Anyone starting an apprenticeship has to pay for various purchases. To finance car, rent deposit and Co., a special loan for apprentices is the right choice. We explain what to look for.
Credit as an apprentice: possibilities
Basically it is not a problem to take out a loan as an apprentice. Quite the contrary: Trainees are popular customers in most banks, as the income is relatively secure and there is the possibility of a longer-term commitment. For this reason, the terms are relatively cheap and allow the borrower to also take loans with longer maturities and larger sums. The catch: Borrowers in education must meet some requirements.
This includes, for example, the residence in Germany and a minimum age of 18 years. In addition, there must be no negative credit bureau entry and the salary must be received at regular intervals. By the way, credit aid and child allowances do not count as income and are accepted as collateral by very few banks. In contrast to a takeover after training.
Takeover as security
Those who are safely accepted after the training have a higher chance of getting a loan. In addition, a longer duration is possible because even after the completion of the training there is a regular income. It therefore makes sense to submit to the bank appropriate documents such as certificates or even a letter from the training company. A written approval for the acquisition is ideal here.
Even without commitment, a loan can be taken by finding a co-applicant. This acts as additional security and can help determine the amount of the loan, so it makes sense to entrust the parents with this task. The partner or a friend can also be registered as a co-applicant. The same basic conditions apply as for the main borrower: Regulated income, an existing employment relationship, no negative credit bureau entries. If all this is the case, various offers should be obtained and checked. A comparison is also useful due to hidden costs.
Trainee loan: A comparison is worthwhile
Trainees therefore have quite a few opportunities to take out a loan. Since all credit institutions offer different conditions and benefits, a comparison is recommended. This is particularly useful because some banks offer special loans for trainees. However, these may be linked to a longer-term commitment. Anyone who plans to take out a Riester pension or a building society savings contract can additionally save money here.
If you only need a loan, you should carefully check the conditions. Often, additional services are included, which are not needed at all, but have to be paid by the borrower. Therefore: Study the contract carefully and have it checked by a specialist if necessary.