What is a car loan (Autokredit)?
An Autokredit is a purpose-bound loan specifically for financing a vehicle. Unlike a classic personal loan (Ratenkredit), the money must be used to buy a car, motorbike or motorhome.
The advantages of a car loan over dealer finance:
- Negotiating position: as a cash buyer you can negotiate a discount with the dealer – how large it is, is up for negotiation
- Free choice of bank: pick the bank with the best terms
- Vehicle registration document: with many bank car loans the registration certificate part II (Zulassungsbescheinigung Teil II, the former "Fahrzeugbrief") stays with you; some banks, however, require the car to be transferred to them as security (Sicherungsübereignung) – this is stated in the loan agreement
- Flexibility: early repayment is always allowed by law (section 500(2) BGB, the German Civil Code)
Technically, a car loan is a personal loan with a stated purpose: you receive a fixed amount and repay it in equal monthly instalments. Because the purpose is fixed and the vehicle has a value, car loans are somewhat cheaper than free-use personal loans at some banks – but it is worth looking at both variants in the comparison.
The typical features of a car loan are:
- Fixed rate: the interest rate stays constant for the whole term (fixed borrowing rate, gebundener Sollzins)
- Fixed monthly instalment: you know from day one exactly what you will pay each month
- Predictable term: usually between 12 and 84 months, longer at some banks
- Purpose restriction: the money is intended for buying or refinancing a vehicle; some banks require the purchase contract or invoice
How expensive the financing is depends mainly on credit standing, loan amount and term. In the current comparison (€10,000, 48 months, as of October 2026) the advertised "from" effective rates range from under 1 % (a time-limited promotional rate) to just over 6 %; a dedicated car loan such as the one from SWK Bank starts at 6.29 %. The upper ends of the rate ranges go up to almost 20 % – which is why the 2/3 rate in the representative example is what matters.
Car loan vs. dealer finance
When buying a car you face a choice: dealer finance or an independent car loan from a bank? There is no blanket answer: dealers and manufacturer banks sometimes advertise very low rates (down to 0 %), but often calculate with a higher vehicle price or without a cash-buyer discount. Always compare the total price (vehicle price plus loan costs) of both options – for balloon finance including the high final instalment.
Our comparison calculator uses live data from FinanceAds, one of the leading affiliate networks for financial products in Germany. This means you always see the latest terms directly from the lenders.
How to use the comparison
- Choose the loan amount you want with the slider (€2,500 – €50,000)
- Choose your preferred term (24–84 months)
- Compare the offers shown by effective rate and total cost
- Click "Go to provider" to request a non-binding offer
Important: all rates shown are "from" rates for customers with the best credit standing. The actual rate is set individually after a SCHUFA check. An initial enquiry about terms (Konditionsanfrage), however, is SCHUFA-neutral and does not affect your score.
Costs and interest explained
There are several interest terms for loans that you should know:
Borrowing rate vs. effective rate
The borrowing rate (Sollzins, also called the nominal rate) is the pure interest rate the bank charges for the money lent. The effective annual rate (effektiver Jahreszins, similar to the APR) also includes all ancillary costs and is therefore the more meaningful figure for comparison.
Example calculation: €10,000 loan, 48 months
In this example you pay a total of €820.64 in interest over the whole term. That corresponds to about €17.10 in interest per month (simplified annuity calculation without any other costs).
The 2/3 rate under section 17(4) PAngV
Anyone advertising loans with interest rates or cost figures must state a representative example (section 17(4) of the PAngV, the German Price Indication Ordinance). The effective annual rate given there – colloquially the 2/3 rate – must be chosen so that at least two thirds of the contracts concluded as a result of the advertising are agreed at that rate or a better one. It is often well above the advertised best rate and is therefore the more realistic expectation.
Credit-score-dependent vs. fixed rates
Most banks grant credit-score-dependent loans, where the interest rate depends on your SCHUFA score (SCHUFA is Germany's main credit bureau) and income. A few providers offer loans with a rate independent of credit standing, i.e. one fixed rate for all customers – these are often more expensive, but give planning certainty even with an average credit standing.
Loan providers for car finance at a glance
Four providers from the comparison in short profiles. The rate figures come from the financeAds product data (as of October 2026) and can change at any time – only the provider's own offer is binding:
1. GIROMATCH – loans from as little as €100
GIROMATCH is a Frankfurt fintech company that has been arranging loans since 2014. With an effective rate from 1.99%, GIROMATCH is among the providers with the lowest starting rate in the current comparison. GIROMATCH acts as a broker; the loan comes from a partner bank.
- Effective rate: from 1.99%
- Loan amount: €100 – €100,000
- Term: 3 – 120 months (according to the provider)
- 2/3 rate in the representative example: 4.88 % (€10,000, 48 instalments)
2. Verivox – loan broker with many partner banks
Verivox is one of Germany's best-known comparison portals and arranges loans from numerous partner banks. The advantage: with a single enquiry you receive offers from several banks and can pick the best one.
- Effective rate, personal loan: from 2.99%
- Turbokredit: from 0.68 % effective – promotional rate for €5,000 to €35,000; the 2/3 rate is 8.38 %
- Loan amount, personal loan: €1,000 – €100,000
- Special feature: enquiry about terms is SCHUFA-neutral according to the provider
3. auxmoney – a loan even with an average credit standing
auxmoney is a loan marketplace from Düsseldorf. The loans are paid out via a partner bank and funded by private and institutional investors. Besides the SCHUFA score, auxmoney takes further data into account in its assessment – this can help with an average credit standing, but approval is not guaranteed.
- Effective rate: from 4.90% (48 months), depending on credit standing
- Loan amount: €1,000 – €50,000 (according to the provider)
- Separate product for self-employed people
- Note: in the representative example the borrowing rate is 13.90 % and the effective rate 17.05 % – the difference comes from additional costs. That is why you should always compare the effective rate.
4. S-Kreditpartner – the savings bank solution
S-Kreditpartner (S-Kredit-per-Klick) is the online loan offering of the Sparkassen Finance Group (the German savings banks). The lender is S-Kreditpartner GmbH in Berlin; many savings banks also sell the loan in their branches.
- Effective rate: from 5.49%
- Loan amount: €1,000 – €80,000
- Part of the Sparkassen Finance Group
- 2/3 rate in the representative example: 12.99 % (€10,000, 48 instalments)
Tips and warnings
5 important tips
- Always compare the effective rate: only it shows the real cost (section 16 PAngV)
- Enquiry about terms instead of a loan application: a "Konditionsanfrage" is SCHUFA-neutral
- Use your right of withdrawal: you have 14 days to withdraw from the contract (section 495 BGB, the German Civil Code)
- Decline payment protection insurance: it makes the loan considerably more expensive and is rarely worthwhile
- Check extra repayments: you may always repay early (section 500(2) BGB); some banks also waive the early repayment fee (Vorfälligkeitsentschädigung)
Beware of dubious offers
Reputable banks never ask for upfront fees before approving a loan. Be sceptical of offers that advertise "without SCHUFA" or demand fees in advance.
Sources
[1] Act implementing the Consumer Credit Directive (EU) 2023/2225, Bundestag resolution of 17 April 2026 (BT-Drs. 21/1851)
[2] SCHUFA Holding AG: information on enquiries about terms (schufa.de)
[3] Sections 16, 17 PAngV (Price Indication Ordinance) – gesetze-im-internet.de
[4] Sections 495, 500, 502 BGB (German Civil Code) – consumer loan contracts
[5] FinanceAds GmbH: loan comparison API, retrieved October 2026