Young people are at the beginning of their lives and do not want to do without a driver’s license. This helps to be more independent and also to be able to reach friends or the training center better. Unfortunately, a driver’s license is very expensive in today’s world and up to 3,000 USD have to be expected.
This sum includes the driving hours, the exams and any re-exams as well as the exam material. Hardly any young person is able to raise this sum from their own resources. Not all parents can support their children financially, so there is often one way open: a loan for a driver’s license.
Which requirements have to be met
To get a loan for a driver’s license, there are a few things to consider. If the applicant is under the age of 18, they must bring their parents with them to sign the contract. In this way, the parents guarantee themselves and are liable for the loan. When the applicant is of legal age, he needs some documents that the bank wants to check. For example, a proof of salary must be provided that includes a sum that is above the garnishment allowance. In addition, banks often want to check private credit checker. All negative entries are noted here, such as a credit contract, a cell phone contract or payment obligations that have not been met.
Conditions that can be expected
Since the sum is a small loan, the interest is often very low. The bank sits down with the applicant and draws up a budget. All income and expenses of the applicant are noted here. This allows you to calculate how much money is left when all costs are revealed. A plus on the invoice can be used for repayment. If it is negative, the bank will often reject an application for a driver’s license loan. If there is no money in the account at the end of the month, there is no money for the installments.
In addition to the option of repayment in installments, the Best Bank loan also offers free special conditions. The credit interest rate is effectively fixed at 4.95% pa regardless of creditworthiness over the entire term. Especially borrowers with a limited income can benefit significantly here.
The special repayment and early repayment of the loan are easily possible. By waiving further processing fees, the borrower can benefit from a transparent loan product. With the monthly loan installment, the borrower can then “get the most out of it” and easily realize individual repayments from as little as USD 50 a month.