The car loan from Vi-bank a company of the Sparkassen group, which primarily addresses private and medium-sized customers, presents itself in a favorable and flexible manner. The Vi-bank car loan offers financing options for both new and used cars, which should be distinguished above all by their fair conditions. In the context of this offer, the customer has several advantages which, together with further conditions and the conditions, are to be explained below.

Conditions for the car loan of Vi-bank

Conditions for the car loan of Vi-bank

The terms of this loan offer depend on which variant of the loan is chosen. Borrowers are basically offered two options: car loan Classic and Vario. The first variant is more likely to be the classic installment loan geared to automobile financing. The second offers the customer, at the end of the term, a choice between a total of three options with regard to the repayment or closing rate of the loan.

The interest rate depends on the amount of the borrowed amount, the term and thus the amount of the installment. Vi-bank’s car loan also uses a fixed interest rate, which allows the customer to calculate the installment payments exactly over the entire term. According to the company, the effective interest rate, which is currently 6% per annum, is independent of the creditworthiness of the customer. The fixed borrowing rate varies between 3.07% and 6.23%, depending on the loan size and maturity. The basic term of the loan given by the company is 48 months.

Car loan Vi-bank Vario

Car loan Vi-bank Vario

With this variant, Vi-bank offers a so-called 3-way freedom of choice towards the end of the repayment term. When applying for the loan, a final installment payable at the end of the term is agreed, which can be used in different ways. A closing rate offers customers the advantage of greater financial leeway during the repayment term, as rates are significantly lower.

The first option at the end of the term is to continue to finance the final installment, which will extend the term to 96 months. Financing can be terminated on a monthly basis, leaving the vehicle in the bank’s ownership. However, the final installment can be paid in full at the end of the basic term, which transfers ownership of the vehicle to the borrower. Finally, there is the option to sell the vehicle back. The car is then taken back to the contractually guaranteed value.

Conditions for the car loan of Vi-bank

Conditions for the car loan of Vi-bank

For its car loan, Hamburger Sparkasse requires the usual collateral on the market, such as a regular income from employment and no or only minor existing credit obligations. What is important here is the free income with which, if necessary, a second loan can be collected financially.

Vi-bank’s car loan also requires a personal loan meeting in one of the numerous branches. The financing request itself can be made online on Vi-bank’s website or by phone. Proof of the above-mentioned requirements such as payroll statements, a copy of the employment contract and a valid identity card are to be brought to this interview, so that a quick credit decision can be made.

Security package of Vi-bank

Security package of Vi-bank

Vi-bank offers customers who value it a security package in the form of the residual debt insurance KreditPlus. This is a term life insurance with decreasing premiums, whose sum insured should minimize the credit default risk for both the bank and the customer. This is the case when he can no longer meet his payments because of unemployment, disability or death. Such insurance is worth due to the high additional costs, however, only for sole earners with family who apply for a relatively high amount with a correspondingly long term.