The car loan is the # 1 loan – Car buying particularly popular

This is the result of the “Auto & Kredit Navigator 2016” study, which was carried out by the market research institute GMK on behalf of the MoneyRoyale Bank. The proportion of men who take out a car loan predominates. Especially in new federal states such as Thuringia and Saxony-Anhalt, loans are used to buy a car. This means that buying a car is and remains the number one credit use for Germans. This is because furniture / furnishings are in second place with only 25%, followed by consumer electronics with 22% and household appliances with 21%.

Finance a car with a loan

car loans

It is striking that civil servants and well-paid people in particular use the opportunity to finance a car with a loan. Families also belong to the main target group for car loans, because almost half of Germans with children would use a car loan to buy a car.

This trend is predicted to continue. Because according to the study results, the willingness to borrow a new car is high among Germans. Last but not least, the current low interest rate phase contributes to this high willingness to borrow. More than 50% of Germans continue to plan to fulfill their dream of a new or used car with a car loan. If you compare different forms of car financing, the classic installment loan for car financing is far ahead of all other financing models such as leasing. The loan from the bank is just as important as the financing from the car dealership.

 

It is not surprising that the Germans so often take out a loan to buy a car

It is not surprising that the Germans so often take out a loan to buy a car

According to the study, the average loan amount is around $ 18,000 for new cars and $ 11,000 for a used car. Due to the comparatively high acquisition costs, many Germans would not be able to afford a vehicle without the possibility of car financing. However, as current developments show, mobility, independence and comfort continue to play a very important role for Germans. Today 80% of Germans already own at least one car. Thanks to the car loan, around half of the people with a low net household income of less than $ 1,000 have their own car.

The fact that owning a car has a particularly high priority for the Germans is also shown by the willingness to forego other luxury goods such as vacation, weekend trips and excursions for your car. However, car buyers also attach great importance to being offered cheap financing. Most pay attention to favorable conditions when car loans. In addition, borrowers want the simplest and most straightforward conclusion possible and low monthly installments.

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