New Car Most Like With Credit
It is and remains the German favorite toy: the car! And therefore always up to date with technical developments in the automotive sector. Must be with the Germans also regularly a new car ago. Which for the majority of German citizens is ultimately not a problem, be it in the car dealership, the free dealer or just the bank – everywhere there are more or less offers to lease the new car or finance thanks to credit. And these loan offers are gratefully accepted by the Germans. This is confirmed by a new study by the Car-Loan Leanders, CLL for short, which was commissioned by the Banker Bank. The clear conclusion of this representative study: Buying a car is and remains the most common reason for taking out a loan privately.
According to the latest CLL study, after all, almost every second installment loan is planned to finance a new car. Expressed in percentages, this means that around 47 percent of all loans applied for and granted in Germany are used in succession for the purchase of a new or a used car. It is interesting that it does not necessarily have to be a new car when buying a motor vehicle on credit. For example, around 25 percent more car loans were used to buy used cars than buying new cars (22 percent).
Often, the loan only allows the purchase of a car
The fact that consumers rely on car loans or another financings such as leasing or final installment financing to buy their car is hardly surprising considering the high initial cost of the car: according to the CLL study, which surveyed more than 1,800 consumers, the average Financing sum at about 18,000 euros for a new and 11,000 euros for a used car. From this it is quite possible to conclude that it would be almost impossible for most Germans to purchase a motor vehicle without appropriate financing models such as car loan, leasing, etc.
The variants: car loan, leasing, three-way financing
The majority of German households, namely 56 percent, owns a car, according to the study. Two cars are found in about every fourth household (26 percent), more than two are an exception. According to CLL, funding was used for every third of these privately used vehicles. New cars were fully or partially financed in 38 percent of all cases, making them significantly more likely to be used than second-hand vehicles (28 percent).
Among the possible car loans give the Germans the installment loan the clear preference. In order to afford a new or used car, 71 percent and 83 percent of all consumers would most likely seek a car loan. For new cars, leasing comes second with 20 percent; however, the three-way financing brought it to third place. More information and details about the study here.