Credit for driving license

 

Are you looking for a low-interest, quick loan for your driver’s license? Just 18 and as a loan with the training salary or already fully working?

We would like to guide you with information on the loan offer that suits you individually. In principle, various loan models up to special financing are suitable for financing the driver’s license.

Credit for driver’s license – not a panacea for everyone

Credit for driver

Which loan is the most suitable financing option for the driver’s license can be derived from several factors. In principle, the personal creditworthiness of the borrower, based on the score and income from work, is the most important indicator.

Sufficient creditworthiness for lending initially decides which loan offer could be taken at all. In principle, credit providers themselves determine what is defined as “sufficient”. The bank’s internal guidelines and generally binding regulations must be observed. Regular loans are based on a good credit rating. Offered at extremely low interest rates, there is hardly any scope for credit risks.

Therefore, only those people who are guaranteed a trouble-free loan repayment can enjoy a particularly low-interest driver’s license loan. They are borrowers who are already firmly in business. Unfortunately, this does not apply to the majority of all learner drivers.

Credit for young people – get your driver’s license at 18

Credit for young people - get your driver

The majority of young adults who want to obtain their driver’s license are still in vocational training. Most have a few USD in the savings book and want to finance the rest on credit. How much the driver’s license will cost depends on where you live. In large cities with high competitive pressure, a driver’s license can be realistic for just over 1,500 USD. (Example Berlin).

In the countryside and cities with fewer offers, around 2,000 USD in driving license costs would be realistic. The driving license is the most expensive in southern Germany. Learner drivers would have to calculate a good 2,500 USD for the small card. Starting from 500 USD in the savings book, this results in an average loan requirement of 1,500 USD. Above 1,000 USD it would be possible to apply for a regular small loan.

Taking out the loan for the driver’s license as a regular small loan is particularly low-interest. However, it automatically leads to the problem that the training income does not qualify for lending. It is too low. A solvent co-applicant opens the way out. A parent who fulfills the requirements for lending himself enters into credit liability.

Credit from the driving school – unfortunately not necessarily cheap

Credit from the driving school - unfortunately not necessarily cheap

Driving schools know the concerns of learner drivers when it comes to financing their driving license. They meet their learner drivers by offering partial payments. After all, it takes about half a year from registration to the driving test. In addition, many driving schools have flyers that promise a cheap, uncomplicated driver’s license credit.

Unfortunately, the offers we know are not optimal. The credit requirements so that a loan for the driver’s license can be approved by the specialist provider largely correspond to the requirements for regular credit. With a small training income, the loan would only be granted if a solvent guarantor or co-applicant assumes liability.

Compared to the regular loan with guarantors, the special offer, at least the offers available to us, is extremely expensive. State around 2 percent APR, as with regular small loans, the special loan costs up to 10 percent.

Special loan – a few USD until the driver’s license

Special loan - a few USD until the driver

Through partial payments, a loan from Grandma, Grandpa, …, many even get the last payment before the exam with the training salary. Only 100 USD or 200 USD are missing until full payment. Unfortunately, the small overdraft facility with the training salary is already exhausted. No more money is to be expected from the family either. What now? In this case, a real special loan with small income helps to make the final payment on time.

Express, lightning or quick loans with payouts in 24 hours are mini loans. As a loan for the driver’s license, they provide quick liquidity until the next payday. The hurdles to lending are low. For example, at Vexcash, proof of income of 500 USD would be sufficient for lending. This requirement can even be met with an average training income. Initial applications should be made via video ID.

The modern procedure for ID verification via video telephony extremely reduces the waiting time for a loan. The provider mentioned accepts initial applications with a credit volume of $ 100 up to $ 500. The loan term is 30 days. The interest level is within the framework of high interest rates.

Driver’s license loan at special interest – from private

Driver

Finally, a credit tip that would be accessible monthly from proof of income of 1000 USD. The credit needed for the driver’s license despite poor creditworthiness could come from private donors. Cream Bank has an excellent reputation for brokering credit from private to private.

As part of the exclusive deal, the loan from private becomes a credit tip as a particularly low-interest loan for the driver’s license. With the special loan for new customers, Cream Bank subsidizes the interest. For the small loan, the borrower only pays the current interest rate from advertising. Cream Bank bears the interest rate difference to the agreed private loan.