Young people want to be independent and want to get a driver’s license when they are old enough. The first car is then not far away and independence is within reach. Unfortunately, a driver’s license is very expensive. With all the costs that come with a driving license, you get at least 1,500 dollars.
Especially young people who are still in training or have just moved into their first own apartment are 1,500 dollars a lot of money. Even if the driver’s license cannot be paid out of one’s own pocket, it is not a dream that will burst. It is possible to take out a loan for a driver’s license.
What are the requirements?
The driving license can be obtained in many federal states at the age of 17. Since the borrowers are underage in this case, they cannot make the loan application alone. The guardian or parents must always sign the contract so that a credit for the driver’s license is possible. If the borrower is of legal age, no further signature is required. The applicant must at least be in training, it would be better if there was a fixed employment contract. The Credit Bureau must be clean and no further loans are allowed. Only then can an application be made.
What loan is being given?
Since the cost of the driver’s license is manageable, a loan for a driver’s license is granted a small loan that gives around 2,000 dollars. The money is transferred to the account so that the driving hours, the material and the examination costs can be paid with it. The loan has low interest due to the fact that it is only a small loan. So there are not many additional costs to be expected. The amount of the loan depends on how expensive the driving hours are. These vary from driving school to driving school. It should also be planned that the written exam has to be repeated. Not everyone passes the final test and is always associated with costs if it has to be repeated. This should definitely be included in the loan amount.
How can the loan amount be reduced?
The decision to get a driver’s license doesn’t happen overnight. For example, occasions such as birthdays or Christmas can be used to get driving lessons from the family. This has the great advantage that the loan amount will be smaller and the monthly charges will not be too high. Families, especially parents, always try to support their children and are therefore very happy to give money so that one or two driving hours can be paid for.