When trainees want to take out a loan, it sometimes proves difficult, because the income is still low and the institutions have no collateral. To be able to finance a driver's license or the first car of one's own as a trainee, various factors must be in place.
Training loan: requirements
In principle, trainees can only count on an education loan if they are completing dual training in public service or finance. The technical college study is therefore an important factor to be able to take out a loan as an apprentice. Full-time students also have the option of taking out an education loan and thus benefit from subsidized conditions and flexible repayment rates.
Trainees who do not meet the above requirements must take out a normal installment loan. Here, the general rules apply, which means that the training salary must be above average and the Schufa inquiry must be positive.
Loan for trainees with low income
Credit institutions give loans only in rare cases to trainees. The possibility exists only if the credit check is positive and the freely disposable net income is at least 1200 euros. Those who earn less during their education and still want to take out a loan with a bank must prove regular additional income. This is possible, for example, through rent from an inherited house, standing orders from relatives or when co-debtors guarantee the repayment of the loan. Income from a part-time job would also be a possibility, although this proves difficult during the training period.
Especially through a guarantee, trainees with low income can also take out a loan. The person who guarantees the repayment must also meet the creditworthiness requirements of the respective credit institution. Mostly, however, only a mini-loan is possible. Trainees rarely receive more than 15.000 euros.
Training loan for a vehicle
Trainees who want to buy a new vehicle for the way to work, have the opportunity to do so at the manufacturer banks and various financing institutions. The interest rates here may be higher than normal loans, but the chance of getting a loan even on a low income is much higher. The research on the Internet is therefore worthwhile especially in this case. Since the loan is usually not as high, the terms are also much better. Ideally, a combination of a high down payment and a few installments that can be made despite the low income.
Loan for trainees despite negative Schufa
Trainees generally have a hard time getting a loan from savings banks and banks. Especially if the creditworthiness is not given, the loan application is often rejected. Nevertheless, trainees have the opportunity to take out a loan, for example, to get a driver's license or buy a car. Special credit institutions offer schufa-free loans that trainees can also take out completely without a credit check. The only disadvantage is that the conditions are worse than with the usual credit institutions. In addition, mostly only small loans up to 3500 euros are possible. So for those who are willing to take on the high interest rates on repayments, here is a good way to finance small purchases.
If one does not want to resort to this option, there is still the guarantee by family members or the life partner. If you can find a co-borrower whose Schufa inquiry is positive, you can count on a small loan. Direct lending is of course also possible. Lastly, lenders can also be found on the net. Especially trainees have here good chances of a small loan up to about 5000 euros. Since the lenders on such mediation platforms also check how the creditworthiness of the applicant is, the Schufa query should also not be negative here.