Car loan repayment – fast & cheap solutions

The closing rate is approaching or you as a self-employed want to buy your leasing vehicle?

Do you want to repost your car loan ?

Do you want to repost your car loan ?

But maybe you also want to sell the vehicle and trigger the letter? Many good reasons advise rescheduling.

But, who is the right contact person? With about 5 minutes reading time, we like to explain what matters.

We would like to animate you to actively compare yourself and take advantage of your opportunities.

Vehicle loan repayment – short version

  • You owe your vehicle loan easily and quickly online
  • First, compare car loans in the connected loan calculator
  • Then make sure you check which loan offer suits you best
  • For this you apply – for you without obligation – a car loan from the comparison

Convert car loan – closing rate pushes

Convert car loan - closing rate pushes

Numerous vehicles leave the car dealerships every day. They not only run on wheels, but on small installments.

In other words, the car purchase was paid with a simple final installment loan. Later, to re-credit the car loan, to refinance the final installment, so the seller has claimed is not difficult.

Of course, only in the contract is no guarantee of follow-up financing. But, there are so many offers.

This will convert car loan, the maturity of the final installment, certainly no problem. Unfortunately, many car buyers with a tight budget have to realize that follow-up financing is not always easy.

As soon as the vehicle gets old, banks react reluctantly. The material value is no longer considered safe.

Moreover, the final installment financing has helped to ensure that the final installment is really only the residual value. This puts the mortgage lending value far into the future.

It is only about 60 percent of the dealer EK.

Problem Solving – Final Installment Loan

Problem Solving - Final Installment Loan

In retrospect, everyone is smarter, because the best thing is to conclude final installment loans only with guaranteed follow-up financing. Or, alternatively, apply for a loan with equal maturity and consistent installments.

However, which solution is currently available depends on your personal credit rating. Because, it has to be high enough to bridge the gap between mortgage lending value and final installment.

This would be conceivable with a weaker credit rating due to a somewhat more expensive loan offer. But equally, by a loan with two people.

The creditworthiness of both applicants would be assessed together. Therefore, car loan repayment with two people, usually no problem.

Remortgage car loan – vehicle sales

Most vehicle buyers pay attention to small installments. The alternative to the final installment loan is the long-term auto loan.

Nevertheless, it usually takes only about 3 years, then it irritates the holder to change the vehicle. But how to sell the “old” car?

The letter is still with the bank after all. In payment give the dealer of the Autobank, which is of course possible.

But sold privately, the old car brings a better price. The solution to this problem is easily found online.

For example, the company offers the car loan from 2.79 percent APR. This would allow the “new car” to finance low interest rates.

At the same time, the rescheduling of old loans is permitted. Thus, debt repayment, then the letter in hand, no problem.

The private sale of the end-of-life vehicle is no longer in the way. Special repayments are also allowed at any time free of charge at the company.

Thus, the sales proceeds may reduce the current car loan later.

Purchase a leased vehicle – self-employed

Being self-employed to take advantage of leasing is not only legitimate but also clever. The leasing rate can be deducted completely from the tax.

Nevertheless, at the end of the lease, the vehicle is often an interesting object for private purchase. Most leasing companies allow the purchase to the residual value.

But, reposting car loan, that does not always work as a self-employed. The leasing company does not forgive the loan.

Car loan despite negative credit history

Often everything comes at once. First there is an invoice, you do not have the time, sometimes you do not have the money to take care of it.

In the end, the reputation is spoiled. The remark has a negative entry.

Ok, paid and “sponge over it”, that does not work so easy. Pay yes, the entry receives the note paid, but more does not change.

Because, the negative entry remains visible. Thus, the chances of being able to repatriate the car loan by regular means are waning.

In this case, most banks shy away from debt restructuring, like the “devil’s holy water”. But there is again a solution from the net.

Despite negative remark, a loan from Bank, more precisely extra-credit, would come into question. 

Repurge car loan without remark

With negative remark and without a payment note, the banking centers in Germany are more like “Fort Knox” than a place of “welcome culture”. Also connected are all relevant providers with the remark.

This effectively excludes a loan without remark from Germany. Credit from the circle of friends once excluded.

All in all, advertising with foreign credit without remark lures Germans. Legal comes this offer from the Sigma credit bank from Liechtenstein.

It would be possible car loan debt in the amount of 3,500 euros, 5,000 euros or 7,500 euros. It offers remark free credit without earmarking and without insurance.

So the letter can go into the drawer. But, the requirements are high.

Cleverer and more promising would be, if financially not everything is in the towel, another way. An emergency plan, because hardly anyone can do without his car.

A way out in an emergency – how and why?

Ask a friend or family for help. This friend could take the loan in his own name.

Please not as guarantor, otherwise it will be expensive. An unmanageable risk, he goes with his help to car loan debt still not.

Because he holds the letter in his hands. It makes sense, the vehicle is also registered in his name.

This protects it from other creditors. He could then offer the letter as security of the bank as well.

Thus, all regular, so low-interest loans, open again. Because, instead of spending a lot of money on a risk loan, the savings are better spent in the eradication.

Regretting car loan on this detour should still be the exception. Only if there is no other way, this possibility is a real lifeline.

Three advantages you should consider about car loans

Car loan

Car loan

When buying a car, the option to apply for a loan is one of the most feasible and for which more Colombians are encouraged. Despite having the option to buy it in cash, the credits are specialized products that have different advantages and in this case, these are four of the main ones:

Credits different advantages

Credits different advantages

1. Include other benefits
Auto loans usually come with the respective insurance that will protect the vehicle in case of an accident. You can choose this separately or accept the one that the bank wishes to grant you. But they also usually come with the free insurance or some other type of additional benefit.

2. Interest rates are friendlier
As they are specialized products, they tend to have friendlier rates than other types of loans, in addition to quite convenient terms, which allow you to finance without having to risk your entire budget.

3. Continue to build credit history
By paying your credit on time, continue to form a positive credit history and prove that you are a customer worth trusting. This will allow you to access better interest rates and more personalized products.

4. The car is the pledge
Although for many this is a disadvantage, in reality, it is a positive point, since under this mechanism you will have very much in mind that being late in your credit payments is not an option, and that way you will maintain a healthy score.

Remember that when looking for one of these credits there are many options and before choosing it is ideal to compare the alternatives. How to do it? Making use of our auto loan comparator.

Financing the car purchase step by step

Let’s assume that we chose our dream car. The first decision we have to make is how to finance it. Of course, the easiest method is to look into your own savings and pay a certain amount. However, not everyone can count on it, which means that these funds will have to be borrowed. Again, the easiest solution will be to take out a small cash loan or … overdraft. However, if this is not enough, you will need to take out a car loan.

Why should it be used only after other financing methods have fallen off? For a simple reason: in the case of “cars”, the bank takes over our ownership as much as the vehicle purchased. This is not a convenient solution for the borrower, but otherwise fair – it was the bank that financed its purchase.


Taking a car loan – step by step

car loan

So how to securely take a car loan that is beneficial to us? It is best to divide the entire procedure into several stages (steps) that will be necessary in the context of choosing the optimal offer.


Step 1: compare offers

financing loan

Car loan offers should be compared not only on the basis of advertising outlines, but also on loan simulations and calculators. Such a comparison gives the most realistic results unless of course it is done using updated tools, including web applications. Let’s not forget that under the new regulations, in the case of loans up to $ 80,000, the bank must present the sum of the costs included in the APRC.


Step 2: analyzing loan parameters

Step 2: analyzing loan parameters

Another important step is to check the parameters of the car loan. I am talking here in particular about the own contribution and the maximum value of financing the purchase of a car. It is also important whether the bank will also finance additional insurance, service costs, etc. Then check how the loan is secured. The most advantageous solution is the assignment of rights from insurance, although it also happens that the bank may take us e.g. a vehicle card, thus preventing us from resale.


Step 3: analysis of the procedure

car loan

It is worth checking whether a given bank will allow us to obtain funds based on a simplified loan granting procedure. It is a beneficial solution for borrowers without a credit history as well as for those who start their business activity. You should also read the terms of this solution.


Step 4: cost monitoring

car loan

Before we sign a contract, we should carefully analyze all its cost components. It may happen that, although the interest rate on the loan itself is relatively low, its additional costs (insurance, commissions, etc.) can significantly increase its cost. The question is whether, as a result of this increase, the total cost of the car loan will not be higher than in the case of a traditional commitment.


Step 5: sign the contract and pay the debt

Step 5: sign the contract and pay the debt

Once all aspects of our car loan have been carefully thought out, it is time to sign the contract. Let’s do it with our head! Using loan offers that will be granted to us in just a few dozen minutes does not make it easier to make a wise decision as to the choice of a specific offer.

To sum up, car loans should be taken out wisely and – equally important – taking into account the rules and customs introduced by banks. Underestimating them may lead to the signing of the contract, which – to put it mildly – will completely plunge our home budget.