Who takes the highest car loans?

Model cars on different levels of coin stacks

The car is still the Germans favorite child. So it is hardly surprising that many motorists realize their dream of a new mobile pedestal with the help of car financing.

The comparison portal portalose has investigated who took the highest car loans in 2017 in Germany.

Hamburgers are front runners

Hamburgers are front runners

From state to state, there are differences in car financing. The Hamburgers can especially taste their jewel: On average, they take out a loan of 14,805 euros for their new car. They move almost 1,000 euros above the national average, which is 13,852 euros.

The Bavarians and Baden-Wuerttembergers are also picking up their money for a new vehicle: on average they take out car loans amounting to € 14,687 and € 14,614, respectively. Perhaps it can be concluded from this that the inhabitants in the southern German states afford primarily the rather high-priced bodies that are manufactured in their respective areas.

By contrast, the Sarlanders are comparatively economical, with car loans averaging 12,880 euros and thus representing the Scots among the Germans, so to speak. In Saxony (13,135 euros) and Schleswig-Holstein (13,138 euros), the average loan sums are comparatively low. Close to the national average, the car buyers move in Rhineland-Palatinate with 13,782 euros as the average loan amount.

Low interest rates make buying a loan attractive

A look at the low interest rates makes it clear why buying a car loan is actually interesting at the moment: In 2017, car buyers were able to borrow the money for their car on average at an effective annual interest rate of 3.04 percent. In 2011, the corresponding interest rate was still 5.78 percent effective – which means almost a halving. The conditions for a loan purchase are so cheap as almost never.

In addition, other options are often less attractive. Since very few buyers can deduct such a sum from the current income, the alternative would be to save the purchase price for months or even years – but there is currently almost no interest on a savings account.

In addition: A car buyer is currently in an advantageous position. He can borrow the money to buy at a low interest rate through a car loan and then offer the car dealer cash on purchase. This gives him a strong bargaining position and can bring high discounts – he benefits even in two ways.

Men borrow more than women

Men borrow more than women

Portalose’s research shows something else: Women tend to take on lower car loans than men. While men on average finance their dream car with 14,494 euros, this figure is only 11,810 euros for women – 23 percent lower. One reason for this could be the lower income of women. On the one hand, they want or can spend less money on buying a car, on the other hand, however, the salary available is also an essential factor that a bank uses to assess its lending. A lower income therefore often means a smaller credit line.