Tanja says:
November 7, 2016 at 7:32 pm
That sounds very good! I am very pleased to hear that you prepared yourself so well!
There are two ways:
1. When you buy a new car, you often have a good chance of obtaining financing from the bank (or partner bank) of your car manufacturer. The car company is very interested in the fact that their cars are bought.
This is called sales financing. In Germany, renown are e.g. the Volkswagen Bank or the Mercedes Benz Bank.
This has the advantage for the car dealer and the automotive group that they will earn a second time with the financing and you will probably remain loyal to the brand. Especially at leasing. This is one form of financing.
I personally do not like leasing, because the dependency is the greatest here. The car is not yours, you rent it for a long term and must pay for a whole lot of money for it.
If the car bank does not finance a loan, this is disadvantageous, because it has made a Schufa-query, which will be seen by other banks.
There will be a message sent to the Schufa. Finally, the query must state a reason. There are two reasons that are entered as a characteristics:
– Konditionsanfrage Kredit (condition request loan)
– Kreditanfrage (loan request)
The first characteristic is creditworthiness-neutral. This means: someone has queried the terms of a loan. The other characteristic often has a negative impact, when a loan is requested and afterwards, no message is sent to the Schufa that a loan agreement has been concluded.
Therefore, it looks like that you have applied for a loan, the bank has checked it, but it has not been approved!
Some German banks use the characteristic “Konditionsanfrage”, some use “Kreditanfrage”, when querying data at the Schufa. This sometimes changes from case to case and from bank to bank. That is why we cannot give general information about the car banks.
The Schufa is Germany’s largest credit investigation agency. There, almost all loans are entered and before a loan, the bank checks, whether the Schufa knows about the loan advocate.
The 2nd way is through a loan comparison on the internet, just like Smava. The loan calculator for car financing, which we have integrated on the page for our readers, is from Smava. Here we can provide information, because we know their way of procedures well. 🙂
If you apply for a loan through Smava, the Schufa is also queried. However, always with the characteristic “Konditionsanfrage” (condition request). So creditworthiness-neutral! This is very important, if there is no loan payment (for whatever reason). You keep your creditworthiness and do not worsen your creditworthiness score!
Advantageous in Smava is that it
A) grants own loans (we report on this in one of the next blog articles)
B) intermediates loans from other banks.
This works as follows: a loan profile is created from your loan request. This results in a data set. This is used with the current financing parameters of quite a lot of German banks. Smava knows, which bank is interested to finance a certain customer profile and at what interest rate. This, of course, changes constantly, because banks plan the lending. There is a certain loan volume, which the banks would like to give. If this is allocated, it will be difficult to get a loan at the bank. For example, if a bank still has a lot of loan volume for the quarter or year, it could be easier to get a loan there. The loan procedure of Smava knows such information (which we and you do not know – that is extremely advantageous!).
In the best case, you can get several loan offers via Smava and you can choose the one that suits you best.
Very advantageous: only with one single creditworthiness query, a lot of banks are inquired! I think that it is currently 60 banks.
Summary and recommendation:
If you want to finance a new car, it can make sense to use the bank of the car manufacturer. Often, there are programs with a really good interest rate (so that the cars are sold).
In the case of used cars, the case is a bit different. This is the secondary market for the car manufacturer. Although, it is interesting for stock keeping, the really important key figures, such as new car sales or registration numbers are only available for new cars.
If I would personally finance a used car, I would choose the way though the loan calculator (Smava).
Phew, this became a long description. I hope this explanation helps you with your loan decisions. It was important for me to provide background knowledge, so that you can make the best decision for your situation. Good luck with the loan and with your new car!
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