One of the most essential things in the life of a young adult is the acquisition of a driver’s license, closely followed by the first own car. The latter can be financed relatively easily on the market, since there are enough offers available. A special loan for the driver’s license is sought in most banks but in vain. So what if a driver’s license is needed, but can not be financed out of pocket?
Get a loan for the driver’s license from the bank – possible or not?
As I said: There is no special driver new car loan, at least not yet. So what remains are the existing offers of the bank. Driver’s licenses are not exactly cheap, but in most cases not so expensive as to make it worthwhile to buy a larger installment loan. At the very least, attention should be paid to the minimum amounts, as this is reflected by significant fluctuations in most banks.
Normally, a driver’s license is not paid in full, so it can be paid out of his own pocket to a certain extent, without having to borrow more for the driver’s license. If their capacities should then come to an end in the short term, the possibility should first be checked of obtaining a credit line. Although this is more expensive in terms of interest rates, it can be much more flexible in terms of both interest and repayment.
In the case of a disposition credit, the checking account is extended by the option of being able to carry this out in the debit as “below zero”. How much you can sink below zero is determined by a credit line, which in turn is calculated from the income of the borrower. This includes all regular monthly income, such as the training allowance, the student loan and the regular subsidies of the grandparents.
The credit line is fixed at two to threefold the sum of this amount and should preferably not be exceeded. Because the already not exactly favorable interest rates for this loan for the driver’s license then increase abruptly. Only in this case, one speaks by the way of an overdraft of the current account.
If an out-of-date loan is out of the question and if the amount is to be financed completely via a installment loan, this often can not be done without the help of third parties. The loan amount for a installment loan is still relatively low, if only a driver’s license is to be financed. Perhaps even one’s own income could be enough if it is high enough to serve a debt service on a regular basis.
Otherwise, one should look in the close relationship and with friends and acquaintances for a guarantor or co-applicant, who takes over the collateral for a loan for the driver’s license. However, these in turn require the collateral, which you can not raise even for the loan. Thus, neither the guarantor nor the co-applicant should have a credit bureau entry or credit that would reduce the available income to a greater extent. The income itself should come from non-self-employment, as this provides the banks with the greatest security, also with regard to the future.
The difference between guarantor and co-applicant is based on the date from which liability is assumed. The co-applicant is involved in the contract right from the beginning and ensures that the interest and principal payments are paid on a regular basis. A guarantor, on the other hand, does not jump in until the clock strikes 5 to 12 and the claimant himself can no longer afford to pay.
If a person finds enough confidence in himself, nothing stands in the way of the credit for his driving license and his own driving skills are allowed to develop freely.