The car loan of the bank of scotland convinces by its particularly simple credit processing. In addition, the provider impresses with fair conditions, especially since there are already good experiences with the call money of the scottish bank.
What vehicles you can finance with the bank of scotland car loan?
The loan is available for the purchase of new and used cars. So you can choose between many offers. You can finance all used cars that are a maximum of 10 years old. Unfortunately, you cannot buy motorcycles, trikes, quad-bikes, vintage cars and collectibles. The bank of scotland car loan is available to all private individuals. So, unfortunately, you can not buy vehicles that you want to use commercially.
Logically, you can buy cars in the normal price segment. An above-average purchase price can not be covered by the bank of scotland, but only loan amounts up to 50.000 euro.
However, depending on your creditworthiness, you can run multiple financing with bank of scotland. The only important thing is that you can only buy one car per vehicle financing. You'll need an extra car loan for second vehicle financing.
What loan amounts can you apply for?
Bank of scotland car financing is available for amounts between 3.000 euros and 50.000 euro possible. Of course, the vehicle may cost more, but you have to pay the remaining amount yourself via the down payment.
Representative example: net loan amount 13.800 EUR; contract period (months)/number of installments 67; fixed borrowing rate 2.95% per year; annual percentage rate of charge 2.99%; amount of the installment 223.65 EUR; total amount 14.984,59 EUR. At least 2/3 of the customers receive these conditions.
Find a suitable offer here
What documents you need to submit to bank of scotland?
In order to process the application, the bank needs various documents in order to check the plausibility of the information you have provided. Therefore, you must submit the following proofs:
- Signed credit agreement
- Copy of the last salary certificate or. Notice of parental allowance or the last pension notice
- Copy of bank statements for the last 4 calendar weeks. This must be the account where you can prove that your salary has been received
- Signed SEPA direct debit mandate
This is important because the monthly installments will be collected from this account.
What terms can you choose for the bank of scotland car loan??
The term of the car financing is between 24 and 84 months. An effective interest rate of between 1.48% and 3.47% is offered. The respective interest rate depends on your individual creditworthiness.
What are the requirements for the bank of scotland car loan??
In general, car loans are easier to obtain than personal loans. Nevertheless, there are some requirements that you must meet for the bank of scotland car loan.
These are the usual criteria:
- You must be of age
- You need a german salary account
- Your main residence is in germany
- You have been employed for at least six months
You must have a permanent employment contract?
The beauty of car financing is that you don't need a permanent employment relationship. However, the loan repayment must be within the employment period. Any employment relationship, the period of which is agreed until the end of the credit period, is suitable for this purpose. You just have to make sure that you can pay the installment amount by the income (minus the fixed expenses) and your employment has existed for at least six months. The aim here is to eliminate the uncertainty of the trial period.
Bank of scotland car loan without bank statements
You can apply for the bank of scotland car loan without bank statements. This is for all car financing up to 30.000 euro possible. Thus the credit application is quite uncomplicated. This means that you can apply for a loan of up to 30.000 euro no bank statements have to be submitted. This is a particularly nice way to get a loan without bank statements.
What are the possibilities of identification?
To apply for a car loan with bank of scotland you need to identify yourself. You can do this both via the classic post-ident, as well as via the modern video-ident procedure. The video-ident has of course the advantage that you can apply for the loan completely from home.
Bank of scotland car loan without registration certificate
Bank of scotland offers a modern loan without you having to deposit the vehicle registration certificate (zulassungsbescheinigung teil II). A signed contract for the transfer of ownership by way of security (security transfer contract) is sufficient. You sign the application form and send it to the bank of scotland.
This is necessary because the car loan has more favorable interest rates than a personal loan. The bank calculates in the offered interest rate of course a risk surcharge, which can be smaller with the vehicle as collateral.
Are unscheduled repayments possible?
You can make unscheduled repayments on your bank of scotland loan at any time. This is always a good idea if you have some money left over. This naturally reduces your interest burden. The sooner you repay the loan, the less interest is due on it.
You are allowed to repay up to 20% of the original loan amount each year free of charge. In principle, higher amounts are also permitted, but fees of 1% of the repaid amount will be charged for this.
Conclusion to the bank of scotland car loan
Due to the low interest rates, the ease of application and the fact that you do not have to send in a car title, the vehicle financing is worth a clear recommendation. It's also especially nice that you can borrow up to 30.000 euros a car loan without bank statements apply for. A very clear plus!