Students generally have a big problem. Your pocket money flows regularly into new clothes, disco visits or even in the mobile phone costs. For larger purchases, usually nothing is left. Not even if the pocket money needs to be improved by a side job.
But students sometimes need a car as well. Namely, when the school is not at the place of residence and public transport is not available. Mostly then a loan must be forth. A car loan for students.
Age of majority and credit rating count
If the parents can not provide the needed car and a car loan for students must be searched, it is important to observe some rules in advance. As a borrower in Germany, you generally have to be of legal age and must have a good credit rating. While the issue of age comes on its own, the credit rating is not always given. Because usually there is a lack of income. If there are still debts with the mobile phone provider or with mail order companies, the credit rating is completely in the basement and a car loan for students far away.
Get the parents on board
So that the car loan for students does not fall into the water, you should inform the parents about the car purchase and ask them for help. Parents can act as guarantors for their children and turn the credit rating into a positive one just by taking this step. In order for this to succeed, the paying parent must have a good income, which comes from a permanent job.
Civil servants can also vouch for a car loan for their children. As a prerequisite, it is of course always true that there are no negative private credit entries and the parent is not already burdened with further loan repayments. If there are other loans, the second parent should act as a guarantor, because then the salary is included in the calculations.
And if this way, no funding is possible, then the car purchase must either be postponed or dear grandma to be begged for a little support. She is also happy if she is allowed to help her grandchild.