Debt rescheduling car loan


Rescheduling a car loan can make sense in several cases. By releasing the KFZ letter, the car can be sold although the bank has the KFZ letter. For this purpose, an existing car loan rescheduled by an installment loan with free use. You should also consider rescheduling a car loan in one of the following situations:

  • High interest on the existing loan
  • separation from partner
  • Sale of the financed car
  • Rescheduling several loans together to get more favorable conditions.
  • Rescheduling and increasing

In our article about Banks that lend easily you will find a top 10 tableau of banks and credit intermediaries that are especially easy to Grant credits ("Yes Banks"). If you want to reschedule your car loan with a bad credit rating, you should stick to these banks and loan brokers.

Compare installment loans to reschedule car loans cheaply!

Rescheduling a car loan means calculating, planning and analyzing

Debt restructuring is almost always possible. First, you can register on the Internet (e.g here) inform about current credit conditions. The old contract is then analyzed. Here are the points in particular

  • notice period
  • Prepayment penalty/transfer fee to the bank

in the foreground.

If your old loan agreement was concluded after June 11, 2010, the notice period is one month. Older contracts often have a period of 3 months.

Banks have the right to demand a prepayment penalty. This is up to one percent of the remaining loan amount.

Rescheduling a car loan always means calculating, planning and analyzing. That's why you'll find the most important information here so that your debt restructuring goes smoothly.

Reasons you should reschedule your car loan

The interest on the loan is higher than three percent

Interest rates on loans have fallen steadily in recent years. Right now, there's no point in holding on to an old high-interest loan. Finally there is current car loansthat are less than two percent.

The following graphic makes it clear: Rescheduling a car loan is worth it. After all, interest rates on loans are falling. Shown here are the interest rates on short-term loans (up to 3 months). If you don't reschedule your debt, you'll be paying too high interest for years!

Data Source: German Bundesbank, Own representation.

But the other conditions for old loans are sometimes no longer up to date. New loans can often score with free special repayment and monthly terminability. Old loans are not only more expensive, but often also more rigid in design.

Rescheduling the old car loan gives you air to breathe again. Monthly rate and term can be readjusted. In addition, direct banks often offer customer-friendly extras. These are, for example, installment breaks, free special repayments or early repayment without a prepayment decision.

Selling a car on credit where the bank has the vehicle registration document

If you are thinking about selling your financed car, there are several options. You can read about all the options in the linked article.

If you separate from your partner, you should also reschedule the car loan

In the event of a separation or divorce, finances should also be separated. It is easier if only one person financed the car. If both agree that the car should be sold, the resulting proceeds or any loss can also be divided.

It is then basically a Sale of a financed vehicle in front. If you already know how selling a loan works, you can now go straight to the Installment loan comparison jump.

However, if both partners are in the contract as borrowers, both must also take out a new loan. The loan amount for each is then half the remaining amount of the existing loan.

Rescheduling a car loan: If the loan previously went to both partners, after the separation both must take out a new loan with half of the remaining loan amount.
Rescheduling a car loan: If the loan previously went to both partners, after the separation both must take out a new loan with half of the remaining loan amount

This means that both partners take out a loan from the bank of their choice. The sum of the two individual loans results in the redemption amount of the old joint loan. So everyone has their own credit account. The jointly owed balance is transferred to the old bank in one sum.

Debt rescheduling and increase

Rescheduling and increasing or topping up the car loan is also an option. This allows several loans to be rescheduled in order to obtain more favorable conditions. This allows you to use the advantages described several times at the same time.

Note the prepayment penalty for old loans

Old loans can have high prepayment penalties. In the meantime, the legislature has put a stop to this. This means that rescheduling your loan is now significantly cheaper. The prepayment penalty may be a maximum of 1 % of the outstanding amount for loans with more than 12 months remaining term. For a loan with less than 12 months remaining, the bank may not charge more than 0.5 % of the outstanding amount.

⚠️ Avoid trouble with the prepayment penalty ⚠️

In order to avoid frustration and trouble with the prepayment penalty, you should pay attention to the possibility of free special repayments when rescheduling. With a loan with a high special repayment without extra costs, the tiresome topic for the future is off the table. At the ING car loan* you can pay everything back at any time. For free! That way you don't have a block on your leg if your circumstances change.

Rescheduling a car loan: is it worth the effort?

Debt restructuring is often worthwhile. This is because interest rates have been falling for years. By rescheduling old and expensive loans, several hundred euros can easily be saved over the years. But that's usually not all. New loans are much more flexible and can be terminated within a month, for example. Also, they often offer many free options like a unlimited special repayment right.*

If you combine several loans into one loan from a bank, you increase the clarity and structure of your finances. But SCHUFA also likes structured finance. That's why SCHUFA usually increases your SCHUFA score if you combine loans from a bank.

Debt restructuring and increasing the loan amount can also be an alternative if a cash injection is needed elsewhere. Of course, the effort to reschedule a car loan is also worthwhile because of the chance to adapt the loan conditions to your living conditions in a new and optimal way.

Comparing loan terms also pays off when rescheduling a car loan

A credit comparison is an important part of a successful debt restructuring. After all, the lower the new interest rate, the more you can save. But it's not just the interest rate that's important. Other options such as a free unscheduled repayment right also make your future life easier. Unproblematic banks also waive the retention of the letter. For this reason the uncomplicated ING car loan*. In addition to free special repayments, the bank offers a fixed interest rate. This way you know right from the start what you are getting yourself into. Since the bank does not keep the letter, a subsequent sale of the car can quickly take place. ING's interest rates are also in the bottom quarter.

Rescheduling a car loan: important tips

  • First, analyze your current loan agreement. What notice period or early repayment penalty are specified therein?
  • If you take out a new loan, consider the prepayment penalty for the loan amount.
  • Not only interest rates are important. A flexible contract with free special repayment and without a vehicle letter is valuable!
  • At some banks, lending rates depend on the creditworthiness and term. In general, the better your credit rating and the shorter the desired term, the lower the interest rate.
  • You should not cancel the old loan until you have the approval for the new loan.
  • Residual debt insurance must be analyzed precisely: it is often quite expensive.

Car loan rescheduling: ING has fair conditions. I recommend the bank.

ING is a very uncomplicated and customer-friendly bank. Not only does ING dispense with the car letter, it also offers its very low interest rate regardless of creditworthiness. The processing of the ING car loan is also very easy. As a rule, the proof of purchase does not have to be submitted. In this way, ING reduces the bureaucratic effort for borrowers to a minimum. In addition, as a borrower at ING, you can free special payments make. You can even refund everything at any time.

More information about the ING car loan (for car financing only)* »

Bankloan amountDurationfinancing
without vehicle registration
interest rate
independent of creditworthiness

without proof of purchase
More information

ING car loan
5.000 €
75.000 €
24 Months
84 months
Without vehicle registration: ✅
Interest rate independent of creditworthiness: ✅No, proof of purchase is not required: ✅To offer:

Rescheduling a car loan: recommends ING

ING also offers a cheap installment loan. Here, too, you can make special repayments as much and as often as you want. This is the ideal loan for rescheduling your car loan if you want to sell the car. The interest rates are also pretty cheap at 3.39 % pa. But that doesn't really matter: Because the idea was to replace the loan directly after receiving the sales proceeds with a large special repayment.

More information on the ING installment loan (free use)* »

Debt rescheduling: Sparkasse »

Debt rescheduling: Targobank»

Sell financed car »

The best small loans from 100 to 3,000 euros

If you are looking for information on how you are most likely to get a loan, I recommend the following article:

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