Besides investment banking (which also carries risks), banks earn the most with the granting of credit. of course, because they get interest from us bank customers on money, which was "created" with the granting of credit in the first place.
guiding idea: as smart bank customers, we will not change the banking system, but we know or learn how to use it cleverly!
If you know the banking world a little bit, you know that there are different interest rates on different types of loans. Last time we told you about the trick with the favorable installment loan about the form of home loan presented.
Details on the distribution and proof in the article!
today you will learn about an idea of how to get a car loan to get a favorable interest rate.
Warning
The strategies and ways presented here work not with every bank. They are not generally. in the course of the article you will be given providers where you can implement the strategies!
background to the car loan
Car loans are more lucrative for banks than non-purpose installment loans because statistically the default rate is lower and the loan amounts are higher. So can car loans cheaper are offered as normal installment loans.. and because the car financing business is in demand, there is increased competition among providers.
For us as bank customers it is good because we can low interest rates and if necessary. Still other advantages such as generosity in the use of the ancillary loan amount.
In particular, if you want to use the purchase of a car to large credit to include that it is enough for other financing needs, can not go through a classic car financing of the manufacturer or the dealer. Here the purchase price is often known and there are still many banks that want to have the original registration certificate (formerly the vehicle registration certificate). In addition, the credit agreement must be submitted through the car seller.
With car dealer-linked loans, the less conspicuous conditions are often not so advantageous. Their interest rate – where you usually look first (and often enough the only one) – is also very attractive.
Please take a close look at the following strategy before you get started.
strategy: use car loan for bigger wishes
Let’s say you find a bank that offers, regardless of the make of car for new and used cars these conditions ready:
- 2,99 % effective and fixed annual interest rate
- Flexible loan disbursement (3 days to 3 months depending on customer request)
- you don’t have to deposit your car loan with the bank
- "too much" requested credit amount can be free to use
- at any time free of charge special repayments POSSIBLE
- Easy online application + easy online processing.
Such a bank exists. It is the ► ING-diba.
Example of a car loan from ING-diba:
For under 200 euros a month you can currently get a loan of 15.000 euro – repayable over 7 years.
Is it useful to choose a long term?
Yes, for:
- You can thanks to special repayments repay more voluntarily at any time, even conveniently by standing order,
- You have a higher probability of credit approval, because your monthly rate (burden) is lower,
- You can more easily larger sum received (and also use it for other purposes especially favorably financed).
Ready to go?
The ING-diba is a great bank, which we have been permanently observing for years of which we have already presented many other products. readers who become customers of ING-diba through us can look forward to, tips and experiences share in our community and get help.
But apply for a car loan from ING-diba only if you know your pretty good credit rating have (good income, good job evaluation). For all others and those who are not sure, there is still a alternative (about which they can also arrive at the ING-diba- a small detour with more security).
But in advance the question of proof and the possibility of free use of the car loan..
correct application and free use
1. Purchase price research
what is the approximate cost of your new car?
Let’s say the car will be about 10.000 euro costs. Then it makes sense to choose a loan amount of 15.000 euro to apply for, because
- You can always take less than approved (an increase in the already approved credit amount always requires a new credit check and means additional work for you and the bank),
- You can, if necessary. Remaining 5.use 000 euro freely, because the main purpose of the loan is the purchase of the car (you will hardly ever get a loan at such a low rate from a bank again).
What proof must be provided?
Within 4 weeks after credit disbursement must have one copy of the purchase contract to be sent in. This can be done by document upload in online banking or as an e-mail attachment.
The purchase contract is not bound to any form. A contract of sale between private individuals is just as valid as an invoice from the car dealer. the sales contract must contain the following minimum information: seller, buyer, object of sale (car), price, date.
when these thoughts (not yet the implementation) are finished, you can go to step 2.
2. Apply for car loan online
Call up the ► loan application form from ING-diba online and start filling it out:
questions about the loan application will be gladly answered via comment function.
if you don’t have your dream car yet, give away no payout date to. This means that your loan from the approval for you (without provision interest) 3 months reserved is. interest only accrues from the date of disbursement. With the loan approval, however, they can go with a clear conscience on car search.
At the end of the online loan application you will receive immediately the result of the preliminary check. Is it "green", print out the credit contract, sign it and send it in with the proofs of income (copies of the last three salary statements, copy of the salary, last tax statement or last pension statement – whichever applies to you).
If the preliminary check is not positive, go the alternative way. It is possible that you will get the car loan from ING-diba this way, despite previous rejection, as has already happened to one of our regular readers.
3. Selecting and buying a car
With the credit approval you can go and choose a car in peace and sign the purchase contract with a clear conscience.
Once that’s done, have them pay off the loan amount in full. The bank always pays in full. The part for the car salesman they transfer on and with the other part of the loan amount they can do what they want. This can be, for example, immediate special repayment. This will save you a few months of installment payments. So the rates will not be lower, but the number of months will be lower.
Or use the money for something else. The only important thing is that you send the copy of the purchase contract within 4 weeks to the bank or. upload and that the main purpose of the credit the purchase of a car was.
Is it always good?
Yes, in most cases. In the worst case, if you do not bring the proof within 4 weeks or the car purchase is only a fraction of the loan amount, the credit remains, but will be charged interest at the rate for the normal installment loan. That’s currently 3.79% effective annual interest rate.
ready now for the car loan from ING-diba?
Questions about the application or process?
As usual, we and smart people from our community gladly help via comment function& many thanks to our helpers!
The fastest feedback from our community:
Many thanks to steffi, who was the first to respond to our internal request& further feedback please via the comment function. Thank you!
Insider tip: retroactive car loan!
Perhaps they have already in the past three months a car paid in cash or otherwise financed. They did that well and correctly. You do not need to fret now, because you can apply for a car loan afterwards and the money at the super favorable interest rate of currently 2.99 use freely.
The application process is exactly as described above, except that when you submit the loan agreement, you immediately attach the copy of the purchase agreement. This applies to all types of vehicles!
Please give me feedback via comment function if you implement this idea. & thank you!
alternative to ING-diba (with higher chance of success)
There are two ways to get the car loan at ING-diba:
- Directly via the yellow buttons above or
- About the with us integrated credit comparison especially for car loans.
Even I as an existing customer of ING-diba would go through this loan comparison, because after completing the comparison I have several offers on the table with only one data entry to lie and can choose to your heart’s content.
enter data once, but several loan commitments to choose from!
If ING-diba is on the list, I’ll probably take it, because I already know the bank and have good experiences.
If you do not appear after entering your personal data – there will be a credit check – in the suggestion list on, then i know that they would have rejected me. I am all the more glad that I have other offers to choose from.
With the small difference in interest rates, I would still choose ING-diba, because I like the "soft" conditions very much. In the credit partner listing you can see all the additional information when you click on the "product details" link.
Start the ► comparison now!
This is what the details look like when you view them via smava.
Since with the data input anyway the creditworthiness is checked, it can be that I with a provider of creditworthiness-based interest rates more favorable drive. This is what I see in the proposal overview. If this is the case, it is important to check whether the other conditions are just as pleasant for me, such as special repayments and the free use of the additional amount.
Positive experience!
In any case, I know from a regular reader that he was first rejected by ING-diba on the direct way. He then used the credit comparison service and was shown ING-diba in the list of suggestions, which accepted him as a credit customer on the basis of his application via the comparison service.
the background to this is that the credit comparison loaded into our site is managed by smava and, due to their many years of cooperation with a large number of good banks, they know exactly which customers are suitable for which bank. This is a highly professional process and I’m glad that you can become a customer of ING-diba in this way or that another excellent bank – with a credit commitment – is suggested to you.
smava of course can not perform miracles. However, their success rate of around 50 percent is well above the industry average.
Which variant do you choose??
I look forward to an exchange via the comment function. This is often very inspiring and honestly, this article also arose from a conversation via the comment function. Many thanks to all smart and dedicated bank customers of this portal!