A recent study by Credit Bureau shows that young people handle their funding requests responsibly. Nevertheless, a loan for trainees is always limited.
Good credit opportunities with the training salary
There are good credit opportunities for trainees with local loan providers. The first loan for apprentices is almost always the overdraft facility of the house bank. After just a few months of training, the bank often even surprises the young account holder on its own with the overdraft facility. The amount of the new financial scope is about one month’s income. For trainees in the public service, double the monthly income is usually granted as a disposition.
If there is insufficient room for maneuver, there is a good chance that the credit line will be expanded. Depending on the provider, the overdraft facility can grow to around 2.5 monthly salaries. In the public sector it can also be a little more. After the expansion of the overdraft facility at the latest, however, the house bank is extremely tied up with further lending. The prospects of financing a long-term installment loan from training income do not exist without additional credit protection.
The car loan for apprentices
Your own car is often at the top of a trainee’s wish list. The dream of having your own car is understandable. Trainees do their job every day, just like everyone else in the company. The payout amounts on the pay slip differ only at the end of the month. In rain and cold weather, the job must still be reached on time. Public transport, which commutes even close to today’s very different working hours, is more of an exception.
The request of a chic used car cannot be implemented without outside help. It is only through the guarantee of the parents that it is worthwhile to look for them outside the places for export vehicles. The background to the lack of creditworthiness is easily explained. The training salary almost never exceeds the attachment limit.
In this way, the lender’s hands are tied in the event of a lack of willingness to repay. Coercive measures cannot be taken. In addition, the training contract ends on the day of passing the exam. The employer is not obliged to continue working. This means that there will not even be opportunities in the future to collect the loan for apprentices.
Alternatives to the guarantee
Not every trainee has the opportunity to name a guarantor. Nevertheless, the dream of owning a car in the apprentices’ car park does not have to be given up. It is important to save first. The saving amount should be 50 percent of the purchase amount instead of the usual 20 percent. Armed with these good conditions, the loan request is placed on one of the major platforms for personal loans.
The loan for apprentices from person to person is favorable. The high down payment and property security from the vehicle mostly convince private donors. Personal credit is, to the highest degree, a trust loan. About 80 percent of all credit requests, with a vehicle as security, are approved by the private sector.