This is the result of the “Auto & Kredit Navigator” study, which was carried out by the market research institute GfK on behalf of the Best Bank. The proportion of men who take out a car loan predominates. Loans are used to buy a car. This means that buying a car is and remains the number one credit use for Germans. This is because furniture / furnishings are in second place with only 25%, followed by consumer electronics with 22% and household appliances with 21%.
It is striking that civil servants and well-paid people in particular use the opportunity to finance a car with a loan. Families are also part of the main target group for car loans, because almost half of Germans with children would use a car loan to buy a car.
The willingness to borrow a new car is high among Germans
Last but not least, the current low interest rate phase contributions to this high willingness to borrow. More than 50% of Germans continue to plan to fulfill their dream of a new or used car with a car loan. If you compare different forms of car financing, the classic installment loan for car financing is far ahead of all other financing models such as leasing. The loan from the bank is just as important as the financing from the car dealership.
It is not surprising that the Germans so often take out a loan to buy a car. According to the study, the average loan amount is around $ 18,000 for new cars and $ 11,000 for a used car. Due to the comparatively high acquisition costs, many Germans would not be able to afford a vehicle without the possibility of car financing. However, the current developments show, mobility, independence and comfort continue to play a very important role for Germans. Today 80% of Germans already own at least one car. Thanks to the auto loan, around half of the people with a low net household income of less than $ 1,000 have their own car.
The fact that owning a car has
A particularly high priority for the Germans is also shown by the willingness to forego other luxury goods such as vacation, weekend trips and excursions for your car. However, car buyers also attach great importance to being offered cheap financing. Most pay attention to favorable conditions when car loans. In addition, borrowers want the simplest and most straightforward conclusion possible and low monthly installments.