purpose of use is fixed: you can use this loan only to buy a car. So if you want to buy a car, the car loan is the most common form of car financing. Another possibility is z. B. The dealer financing (balloon financing or 3-way financing) represents. This is quite common, but the car loan is still the most popular financing option.
In addition, the car loan can be equipped with a special security. By transferring ownership by way of security and sending the corresponding contracts, the bank obtains legal ownership of the vehicle until you, as the borrower, have paid off the loan amount in full. during this time, however, you can already use the car as a beneficial owner, so this rule will not put you at any disadvantage in everyday life.
What can I use a car loan for??
The possible uses for a car loan are understandably not as extensive as for other forms of financing. Normally, you can use such a loan for two different projects:
1. Purchase a new car
2. Buying a used car
Some banks also include motorcycle financing in the car loan. However, since the general conditions vary, this is rather rare. However, the auto loan is not suitable for vehicle repairs or improvements. Normally, you would simply use a conventional installment loan for this purpose.
You can find particularly favorable car loans and other financing options at the bank of scotland – simply calculate your desired conditions and apply online.
What are the advantages of a car loan??
At first glance, a car loan looks like a limited installment loan. The structure is the same, but the purpose of use is limited. But exactly the specialization is the strength of the car loan. In this way, banks can respond precisely to your specific wishes and better take into account the requirements of a car purchase in the conditions.
Car loan vs. Credit without earmarking
In principle, it would also be possible to finance a car with a loan without earmarking. For the purchase of a motorcycle, a loan without earmarking is even necessary, because the car loan only allows the financing of cars. But with a loan without earmarking, some decisive advantages are omitted:
1. Car loan offers more favorable interest rates
If you choose our car loan and purchase a vehicle in this way, you will receive more favorable interest conditions for your loan than with a conventional private loan. This is due to the fact that you provide security with the car, which reduces the risk of default on the loan. You can provide evidence of this security by simply sending us a security transfer agreement. Due to the lower risk of default, we are able to offer you more favorable interest rates than with a loan without earmarking.
2. Chance of getting a loan increases
If you have a rather low income, the chance of a loan being granted with a specialized car loan is higher than with a loan without earmarking. This is also due to the fact that the financed car is available as collateral. The higher risk of default is compensated for by the transfer of ownership of the vehicle as security, and your chances of obtaining a favorable car loan increase enormously. This is how you can quickly and easily take advantage of car financing with good conditions.
What special advantages does the bank of scotland car loan offer me??
ÜIn addition to the advantages mentioned above, you can benefit from other positive aspects with us:
1. Fast order processing and disbursement of your loan
In addition to our advantageous interest rate conditions, we offer you fast, uncomplicated order processing. Depending on the type of processing you choose, you will have the money at your disposal within 48 hours after receipt of all documents. So you will no longer miss out on attractive bargains when buying a car!
2. Excellent customer service for your satisfaction
We are not satisfied until you are satisfied. For this reason, we are constantly improving our customer service for you. For example, we have already been able to offer 8. we have been awarded the "service champion gold" title for the in the major service ranking of "die welt" magazine reach. you have questions before, during or after the loan disbursement? We are always there for you and will work with you to achieve a positive result!
Note: at the moment we are not able to offer you the instant credit due to technical reasons. Please use our car loan.
Car loan vs. instant credit- when is which financing suitable?
The immediate loan of the bank of scotland is a financing option for particularly urgent cases. So if you need a certain loan amount within 24 hours, this is possible without any problems with our instant loan thanks to the completely paperless processing. It differs from the autokredit in the following points:
1. even faster application process for the instant loan from the bank of scotland
For the instant loan, you do not need to submit any documents to prove your creditworthiness. Proof is provided by means of the digital income check, in which your checking account is checked automatically via online banking. This is done in a few seconds and thus saves a lot of time. Because you can also complete the identification and signature (digital signature) online, you will receive the required net loan amount after just 24 hours.
2. Instant credit is not suitable for special cases
Not every financing situation is the same- there are always circumstances that are individual depending on the borrower. This includes, for example, borrowing in pairs. the instant loan is not suitable for these special cases, as such aspects cannot yet be covered in the quick check procedure and this loan is therefore restricted to one borrower.
In principle, car financing would also be possible with an immediate loan, just as with an installment loan. However, you must bear in mind that, on the one hand, you will miss out on interest savings due to the loan without earmarking in contrast to the car loan and, on the other hand, the chance of obtaining a loan in the required amount may be more difficult. So if you want to finance a car, we recommend that you use our car loan and benefit from the above-mentioned advantages it pays off! However, if you would like a motorcycle or a classic car, for example, the loan without earmarking is required.
Use our loan calculator and compare the conditions of our different loan offers. compile your desired loan and apply for it easily directly online!
What are the requirements for a bank of scotland car loan??
If you are interested in a car loan, there is of course always the question of what the requirements are. We always set the conditions in such a way that we can offer car financing to as many potential borrowers as possible. Therefore, only the following points need to be considered:
- You are of legal age, i.e. you have reached the age of 18. age completed
- You have been employed by your current employer for at least 6 months on a permanent basis (or you are retired)
- You have your residence or usual place of abode in germany
- If you want to take out a car loan together, you also need a common place of residence
As you can see, these conditions include as many potential borrowers as possible. We look forward to working with you to put together the financing solution you need.
What types of vehicles can be financed with the bank of scotland car loan??
There are some restrictions with regard to the vehicles to be financed, but these are necessary in order to be able to offer you the particularly favorable conditions. The following vehicle types are therefore excluded from financing with a car loan:
- Motorcycles, trikes or quad-bikes
- classic car or collector’s item
- Used car with an age of more than 10 years
- Commercial vehicles
- Cars with an above-average purchase price from the high-priced segment
If your desired vehicle falls into one of the above categories, we recommend that you take advantage of our no-strings-attached loan instead. By the way, it is not possible to finance several vehicles via the same car loan. So if you want to buy more than one car, you have to apply for each of them separately. When concluding the respective loans, it must be noted that per borrower a maximum of three simultaneous financings up to 50.000 EUR are possible.
Why a schufa check is needed for a car loan?
With a car loan without schufa, a credit check with credit agencies is not required. When banks make such offers available, they forego an integral part of the credit check. The lack of information greatly increases the risk of default on loans, which is why significant risk premiums are due in relation to interest rates.
We therefore do not offer a car loan without schufa, because we want to focus on offering you as a borrower the most attractive interest rates possible. We ensure through a schufa-neutral inquiry that your schufa rating is not negatively influenced by our inquiry. In addition, we rely on our excellent customer service to provide you with the best possible support during your car financing.
check the credit providers very carefully before applying for a credit without a schufa check, because there are often dubious lenders in this industry who play with the distress of those affected.
The bank of scotland car loan our conditions
you would like to take out a car loan and take advantage of tailored services with the lowest possible interest rates and small installments? In this case, our car loan is just right for you. Let us convince you of the advantages of our conditions: in accordance with §6a of the price disclosure ordinance (pangv) we have compiled a representative example for you, with which you can compare our loans with the offers of other providers. This clearly shows that we do not offer lock-in interest rates that only people with a high credit rating can obtain, but instead offer fair interest rate conditions to all our customers.
Up to which credit amount is the bank of scotland car loan granted??
You can choose from a wide range of options, both in terms of the loan amount and the loan term of flexibility:
1. Loan amounts: 3.000- 50.000 euro
2. Term: 24- 84 months
This allows you to finance a small car as well as the purchase of a large family car.
How much car loan can i afford?
When choosing your own car, apart from personal preferences, there are of course also financial aspects to consider. In this context, the question naturally arises as to how much car loan you can afford as a borrower.
You must have enough money at your disposal each month to cover the loan payment. For this reason, the best way to calculate the possible loan amount is as follows:
1. Calculate your freely available credit budget
For this purpose, they first add up all regular income such as wages, salary, maintenance and any rental or investment income. From this they deduct again the regular expenses per month. These include:
- energy costs and utilities
- Telephone and internet
- catering (regular purchases)
- Household and drugstore items
- Hobbies (e.g.B. clubs, associations or regular events)
As a future vehicle owner, you will have new ongoing costs, which you will of course also have to take into account when calculating your budget. This includes, for example, vehicle tax and vehicle insurance, as well as possible additional insurances such as third party liability insurance and traffic legal protection insurance or fully comprehensive insurance (the latter only makes sense above a certain vehicle value). Fuel and other expenses for the general maintenance of the vehicle should also be considered here. these items can be estimated based on your desired car model. Set aside an emergency reserve of 100-200 euros per month to cover short-term financial gaps. What remains after that is the amount of money you can spend each month fixed for a loan. Let’s assume, for example, that you have 350 euros available each month for this project.
2. Calculate the possible loan amount
If you know the APR of your car loan, you can adjust the monthly rate with the term so that it is affordable for you. Depending on the term, you will have more or less money available for your car purchase.
When considering the term, always bear in mind that a long term lowers the monthly payment, but over the entire period the cost of financing is higher. This is due to the fact that you will have to pay the agreed interest for a longer period of time if the term is long. It is therefore best to choose a term that allows you to make the loan installment while still keeping the loan as short as possible.
With the favorable car loan from bank of scotland, you can quickly and easily obtain the conditions that are right for you – finance the car of your dreams.
Frequently asked questions about car loans
How to determine the actual car price?
If you want to buy a car, it is important to know the exact value beforehand. This is the only way to prevent you from paying too high a price in the end. In the case of new cars, the price policy of the manufacturer and the individual car dealers has a major impact on the price, while used cars are somewhat more difficult to value. The following suggestions can help you determine the true value of a vehicle before you buy it:
1. Compare the prices of different providers
In the case of new cars, a comparison of the various car dealers and car dealerships will help you to find the most favorable vehicle possible. If you have several contacts, you also have the option of negotiating higher discounts for cash buyers. This is an additional relief for your wallet. The comparison calculators of various purchasing portals also help you to get an overview of the offers in this market.
2. For used cars, a vehicle appraisal makes sense
If you are interested in a used car, there are many factors that determine the value of the car:
- Year of construction
- condition and history (accident car)
- Previous care
Particularly for the factors year of construction, mileage and model, valuation standards can be taken from directories such as the schwacke list or the DAT directory. In this way, you will know what the standard value of a certain car model with a certain year of manufacture is. Based on this information, you can also go into the price negotiations well prepared and negotiate one or two price reductions at the end. If you are a member of the ADAC, you can also take advantage of a free vehicle evaluation for used cars.
3. Decide on the best overall package
If you have negotiated discounts and prices with various car dealers for the model you want, you should end up with the best overall package. Whether you are looking for particularly high discounts, additional services such as insurance and maintenance packages, or free additional equipment, you will find the answers here in the end, everything should fit your wishes and ideas.
With the suggestions presented here, it should be easier for you to find exactly the vehicle that meets your needs.
finance new or used car- what is worthwhile when?
Before buying a car, the question arises as to whether you would prefer a new car or a used car. Both options have their advantages and disadvantages. Which option is better for you depends on your personal taste and the financial framework conditions. Even cheap new cars are very rarely available for under 10.000 euros. You will therefore have to calculate with a correspondingly high credit amount. On the other hand, you save on repair costs, because on average, new cars have to go to the repair shop much less often (except for inspections).
Daily registrations and annual cars are a very favorable compromise. These are vehicles that have already been registered but have very few kilometers on the clock. However, since a new car loses most of its value almost as soon as it is driven for the first time, such vehicles can often be purchased for significantly less than the price of new.
Car loan or dealer financing what is better?
When you go to a car dealer to look at interesting offers for cars, it is not uncommon for the dealer to offer financing as well. At first glance, the conditions of such dealer financing look quite attractive. Finally, some car dealers even offer so-called 0% financing. The temptation is great, without further consideration, but in most cases a closer look proves to be extremely rewarding.
Special features of dealer financing
Dealer financing is the result of a cooperation between a certain bank (mostly car banks) and a car dealer. So both sides profit equally from a car purchase. In order to boost the sale of vehicles, subsidies are often provided:
- Additional services such as car insurance and service packages
- Particularly favorable interest rates with dealer financing
- Attractive discounts on the list price of a specific car (regardless of the type of car financing)
However, the traditional discounts and the additional services are not necessarily linked to the dealer financing. This seems at first sight very tempting because of two aspects:
- Subsidized interest rates (up to 0% financing)
- Low rates, as a 3-way or balloon financing is provided
How does balloon financing or 3-way financing work??
balloon financing and 3-way financing are two types of car financing that are often offered by car dealers. Both variants initially work the same:
1. Down payment
You, as the borrower, make a down payment of 5-10% of the purchase price for the car. This is the standard case, but car dealers now also often provide balloon financing with no down payment.
2. Low credit rates
You make rather low repayments during the term, which include the interest and a small redemption portion.
3. Final installment
At the end of the term, a relatively high final installment remains, which you have to bear. This final installment is also called a "balloon" the procedure is called "balloon financing".
Balloon financing is over after these 3 steps, while with 3-way financing you now have a choice:
- Purchase of the vehicle and payment of the final installment
- Financing of the final installment with the purchase of the vehicle
- Return of the vehicle (possibly purchase of a new vehicle)
But is such an approach worthwhile??
What are the advantages of the cash car loan??
With a car loan, you have the great advantage of being a cash payer with respect to the car dealer, and therefore you can benefit from a corresponding discount- the so-called cash discount. Depending on the individual case, this can be between 5 and 20% of the list price. Dealer financing does not offer such discount margins because it is subsidized either by favorable terms or an already reduced price. The car loan also offers other positive aspects:
1. Lower loan amount: with a car loan, the higher interest rates are charged on a lower loan amount thanks to the rebate. In addition, the total cost is lower.
2. Faster payment: The car loan can be paid off more quickly, as no high final installment is calculated in. This saves additional interest costs.
3. Customization: special repayments can reduce both the interest term and the remaining debt, so that the loan can be paid off faster.
4. Independence: With a car loan, you can compare different offers, whereas with dealer financing you remain tied to this one dealer.
Our loan calculator will help you to compile your optimal loan conditions. Feel free to try out different loan amounts and terms to get an idea of the respective monthly repayment rate.
How to apply for a car loan with bank of scotland?
We are with our car loan to make the application for you uncomplicated and to enable you to pay out the loan amount as quickly as possible. In just a few steps, you can complete everything necessary to obtain the loan you want:
1. specify term and net loan amount
With our loan calculator you can experiment with the possible maturities. Based on our representative effective interest rate, the probable installment amount appears depending on the selected term. Put together your desired conditions, then it’s on to the next step.
2. Enter personal data
In the next step you enter the data required for the application. These include information about your person, occupation and financial situation. In addition, we carry out the SCHUFA query in this step in a creditworthiness-neutral manner.
3. submit documents
Documents such as salary statements and bank statements serve as proof of your creditworthiness and are therefore required for the review of your loan application. You can send us these documents together with the signed credit agreement by mail.
4. Carry out identification procedures
Because there is no direct contact between the bank of scotland and you as the borrower, we are obliged to verify the information provided and to establish your identity beyond any doubt when granting online loans. This also ensures that no one can improperly apply for credit in your name. There are two methods available to you for this purpose:
5. Postident procedure
with this method, the identification is carried out at a post office of your choice. For this purpose, you will receive a coupon from us with which you can have your identity confirmed by the employee there in connection with your identity card or passport.
6. Videoident procedure
this variant is very practical because identification can be carried out at any location- for example directly at your home. Via video chat you will be connected with a representative of our partner idnow. Now simply hold your ID card or passport in the camera and it will be photographed in different perspectives. After the call, you only have to enter the PIN you received after the phone call to confirm your order.
7. Sign the loan agreement
As with our instant loan and installment loan, it is also possible to sign the loan agreement for the car loan using a digital signature. This can now also legally replace the manual signature. With an ident-code, which you receive by SMS and enter on our website at the necessary place and a final click for confirmation the credit agreement is considered signed. Of course, you can also send us the signed loan agreement with the required documents by mail.
The so-called e-signature is made available via an "electronic trust service" – it can therefore legally replace the handwritten signature. Our partner idnow meets the requirements for qualified electronic signatures (QES) in accordance with the regulation of the european parliament and the council on electronic identification and trust services for electronic transactions, or eidas regulation for short.