The “traditional” vehicle loan of the Automobile Bank is the so-called normal credit. He has a term of twelve to 72 months. You can make a flexible deposit according to your options. The monthly installment depends on the loan term and your down payment. You can give your old vehicle in payment. After the loan has been fully paid off, the car will become yours.
The advantage of this type of loan is obvious: you work with fixed and therefore calculable conditions. You know how much money you have to deduct every month from your vehicle financing budget. The disadvantage is also clear: you probably will not be able to afford every vehicle model. The normal credit is relatively static and sets a clear maximum that you can receive as a loan because you simply are not able to pay more than the associated monthly installments.
The Automobile Bank itself knows the big disadvantage of the normal credit and offers in the form of AutoCredit a solution. In principle, it is a classic three-way financing. The conditions are basically unchanged compared to the normal credit, but now the closing rate is much higher. For example, it is 50 percent of the loan amount. Monthly rates drop and you can afford even more expensive vehicles.
When the time comes for you to pay the final installment, you have three options:
– You repay the rate from own funds
– You return the car – Automobile Bank certifies your right of return as long as the vehicle is in “contractual condition”
– They are raising additional funding to pay off the final installment
With this form of car loan you have to put up with a disadvantage: Either you do not have a car at the end of the term or you have to pay back the loan for a very long time. The additional interest charge makes the loan more expensive.
The third way you can get a vehicle loan from Automobile Bank is the lease option. You will receive a year-old car from an employee of the Automobile Group. You are sure to always have a modern car that has been superbly maintained. On request, you can also finance such a leasing vehicle later to buy it completely. This also addresses the disadvantage of this variant: You will never have ownership of the vehicle without additional financing.