It happens again and again: after a long search, you have found a car loan that roughly corresponds to your own expectations, taken it, bought the vehicle, only to get very annoyed some time later because you discovered a much better offer. In this case, however, you may be able to reschedule your car loan. However, this is not always possible.
Debting a car loan: What exactly is debt rescheduling?
Before it is explained in detail how to reschedule a car loan and when it only makes sense at all, it should be briefly mentioned what is actually a rescheduling, since this word is used differently in everyday language than it is used in technical jargon. Debt restructuring means early redemption with the help of another. You take out a loan and use the money to completely repay an existing loan. The legal mechanism through which this works is the so-called special repayment, which can be found in every installment loan agreement that is concluded in Germany.
Debting a car loan: when does it make sense?
From this explanation it can already be concluded that it is not always sensible to reschedule a car loan: You should stay away from this process if you do not get any financial advantage from it. If it is actually more expensive to pay off the new loan than simply to keep the old one, it is better not to make any changes. However, if you have a clear advantage in doing the debt rescheduling, you should do so because it not only keeps you back more money, but also improves your creditworthiness. To do this, it is important to find out all the important fees and interest in advance and to calculate exactly.
Debting a car loan: The problem of your own bank
It is usually not very difficult to get a loan for a debt rescheduling. However, it is an exception if it is your own bank. This presumably generally prohibits debt restructuring in the house, because it has a financial disadvantage as a result. From their point of view, some financial institutions have reacted cleverly and allow debt rescheduling, but only with the bank’s instant loan. With this, however, you should not under any circumstances reschedule a car loan, since the instant loan is one of the most expensive loan types.