But does such a loan work in reality?
Brief overview – in four sentences
Legally, car loan is no problem at 18. However, it only works smoothly if a safe, sufficiently high income and a good score are added. Apply now without obligation , then use the software to fully exploit the comparison software. After the application, the comparison only shows the individually fitting loans.
18 years and immediately creditworthy?
You have to fight hard for creditworthiness in Germany. The reason for this is the credit bureau, which stores a wide variety of data about individual consumers and passes it on to companies as long as they query the data.
In addition, a good income must exist for good creditworthiness, which must have existed for at least three months. Many banks even require a fixed income that has lasted for at least six months. 18-year-olds who are just starting their careers or are still at school can hardly have such a credit rating. Because the income from teaching is not enough to borrow.
And with students, it is generally assumed that there is no income at all. In order to take out a car loan at the age of 18, there must be at least one person who is solvent and old enough to support the loan.
Who can support borrowing?
In many cases it is the parents who enable the car loan at the age of 18. They take out the loan together with their son or daughter in order to be able to buy their first mobile pedestal. The loan is often used to finance the driver’s license. This too has become so expensive that most drivers will not be able to finance it without financing. In order for parents to support taking out a car loan at the age of 18, they have to be solvent. A fixed income and a positive credit bureau are mandatory.
If necessary, further safeguards should be available. However, these are only necessary if a large loan amount has to be taken out. In many cases, the first car is more of a used car that can be financed with just a few thousand USD.
Car loan with 18 years – admission
Since the young adult cannot take out the car loan at the age of 18 alone, he should also choose the right loan offer together with his supporters. You may already have borrowing experience and be familiar with the advantages and disadvantages of each offer.
Our loan calculator should be used to search for a suitable car loan at the age of 18. On the basis of three details (loan amount, term, purpose) he searches for suitable offers and prepares them clearly.
In this way, you can see at a glance which conditions the respective offers entail and which requirements must be met in order to be used. The application for the loan must then be made by all those involved. Everyone must provide their personal information. It is therefore not sufficient for several people to sign the loan agreement in the end. The bank wants to know who it is dealing with and check the creditworthiness of everyone involved.
The money from the loan will then either flow directly into the financing or be transferred to the borrower’s account. Depending on which type of loan was selected in advance for the car loan at the age of 18.