The cost of obtaining a driver’s license has increased significantly in recent decades, so that today’s learner drivers pay significantly higher amounts than their parents. Fortunately, financing the cost of the driver’s license has also become much easier.
Fund your driving license through the driving school
Almost every driving school offers financing for a driver’s license. Many learner drivers start training at the wheel before the age of eighteen. In this case, you can conclude the actual training contract for the driver’s license yourself with the consent of your parents. However, minors cannot enter into credit agreements, including installment payment agreements, even with the consent of their legal guardians, so the credit agreement between the driving school and the parents is concluded.
A later transfer of the installment contract to the adult student is then possible. Some larger driving schools themselves pay the installments with their learner drivers or their parents, while smaller companies tend to lend to a bank. The driver’s license loans agreed through a driving school are also cheap when brokered to a bank, since the financial institutions reward the supply of numerous loan applications as well as the handling of part of the loan processing by the driving school with price reductions and the instructor passes on part of the commission to his learner drivers.
Loan from a bank
The assumption that the financing for the driver’s license via the driving school is cheapest must not lead to no further offers being obtained. This is particularly true in rural areas where young people rely on a car. Regional financial institutions such as Volksbanken and Sparkassen, in particular, often grant special conditions there if a loan can be proven to serve as a driver’s license. The amount of the loan is initially not exactly determined when financing the driver’s license, since nobody can reliably predict the number of driving hours actually required.
In addition, the purchase of a driver’s license becomes more expensive if the learner driver does not successfully complete the first test drive. For a driver’s license loan, therefore, it makes sense to agree with the bank on a subsequent determination of the exact loan amount in accordance with the actual driving school costs. If the bank is unable to fulfill this request, the learner driver will opt for a loan amount that is sufficiently high in any case and will not calculate his borrowing solely according to the statutory minimum requirements for the number of driving hours.
Finance your driving license by saving
In addition to borrowing, early saving is a form of financing for the driver’s license. Grandparents predominantly pay a regular monthly savings amount to a savings account, the balance of which should be available to future learner drivers on their eighteenth birthday. Instead of grandparents, parents or aunts can of course also take over the payments.