Bank installment loan & car loan tested

The Copy Lender Bank has been active in Germany with its headquarters in Berlin since 2008. Initially, the direct bank only specialized in one product, the overnight deposit account. In the meantime, the offer has been expanded to include installment and car loans. nice-boards.net for clarification

By restricting them to just a few products, consumers benefit from good service and well-thought-out offers. Below we present the Copy Lender Bank car and installment loan in detail and deal with the strengths and weaknesses of the products.

For whom and for what is the Good Lender suitable?

For whom and for what is the Good Lender suitable?

The offer is aimed at private customers who have either been employed for at least six months, young people in training, the self-employed or retirees and pensioners. The target group is therefore sufficiently large and the self-employed and pensioners, who are often rejected by many other banks, can in principle apply for the car loan.

As usual with AutoGood Lender, they are earmarked. The Copy Lender Bank therefore approves the loan for the purchase of a new car or a used car that is not older than 10 years. Competing providers often also allow the financing of motorcycles, caravans or other means of transportation. Copy Lender Bank does not have this option!

The unrestricted installment loan from the Copy Lender Bank has a different focus. With this financing, any products and services can be purchased. The higher flexibility for the customer and less security for the bank is reflected in slightly worse conditions.

Copy Lender Bank annual percentage rate as of 1.95%

Bank of Good Finance annual percentage rate as of 1.95%

The Good Lender is offered by the Copy Lender Bank as credit-dependent financing. The better the personal credit rating (Credit Checker score) the lower the interest rate. If your own financial situation is rather bad, interest rates rise due to a risk premium. In extreme cases, the loan application is rejected by the bank.

The effective annual interest rate of the installment loan is at least 1.95%, that of the car loan at 2.49% pa This interest is offered to consumers with a very good credit rating, regardless of the chosen term. The maximum interest rate on the car loan is only 3.85%, that of the installment loan is 5.25%.

In terms of term, you can choose between 24 to 84 months. The following applies here: the shorter the term, the higher the monthly payment. The Copy Lender Bank pays borrowers at least 3,000 dollars and a maximum of 50,000 dollars.

Copy Lender Bank convinces with good conditions

The Copy Lender Bank does not have to shy away from comparison with other institutions. In our loan comparison, depending on the loan amount and term, you occupy a good place in the top third.

It should be emphasized that the maximum interest rate of 5.25% is very favorable. The competition often demands 2-3 percent more at the top. Only those with very good credit ratings can find cheaper financing.

Frequently asked questions

Frequently asked questions

How does the application work?

The loan can only be paid online at the Copy Lender Bank. To do this, fill out the interactive application, asking for the desired loan amount, your income or the number of other Good Lender. It usually takes no longer than 5-10 minutes to complete.

You will receive a confirmation or rejection of the planned financing by email relatively soon. If the test was positive, send the completed application to the bank by post. Depending on the employment, proof of salary, pension notification or other supplementary documents are required.

When do I get the money?

If you have received a positive decision from Copy Lender Bank by email, the agreed loan amount will be transferred to your checking account within a few days. The money is therefore available to you before you buy a car. This has a great advantage: With a full cash payment, you can negotiate further discounts or allowances with your dealer. A 5 to 15% discount is not uncommon!

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