Save up to 5,000 euros when buying a car – just by following two simple tips: Here you can find out how.
Car buyers can easily save up to 5,000 euros. This is shown by a new calculation by the comparison portal Verivox for t-online. It only takes two simple steps.
Because there are several thousand euros between standard and best financing – and that already applies to an average new and used car. If you choose a more expensive model, you can save even more. This is shown by the figures from the credit experts. To do this, Verivox has calculated three financing options.
That’s how expensive standard financing is
New car (loan amount: 42,790 euros):
- Financing: installment loan
- Duration: 7 years
- Interest costs: 13,133 euros (Nationwide average interest rate: 8.24 percent)
Used car (loan amount: 18,800 euros):
- Financing: installment loan
- Duration: 6 years
- Interest costs: 4,896 euros (Nationwide average interest rate: 8.24 percent)
Tip 1: Whoever compares saves 3,500 euros in interest costs
The nationwide average interest rate determined by Verivox is currently 8.24 percent. This average is of course made up of many more expensive and many cheaper variants. Therefore, the following applies: “Anyone who compares several offers before concluding the contract usually gets the loan much cheaper,” recommends the comparison portal. Half of Verivox customers take out an installment loan with free use at an interest rate of 6.09 percent – or even better.
That may make the new fridge a little cheaper. When buying a car, it’s really worth it:
- These better conditions alone mean that the same new car (see above) suddenly becomes 3,541 euros cheaper.
- And when used, the financing costs decrease at least 1,310 euros.
Tip 2: Choose the right loan
About every second installment loan is used to buy a car, the banking association knows. However, many customers do not want to reveal this intention to the bank – and that is exactly an expensive mistake, warns Verivox. Because: “Many banks offer a car loan at particularly favorable conditions.” After all, the purchased vehicle provides additional security.
Anyone who specifically asks for a car loan saves a lot of money: On Verivox average, the interest rate for car loans is 5.24 percent – and is therefore significantly cheaper:
- You save when you buy a new car 1,380 euros (total saving: 4,920 euros).
- The used one will again 512 euros cheaper (total savings: 1,822 euros).
The cheap car loan also clears the way for further savings, says Verivox Managing Director Oliver Maier: “With a dealer-independent bank loan, buyers in the car dealership pay in cash and can often negotiate attractive discounts.”
