3 Possibilities of financing in Germany:

Obtain a Loan in Germany

There are three requirements that must be met in order to obtain a loan in Germany:

  • One must be at least 18 years old
    (important for the full capacity),
  • One must have an address in Germany
    (important for the creditworthiness check)
  • One must have a regular income
    (important to pay the interest and repayment).

There are several types of loans that we will present at the end of this article. Below that, you will have the opportunity to ask questions online, that we gladly would like to answer. Now, we present the three best ways to obtain a loan in Germany.

1. Bank loan

Deutsche Kreditbank Loan

The Deutsche Kreditbank (DKB) offers particularly fair loans without additional costs and with a special repayment option (Sonder­tilgungs­möglichkeit).

To get a loan from a bank is the usual way. The most common form of a bank loan is called consumer credit or also instalment credit.

With this, one can make financing of any kind, for example, purchases for the apartment or a holiday trip. One does not have to provide proof of the use of money to the bank.

The amount of the loan is transferred to a bank account. The monthly mortgage payments will also be deducted from this bank account.

Conditions

We describe the conditions based on the most demanded bank of this special portal, the DKB:

  • Flexible loan amount between Euros 2,500 up to 50,000
  • Flexible loan period between 12 and 84 month
  • Current interest rate 3.89% (annual percentage rate (effektiver Jahreszins), further details about the interest rate can be found on the website of the bank).

Notes on the interest rate

In the interest rate, there are two groups of banks in Germany. Some offer an interest rate depending on the creditworthiness (bonitätsabhängiger Zinssatz). This is good for people with high credit ratings, as they will have to pay less interest rate, however, bad for people with lower credit ratings. They will have to pay a higher interest rate.

The DKB offers an interest rate that is independent from the creditworthiness. Therefore, the interest rate of all borrowers is the same.

Open the loan calculator with several banks

Car Loan

The car loan is a special form of the instalment loan. As the vehicle provides an additional security for the bank, the interest rate is cheaper in most cases. Go directly to the ⇒ Providers of car loans.

2. Loan from private persons

In Germany, there are two online platforms through which you can get loans from private persons for private persons. Here you can find a TV report about this:

Key messages of the TV report:

  • One has to state exactly the same information about the person and the financial situation as in a bank financing.
  • However, not a single advisor decides at a bank and no bank computer, whether the loan applied for will be granted.The loan application is accessible as an investment opportunity for thousands of private investors. They can participate. Instead of the bank, the private investors receive the interest rate.

The chance to obtain a loan through one of the two platforms is greater than when only applying at a bank – especially, if you do not have AAA creditworthiness.

Often, not only one private person finances the credit request, but several investors pool the money on a „credit project“ together and divide this way the risk (loan loss) and interest rates (profit). This is a great form of bank-independent financing!

Thus, for a loan of Auxmoney

These are the corresponding websites:

3. Loan broker

At a loan broker, one states exactly the same data about the person and the finances like at a bank. The advantage of the loan broker: he/she selects the right bank for the loan request based on his/her experience, or asks several banks for the best loan deal.

In the following video clip, the operating principle of Bon-Kredit is explained. Bon-Kredit has established itself as an online loan broker in Germany since many years.

In addition to German banks, Bon-Kredit cooperates with foreign banks that provide loans in Germany. This is the background, why Bon-Kredit can also offer „schufa-free credits loans“.

In a schufa-free loan, the creditworthiness of the customer is checked, but not through the Schufa-query (credit investigation company). Additionally, a loan from a foreign bank that has no cooperation with the Schufa, does not appear in their information file.

www.bon-kredit.de

What is „Schufa“?

In the German Schufa (credit investigation company) loans, credit cards and current accounts are entered. The Schufa is a creditworthiness agency, in which most people living in Germany are collected. German banks check the customer based on the Schufa data before any current account opening and before any loan approval.

4. The short-term loan (e.g. 30 days)

The provider Vexcash has brought the new form of short-term loan to Germany.

In Great Britain, this form of bridging financing is used successfully since some time now and is accepted gratefully by people, who want to borrow a smaller amount until the next salary payment.

New customers get up to Euros 500 in loan. If one repays it within 30 days, then one can get a loan of up to Euros 3,000 as an existing customer and repay it optionally in instalments.

www.vexcash.com

How the short-term loan at Vexcash (Germany’s first and biggest provider of this form of loans) works and to what you should pay attention to in order to have low costs of the loan, we have summarized here: VEXCASH ⇒ Money on the same day!

Loans in Germany

In Germany, one can distinguish several loan types:

  • Consumer credit
    Also known as instalment credit. One does not have to state the purpose of the loan to the bank. This type of loan is often used to buy things for the apartment or to go on a holiday trip.
    New: Loan comparison with calculator tool!
  • Car loan
    Usually, a more favourable interest rate as for the consumer credit, as the purpose of the loan is mentioned and the car is a security for the bank.
    New: Loan comparison specifically for car financing!
  • Overdraft facility
    Credit line of a current account: One can „overdraw“ the account up to a pre-agreed limit
  • Credit on credit card
    One can go shopping or withdraw from the ATM and collect all purchases for months on the credit card account … however, the interest rates are particularly high for this. One of the well-known providers with the highest credit lines but not too strict creditworthiness check is Barclaycard.
  • Securities loan
    One has a securities account with stocks and funds at a bank. These securities are deposited as a security for the bank. The loan is usually favourable and is usually not entered at the Schufa. The money can be used for all purposes. The Comdirect offers securities loans.
  • Mortgages
    This is the cheapest loan to buy a house or an apartment. The property is a security for the bank.
  • Loans for self-employed and companies
    Here, the risk for the bank is the highest and therefore also the interest rate is often higher than for loans for private persons. In this form of loan, German banks are generally more cautious. However, we are already in contact with a foreign bank that wants to offer loans to entrepreneurs in Germany in the future, and we will report in detail about it.
  • Short-term loan
    The easiest and most favourable form is the loan for 30 days. One gets up to Euros 500 as a new customer and has 30 days to repay it. This is helpful for many people. If one needs money more often, one can get several possibilities and higher amounts as an existing customer. Further information here.
Depending on the interest of the readers, we want to report into detail about the various types of loans and show how to apply for and obtain them. Please use the comments box to ask questions to our editorial staff …
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Obtain a Loan in Germany, 4.4 out of 5 based on 48 ratings

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84 Responses to “Obtain a Loan in Germany”

  1. Nkonge Jane Kananu says:

    Am a Kenyan student, pursuing a degree in hotel and hospitality management, and I would like to start a business. How can I obtain a loan from Germany?

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    • Redaktion says:

      Do you read this article bevor you post your question? The premises are in the first passage.

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  2. Diego says:

    I have a DKB account, but I do not live in Germany nor do I have an address in Germany. Is there no solution for me to obtain a loan with DKB?

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    • Redaktion says:

      The DKB is a german bank, which only allocate loans at people who live in Germany. The address and the income in Germany is important for the credit decision.

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  3. Jyo says:

    I am from India. This year have applied to a private institute in Germany Berlin . Without a loan it is not possible for me to carry on my studies . Could you kindly provide me with a solution ?I don`t wanna drop out this year .

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    • Antar says:

      Did you ever find out the solution to your situation? If so, mind sharing?

      Best,
      Antar

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    • Suhas.C says:

      There are financial aids that are usually provided at university and also outside the university too. Start from student assistance dept. at your university. They can guide you via or at least show you the direction.

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  4. Jummy22 says:

    I have account with deutsche bank, I have asked for loan I was refused, I then go through finanaza check which 3 bank send me a offers, Postbank, credit plus and ING DiBa which I sign and send them back I got a reply from ING refused. Am so worried I have been in Germany for over a year working over a year but I have irish passport.please I need help

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  5. Jummy22 says:

    I only need 5000 for home improvements but I have had about these two bank which I have fill the online application but I haven’t signed the contract yet please advise me on which one you think can give loan Maxda.de and Lendico.de. what are my chances of getting the loan.

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  6. Doc says:

    Hi there,

    I am leaving for Germany (from Hungary) to work as a first year resident (medical doctor). I am planning to buy a car in Germany. Do you think if I will apply for car loan my application will be accepted? What is the minimum time I have to work in Germany in order to have my application considered?

    Thanks a lot.

    D.

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  7. suraj says:

    hello,
    I am an indian, studying masters in germany. I would like to buy a car. Is there any possibility in getting car loan? i have account in post bank and deutsch bank.

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    • Redaktion says:

      Each bank in Germany will look at your income and expenditure situation. Do you earn enough money to live and at the same time pay the rate for a car loan?

      German banks especially emphasize a regular monthly income.

      In order to find a favourable provider of car loans, you can use this loan calculator: https://www.deutscheskonto.org/en/loan/car/comparison/ or ask the banks at which you already have a current account.

      Good luck!

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  8. Robel says:

    Hi I am an international student from Ethiopia studying Masters here in Stuttgart. I will be staying here for 2 years. I have been awarded a DAAD scholarship (750 euro/ month) for two years. I was wondering if I can loan money from DKB or BW bank (lets say 3000 euro) that could be repaid in a year or so from the monthly DAAD income. Thanks.

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  9. Rodrigo Rosales says:

    Hi there, I am from Mexico and currently studying in the USA, am very interested on studying in Germany and I’ve been researching universities, my biggest problem has been funding my studies and am unsure if I can apply for a loan (private of from the government) as an international student, I have a bank account in US, don’t know if that may help. I would need a loan if my scholarships don’t cover must of my studies and living expenses, thanks and hope for an answer.

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  10. Stefanie Pruegel says:

    I am German but live in the US. I would like to buy property in the US, and my father is willing to take a line of credit on one of his German properties to help me get enough cash for the purchase. I would pay him back but would not have to pay interest. Do you know what formalities are necessary for this type of transaction? It’s not a gift but not really a loan either. Also, would I have to pay any tax or other charges to transfer the money from Germany to the US? Thanks so much.

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  11. Kirsten Paul says:

    Basically your father is giving you an interest free loan. The easiest would be if he wired the funds to your US account first. You can then forward funds to the title company, based on your purchase contract. Your father would have to pay for the wire fees at the German bank and your US bank might charge you for the incoming wire.

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  12. Nikola Angelov says:

    Dear friends,
    I have a question. I’m owner of a Bulgarian company with a over 20 years history. I’m interested in buying a fleet vehicle from German dealer. What are the possibilities for financing? I don’t live in Germany neither my company have a Germany office, but still according to EU laws I should be able to purchase a vehicle anywhere in the EU.

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    • Redaktion says:

      Do you want to register the car in Germany?

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      • Nikola Angelov says:

        No, I just want to buy the car from a German dealer.

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        • Redaktion says:

          We do not know any German bank that finances a car for someone abroad, which after buying will stay abroad.

          The fact alone that the car will be bought from a German dealer, will not be sufficient for a bank in Germany to make it finance this. In this case, it is really better that you contact a bank in your own country.

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  13. Will says:

    Hi DKB,

    I am an expat living and working in Germany. Is it possible to obtain a loan to buy property (land,building etc) outside the EU?

    Thank you in advance for your support.

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    • Susanne (member of editorial staff) says:

      Hi. This portal is not run by the DKB, but we can tell you that the DKB does not grant loans regarding construction financing (basically no loans) to private customers living outside Germany.

      With loans via the DKB your residence, the financed object and ideally also the source of income are supposed to be in Germany. When it comes to the credit business, most German banks are rather conservative regarding private customers.

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  14. Andrei Popa says:

    Hello,

    I am an EU citizen and have been working in Germany for 1 year now and I have an unlimited contract with my employer. The only thing is that I am a ship captain and therefore I work 1 month on the Rhine and I have 1 month off, which I spend in my homecountry. Is it possible to get loan without a german address? Thank you very much for your time. Best regards!

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    • Editorial Team says:

      Give it a try! We are a web portal, but not a bank. And the bank as such first needs to have a credit application with all data/details in order to reach a decision. Good luck!

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  15. Dave says:

    A private loan is always an alternative to bank rigid terms loan. Talk to a private lender.

    VA:F [1.9.22_1171]
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  16. Peter says:

    Hi there,

    Is there any solution for a loan in Germany if you only have foreign income? Problem is I receive my (EUR) salary to a foreign bank account (this cannot be changed unfortunately), otherwise I am a registered German resident, having German account and direct debits on it (like rent, internet, phone, etc.) and also can provide all my details about my regular income, it`s just happen to arrive to a foreign EUR account required by me employer. Is there any way I can successfully apply for any loans in the future? (no defaults or other loans of course on my credit history in any other countries) Thx

    VA:F [1.9.22_1171]
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    • Editorial Team says:

      Hello!

      Within the banking sector you will probably not find a bank to agree to such an arrangement (unless, maybe, we’d be talking about 1 Million EUR or more). A reason are the new EU regulations that are aimed at making loans for European customers secure. But one of the effects is that it very much curtails the granting of cross-border loans! Meanwhile, there are internet platforms, such as auxmoney.de where private consumers can negotiate loans with private credit granters. For that, a German residence is necessary, but that you have already. Good luck!

      VA:F [1.9.22_1171]
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  17. Dave says:

    Hello,

    There are also other internet platforms outside Germany (UK in particular) that can assist with minimum qualification requirements. Funding is as fast 2 to 3 weeks and can be less.

    VA:F [1.9.22_1171]
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  18. Shoab Ahmed says:

    Hello,

    I have a car export business in Germany but I do not live in Germany. Business is registered in Germany. Company has account in Commerzbank and is run by staff. Some client wants to pay by Letter of credit but current bank refused to finance. Is there any other bank or finance company that can help.

    VA:F [1.9.22_1171]
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  19. Dave says:

    I represent a group of private investor located in the United Kingdom and we invest in various fields such as real estate, construction, healthcare, technology, education, financial services and so on.

    Not just start-up stages of projects but also seed and other stages. We are also focusing on leading small to medium-size enterprises worldwide.

    We have venture capital ready to support big ideas and enthusiastic people. The capital is composed from private sources and the pro.

    We supports smart people with projects with high potential who have the courage to work hard and build a functioning company.

    For more information, contact me in private.

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    • Shoab says:

      Hello Dave, I am looking for short term loan.

      Regards,

      Shoab

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    • ILona says:

      Hello, i have read about You supporting smart people, we are family runing nice hotel and looking for loan, we are able to pay high intresses. ILona

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      • Susanne (editorial staff) says:

        Hello, please note that with all our German lenders a residence in Germany is neccessary. Is that the case with you?

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  20. Dave says:

    hi, please provide contact where you can be contacted and I shall contact you with more guidelines.

    VA:F [1.9.22_1171]
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    • Editorial Team says:

      Hi. Please note that DeutschesKonto.ORG is more a finance magazine and less a contact brokering place. You will find other platforms for brokering loans between private persons. Many thanks.

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  21. Rabbani says:

    Hi, I am planning to complete my wedding ceremony next year, is there any option to have loan at 0% interest with more than a year time to pay back? I am studying MS last semester, residing in Germany, have a steady income and also bank account in Deutsche bank. Regards

    VA:F [1.9.22_1171]
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    • Editorial Team says:

      There are many bank with savings accounts near 0%, but this is very different when it comes to loans. It is not customary in Germany to award loans for 0%. After all, the bank lives from the difference between interest for savings and interest for loans.

      If you do hear something about 0% financing in a commercial, then that usually is clever Marketing in order to sell products (like furniture or new cars). Here, the cost for the loan has already been included in the purchase price. „There is no free lunch.

      Congratulations regarding the wedding!

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  22. Konstantinos says:

    Hello,

    I’m living in Germany for 6 months I have an eu passport I really interesting to buy a restaurant around 25000 € do you believe that o have any chances to take a loan from a bank to take the restaurant?

    Ps. I don’t have any incomes in Germany and for the loan I will put the restaurant as a guarantee.

    Thank you in advance

    VA:F [1.9.22_1171]
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  23. Lalitha says:

    Hello, we are non eu people from Asia living in germany from 4 years working in IT for reputed company. Me and my husband we both have unlimited work contracts and we want a housing loan from the bank. Yet to make our permanent residence will it be an issue to get housing finance from banks. Need your advise.

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  24. nataliy says:

    Hello! I live in Ukraine! Work as webcam model. I need a private loan of $ 5,000! I can count on your loan? thank you

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    • Editorial Team says:

      Hello! Please contact a bank in your country. In the first paragraph of this article (above) you’ll find the requirements for a successful loan application in Germany. Under 2 it says that you are required to have an address in Germany (minimum requirement).

      Most oft he credit banks attach importance on the income coming out of Germany as well (self-employed) or that there are salary payments from an employer in Germany.

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  25. Sleek says:

    Do i compulsorily need a guarantee to get a loan of 3200 Euro from a german bank? I get about 1100 Euros a month.

    VA:F [1.9.22_1171]
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    • Editorial Team says:

      Many thanks, you are addressing an interesting subject!

      Of course you do not need anyone as a guarantee, if you find a bank that is willing to give you a loan on the basis of your credit check.

      It can be a clever idea though, to have a second person to back you, because then there is a chance to maybe get a lower interest rate. Also, the chance for a credit decision in your favor is higher. We have written about this here: https://www.deutscheskonto.org/en/loan/rejected/

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  26. Raspy says:

    If I work since 5 years in Germany and have an employment contract since 3 years, and my net income last year was Euros 1,300, what loan amount can I apply for and how high is the interest rate and how long the term?

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    • Redaktion says:

      These are very good questions!

      Anyone, who has been living in Germany since 5 years and has a permanent employment contract since 3 years, has good conditions for a successful loan application!

      However, there are further factors, such as the Schufa score. This is the assessment of the creditworthiness of Germany’s largest creditworthiness rating agency. Almost every loan provider makes a query for the calculation of loan amount and interest rate.

      Approximately half of German’s banks offer creditworthiness-related interest rates. Good creditworthiness = low interest rate. Average creditworthiness = higher interest rates. Poor creditworthiness = no loan.
      As an editorial office, we cannot know in advance, whether and what amount is offered as a loan.

      Best is to make a non-binding loan request through the comparison. The cost of determining the creditworthiness and the processing is borne by the provider. It is free for you.
      When it comes to the loan, these costs, of course, are paid through the interest. If there is no loan, it is free of charge.

      In the best of cases, you receive several loan offers through the comparison. If your desired amount should not be possible, then you will be informed, which amount would be possible. For example, you apply for Euros 10,000. Through the loan comparison, only one bank is found, which would grant you Euros 5,000. Then you get this as a loan offer and can decide, whether you accept it or not.

      Sounds good, doesn’t it?

      Here you can find further tips: https://www.deutscheskonto.org/en/smava/

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  27. Richard says:

    Hello, I am a retired american that has a pension and would like to purchase a house in Germany. I have a cousin in Germany whos address I can use. What do I need to apply for a loan of $150k euros?

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    • Editorial Team says:

      Hello!

      German Banks have the reputation to be especially reluctant regarding risks. Also, real estate financing works a bit differently than in the US.

      Usually German banks require a) a residence in Germany, b) an income in (and from) Germany and c) a good credit check (a bit comparable with your credit history in the USA).

      There is however law firm that is specialized in real estate financing in Germany for residents of foreign countries. The respective information page is at this point only available in German: https://www.deutscheskonto.org/de/immobilienfinanzierung-deutschland-ausland/

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  28. Mr. R says:

    I am living since 3 years in Germany and work in a company, where I earn Euros 1,000 net income. My family also lives here together with me, my wife does not have a regular job and gets about Euros 250 from the employment exchange and job centre. Do we have a chance to get a loan in this case and if yes, at which bank?

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    • Tanja says:

      Whether a bank grants a loan or not depends on the assessment how probable it is that the loan will be repaid without problems.

      With this income, the chance is really scarce that a bank is of the opinion that the money is enough for living and repaying the loan. You earn less than the seizure exemption in Germany. This means that if you fail to repay the loan, the bank cannot even make a salary garnishment (when the additional amount is paid directly from the employer to the bank for the repayment of the loan).

      Since a loan request is free for you as a customer, you can try it with a low amount. The probability to get a loan increases, if you state your wife as the second borrower. But even at Euros 1,250 monthly, I do not want to give too much hope for a successful application.

      The highest probability for a positive loan application is, if you make the loan comparison of Smava, because your financing request is offered to several banks. Perhaps one or two banks will accept to grant you a loan. Try, but do not expect too much.

      How Smava works, we have prepared for you here in English language: https://www.deutscheskonto.org/en/smava/

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  29. Strasbourg says:

    Hello, we are 62 and 63 years old and live at the border to Germany, can we apply for a loan (75,000€) to buy our house? Thank you

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    • Tanja says:

      This is a good question, thank you very much!

      Most German banks are very conservative when granting loans, especially when financing real estate. That means that in addition to an average to very good creditworthiness, the following requirements apply: place of residence in Germany, real estate in Germany, income from a German source.

      The background is: if the loan is not repaid on time, the bank can carry out coercive measures, such as a partial seizure of the income or account. Of course, this does not work abroad.

      I am sorry that I cannot give you any other answer.

      PS: If you speak German a little, there is perhaps still a possibility … we have had some queries from German people, who live and work abroad and want to finance a real estate in Germany. We have found a financing specialist in this area. He can be contacted through this form: https://www.deutscheskonto.org/de/immobilienfinanzierung-deutschland-ausland/

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  30. Alejandro Bethlen says:

    I am being transferred to Germany by company and would like to take both cars with me. Both cars are relatively new, and because I have had both for more than 6 month I wouldn’t be charged tax for these cars in Germany.

    My question is – is it possible to get a German car loan to pay off the loan here and then pay it to the new company in Germany?

    VA:F [1.9.22_1171]
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    • Editorial Team says:

      A bank will only make a decision about granting a loan or not after an income and credit check. For that, a credit application is necessary as a first step. Here is a special credit calculator for auto financing: https://www.deutscheskonto.org/en/loan/car/comparison/ – but you also could apply for a loan for general use. The least expensive interest rates that banks offer the German auto industry for the selling of new cars are not those you get for importing a used our like-new car from abroad, anyway.

      Important for any grant of a loan is the residence in Germany, and if possible, the income should come from a source in Germany or at least be deposited on a German giro account in Euro. Maybe it would be easier for you to simple keep the old financing.

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  31. Picard says:

    Bonjour,

    we are 55 and 62 years old and would like to move to Germany, specifically to Bavaria, in order to live closer to our children. Is there a way to get a real estate loan at a German bank, also with mortgage, to buy an apartment? What would be the conditions with € 30,000 equity? Many thanks in advance.

    VA:F [1.9.22_1171]
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    • Redaktion says:

      Yes, there is a way. Of course, it is easier for you, if you move your registered place of residence to Germany before the financing, because most German banks only finance people, who live in Germany.
      A bank is mainly interested in your income: amount and source. If it does not come from Germany, there are only a few banks eligible for financing.

      Instead of trying financing platforms on the Internet, it would be advisable to cooperate with a specialized finance consultant: https://www.deutscheskonto.org/de/immobilienfinanzierung-deutschland-ausland/

      The question of the conditions also depends on the amount of the loan. Are Euros 30,000 enough for a 60 per cent financing? In this case, there are currently very good conditions. The interest rates for 80 or 100 per cent financing are a little higher. However, in the current low interest rate they are ridiculously low!

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  32. Rudolf says:

    I read in the Finanztest 12/2016 that one can apply for a private loan being self-employed or a freelancer. I have done this, but the loan was rejected with the note that this only applied to certain occupational groups. Which are they?

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    • Gregor says:

      This is a very good question and I myself bought the issue of Finanztest and one did not write in detail about the occupational groups of self-employed people.

      It is a fact that only less than 1 % of self-employed have a true chance on a loan payment at the DKB. This 1 % are lawyers, notaries, auditors, tax consultants, liquidators, farmacists and commercially active real estate administrators.

      The DKB is rather a bank for employees, workers and officers. This group can get a loan quite easily, if the working relationship exists since more than 6 months and the work contract is on a permanent basis, or at least with an end date after the loan term.

      The best option for you is filling this loan calculator ► https://www.deutscheskonto.org/en/loan/comparison-calculator-tool/ with your data. After you have entered your personal data with the self-employment in the steps 3 and 4, you will only be offered banks that grant financing for self-employed with your specific creditaworthiness.

      This is very practical and the best way to get a loan. The loan calculation namely considers every changes at the loan granting of banks and is therefore always up to date. Good luck!

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  33. Mario says:

    I will soon work as a driver in Germany and my net income will then be about Euros 1,800. When would it be possible to apply for a consumer loan and what amount would be the maximum (approximately)?

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    • Redaktion says:

      This is a thrilling question!

      At some banks, it is enough, if one is employed at a company since one month – others want to wait until the end of the probationary period. This is usually six months in Germany.

      The highest possible loan amount can only be determined by submitting a loan application and starting with a high amount. If this amount cannot be financed, then German banks often make a counter offer at online applications.

      In your case, we would recommend the loan service of Smava, because one is creating a user account and enters the personal data, so that a whole bunch of German loan banks are queried.

      If your creditworthiness in Germany is already sufficient, then you will be shown one or several loan offers. If not, then you can implement the loan calculation after some months again. This is free for you and you already have a user account, so that not all data has to be entered again.

      Moreover, the loan advisors of Smava are also at your service by phone for arranging the details or providing tips for submitting the application form correctly. For example, only after 3 months, because of the duration of employment at a German company.

      But here too applies: register first and enter the personal data, otherwise, one cannot provide individual information. We have instructions here about the functioning of the loan application at Smava: https://www.deutscheskonto.org/en/smava/

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  34. Michael says:

    Hi, my name is Michael. I have the German citizenship and have opened my own company. Being a self-employed person, I do not work since long – just a month. Is it possible to get a loan for purchasing a car?

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  35. Rajen says:

    I have an unlimited contract and working for one of the Big 4 companies in Munich. I would like to take a personal loan. The problem is my Indian passport expires in 2018 Dec and hence my residence permit is limited to 2018 Dec. However, since i have an unlimited contract, I would be able to extend my stay here as soon as I renew my passport which unfortunately cannot be done less than 6 months from its expiry. Is this an issue when I apply for loans for 15 k and 36 months repayment period? ANy response or guidance would be appreciated.

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    • Editorial Team says:

      For easily understandable reasons, it is always a challenge for banks when it comes to agreeing to a long-term financing with a longer duration than your current permit of residence. If it has not worked out with your house bank (in case you have a good customer relationship there), the most probably solution might be Smava, because after you have entered your personal data, they can advise you comprehensively and always have the current credit criteria of banks from the credit comparison tool.

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  36. Phil says:

    Hello,
    I am an American that has been living in Germany for 5 years. I work on a US military base (as a civilian). I do not live on the military base and have an apartment on the German economy. I am interested in applying for a German business loan of about 160.000€ (it is a restaurant/bar that is already set up with most necessary equipment). My credit results would be good. My income is approx. $3000/month, but comes through the US government, but I do have a contract to stay in Germany working for as long as I choose. Do you have any advice of the likelyness of this loan working out or any tips I should know as I start taking the first steps to applying? I already have business plans drawn up to provide to the bank, if necassary. Thank you for all the information you have already provided.

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    • Editorial Team says:

      Hello,

      In Germany, most business loans of this size are granted by local banks. As a specialty portal we specialize in the best direct banks. Therefore, we cannot give you any better advice than to make appointments with 2-3 local banks (department “Gewerbekunden”, i.e. business customers) and get their advice.

      In many cities and counties they have start-up consultants who can help you with the financing preparations, and some of them even accompany you to the bank interview. Maybe, if you have not already done so, look some of them up on Google. Best of luck with your project.

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  37. Willy says:

    Hi,
    if I have already taken a loan at the Postbank, could I get or repay my loan at your bank and borrow more money on top?

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    • Gregor says:

      Yes, this is possible in principle and can even make sense financially! For example, if your existing loan is older and has been concluded using a higher interest rate than is used nowadays at a new loan. In Germany, we call this “Umschuldung” (debt rescheduling).

      This can be made very cleverly. Perhaps you will pay a smaller instalment for a higher loan amount.

      Recommendation: use this loan calculator: https://www.deutscheskonto.org/en/loan/comparison-calculator-tool/ – go through the procedure until the end. Including entering your personal data and the data of your current loan. Then you will get a specific financial statement!

      Good luck!

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  38. Oskar says:

    I have a problem with 3 overdue instalments of the car loan. I have a current account at the Postbank and the money should be debited from this account, but it was not funded. The money should be deposited to this account within 2 weeks, but there will be the 4th instalment on top. What should I do?

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    • Redaktion says:

      This depends a little on how good your current creditworthiness (still) is and how high your current loan interest is.

      If you e.g. pay a high interest rate for your car loan so far, then it can make sense to reschedule the debt. In the best case, you pay a lower instalment thanks to a lower interest at a new provider. Please you this special tool for it: https://www.deutscheskonto.org/en/loan/car/comparison/

      People, who need money very fast and for a short period, often use Vexcash. However, please note that this is not a long-term solution!

      Of course, you can also re-negotiate with your current loan provider … everything is better than waiting for the bank to react. Good luck!

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  39. Nasrin says:

    Hiii ,

    Thank you for the nice platform.
    I am iranian refugee living in german for almost 2 years. Last month I got positive response from german government that I can stay in Germany. For now I have 3 years permit after that for 5 years and then I will have german passport. Now I have passport for 3 years. I have a job in a very good company and my contract is unlimited. My income is enough to live and pay for loan. You think I can take 5000 euro long?

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    • Editorial Team says:

      Hello,

      The best chance for getting a loan – with such an amount, too – is the use of a great tool that checks several banks at the same time. Such a tool you can find here: https://www.deutscheskonto.org/en/loan/comparison-calculator-tool/

      Please make sure not to select a longer loan duration than your current permit of residence allows. Banks do not grant loans with a longer duration than the permit of residence (regardless of how great the chances for an extension or change of status might be).

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  40. John C. says:

    Hello,
    thank you for a very clear and informative article.
    I am living and working in Berlin for 5 years now. I am considering starting up a business where I would need 2,5 mil EUR credit loan. Do you know where could I find information regarding the requirements for this kind of loan?
    Thank you!

    VA:F [1.9.22_1171]
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    • Editorial Team says:

      Hello,

      Sorry, our specialty portal is designed for and addresses private customers. We cannot do more here than wishing you best of luck for your business!

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  41. Living in Germany says:

    I am not an EU citizen, but have permanent residence permit as I am married and have a child in Germany, however I work remotely for the same company I have been working for over 3 years, American company with base in London (where I used to live), I do not have any financial record in Germany besides a bank account.

    How can I get a credit for a vehicle?

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  42. Per says:

    Hello,

    This lawfirm:

    https://www.deutscheskonto.org/de/immobilienfinanzierung-deutschland-ausland/

    How can I tell that it is trustful?

    Thank you!

    VA:F [1.9.22_1171]
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    • Editorial Team says:

      This is not a “law firm”. Currently, it is the only option (that we know of) to contact a financing specialist, who helps German expatriates financing real estate in Germany. This is a highly specialized area, because after the new EU regulations the business with foreign currency loans or with cross-border financing in general has almost come to a halt. Official statement of most banks: “No, thanks. We do not finance things like these (any more)”.

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  43. Nick says:

    Hi,

    I am a US resident looking to acquire a German manufacturing company through stock purchase. The business has solid/proven cash flows going back several years.

    As a non-EU citizen, would I be able to get financing against the proven cash flow and, if so, what would be the typical Debt/Equity ratio and Debt Service Coverage ratio that mainstream banks in Germany would be comfortable with.

    Best regards,

    Nick

    VA:F [1.9.22_1171]
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    • Editorial Team says:

      Sorry, good question – but we are the wrong portal for that and have to refer you back to Google. 😉

      VA:F [1.9.22_1171]
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  44. Sri says:

    I have a German unlimited contract, working in Germany since 18 months and my blue card is valid for 3 more years (of course it can be extended further). Is it possible that I get a personnel loan of 60000 Eur ?

    VA:F [1.9.22_1171]
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    • Editorial Team says:

      Before a bank pays out a credit in the amount of 60,000 Euro, they check more than for details. You can obtain a reliable answer when you go through the complete online process and give all required information there.

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