An electric car can be financed with a variety of loans. For which the car buyer decides, also depends on the financial conditions.
Meanwhile, many cars are no longer paid directly at the purchase, but financed.
Above all, the low interest rates are causing many people to stop paying their cars immediately, but to finance it, lease it, etc.
Self-employed and companies often resort to the possibility of leasing, private individuals are more likely to use a car loan.
The three most common financing models are:
– Car loan
– balloon financing
The car loan
There are even two options for car loans, for which the buyer of an electric car has to decide. For convenience, many take advantage of the auto dealer's financing options. That may be advantageous, because the purchase of the car and the financing remain in one hand. There are no significant differences in interest rates, as the banks of car dealerships also offer attractive interest rates. However, there is an important reason to opt for a financing model with an independent bank.
There are special loans for car purchases that are earmarked. These online car loans often charge lower interest rates than a traditional installment loan. A car buyer also often gets a cash discount of up to 20% from the car dealer. If the car is financed by an independent bank, the car owner can benefit from it. However, if the loan offer of the dealer bank is used, then there is unfortunately no discount.
The balloon financing
Car buyers with a lower net income value a low monthly rate. Therefore, they choose a balloon financing. This has advantages and disadvantages. In fact, the rates are low.
In return, the borrower expects a large sum of money at the end, which is due in one amount at the end of the term. Behind it hides a big risk. Missing at the end of the money, either through a follow-up financing must be considered or the car goes back to the dealer.
Who gets involved in a balloon financing, should be sure to be able to pay the balance. Although the car dealers offer further financing, it is also worth taking a look at the offers of the other banks. Basically, the direct banks have the advantage. You save costs because they do not have a branch network.
This makes it possible for loans to be offered at a lower interest rate than at the branch banks. If you can not afford the final installment of a balloon loan, you should look for a suitable bank for a loan on the Internet. The loan calculator will help.
Many consumers are not sure if they should buy an electric car. Here a leasing vehicle is perfect to test the electric car first. Leasing sets a time at which the lessee can use the vehicle for a monthly amount. At the end of the time, the car is simply returned to the leasing company. Now the customer is free to lease a new vehicle.
The system leasing has been around for a long time. So far, drivers have benefited from the fact that they regularly want to drive a new vehicle. Leasing is also interesting for companies.
Creditworthiness is important
The mentioned examples of electric car financing require a positive credit rating. With negative Schufa entries it will be difficult to find a lender. German banks refuse a loan for a vehicle with a bad credit rating