Training means both company-based apprenticeships as well as studying or attending a technical school leading to professional qualifications. In the dual training system, the training company pays a fee, the amount of which depends on the apprenticeship, the year of training and sometimes also on the location of the company. zuperxl.com has more notes
Students and technical schoolchildren receive government benefits from the Federal financial aid and, if necessary, additional promotional loans from Intrasavings Bank or regional credit institutions. The legal age of the loan seeker is an essential prerequisite for applying for a car loan despite training. Younger people are not allowed to take out loans with the consent of their parents.
Whether a commercial bank grants a car loan despite training depends on the type of budget bill. The income from a promotional loan, like the Federal financial aid, is available throughout the entire training period; there is no obligation to repay the student Federal financial aid anyway and only begins with state student training grants and with all promotional loans after the final examination. However, not all credit institutions count this income.
The same applies to parental support and household savings thanks to living in the parental home. This is taken into account by some financial institutions in the budget for car loans during training, but not by others. In principle, an independent commercial bank can use a car loan to finance an inexpensive used car more easily than a high-quality new vehicle, despite training. When planning a car loan in spite of the current apprenticeship, it should be borne in mind that once the final exam has been passed, the repayment of any promotional loan is also due.
In the dealership, when taking out a loan through the manufacturer’s bank, different rules apply to a car loan despite training than in a commercial bank. The car bank prefers to issue one for vehicles whose sales figures the vehicle manufacturer is not satisfied with. In this case, facilitating the granting of loans to those interested in training as a vehicle is a means of promoting sales. In addition to facilitating the granting of loans, vehicle models supported by the manufacturer’s bank are associated with favorable loan interest rates. The fact that the parents are known as customers in the dealership also helps to make it easier for a trainee to lend via the dealer.