What can I finance with a car loan?
If it is to be a sports car, this is just as easy as financing a new electric vehicle. Despite the name, a car loan can of course also be used to realize a motorcycle or, if you like it a little more unusual, a tricycle. Even quads are financed with a car loan, so you are not restricted in your choice. You can choose from the entire stock of motor vehicles and finance your dream car.
This can be financing for a used car as well as for a new vehicle. Very few people are able to cover such a financial expense with their own capital. Car finance is therefore one of the most common types of lending. At Good lender loan you can also use your loan for other expenses. There is no purpose at our partner banks, but you still benefit from favorable conditions for your car loan.
Necessary documents for the car loan
Which documents have to be submitted for a car loan depends on the bank that provides the loan. The usual documents for an installment loan such as pay slips from the last three months or pension notices as well as a copy of the identity card must of course also be submitted to the lending bank for a car loan. The following documents may also be necessary:
- Copy of the sales contract
- Information about the make, model, first registration and mileage of the vehicle
- Registration certificate part II
- Security Assignment
The registration certificate part II is the vehicle registration document. This is handed over to the lender together with a signed assignment of security, whereby the lender becomes the owner of the motor vehicle. The precise transfer of ownership conditions are recorded in the assignment of security. You remain in the possession of the motor vehicle and can use it as you wish, but you are not free to make a sales decision.
The bank will be able to sell the vehicle and repay the loan over the entire term of the loan if you do not repay the installments on time. Only after you have repaid the car loan in full will you receive the vehicle registration certificate and the property will be returned to you.
It makes sense to have a financing partner with whom you do not have to hand in the vehicle registration document. This gives you the opportunity to sell a financed car even during the loan period. This is of course an advantage if you are considering buying another vehicle and need the money from the sale.
A transfer of the car is not necessary at Good lender loan. You remain the owner as well as the owner and therefore have full decision-making power and freedom in what happens to the vehicle. Our partner banks offer you excellent conditions even without being assigned as collateral because the loan interest is currently at a very low level.