So the environmental bonus brings 900 euros additional cost advantage

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So the environmental bonus brings 900 euros additional cost advantage-environmental

Electric car buyers can save 900 euros at the car loan when they use the state funding premium for a special repayment. As calculations of the Comparison Portal Verivox for three model finishes show, borrowers are also debt free of debt by the special payments 13 to 20 months earlier.

For three E-auto models, VERIVOX has calculated different financing variants: In the first variant, borrowers use the state innovation premium of 6000 euros three months after borrowing for a special repayment out of the series. In the second variant, the car loan continues unchanged until full repayment. Depending on the car model, the buyers save 899 to 947 euros interest costs.

In the computational examples, three E cars are fully financed with a car loan – a Renault Zoe for 26.090 euros, a Volkswagen ID.3 for 33.390 euros and a Tesla model 3 for 39.990 euros. The own contribution of the manufacturer at the environmental bonus is already deducted from these prices. However, consumers can apply for the state innovation subsidy of 6000 euros after the purchase and approval of the vehicle at the Federal Office for Economics and Export Control (BAFA). For this you have a year time.

Lower costs, faster debt free

First, the buyers have to finance the full prices and conclude an auto-loan with 7 years of runtime to an effective interest rate of 2.38 percent. Half of all Verivox customers receives their car loan for this or a cheaper interest rate. The model calculation assumes that the BAFA grant will be paid three months after the vehicle acquisition. “E-car buyers can use the premium for a special repayment of their loan,” says Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH. “This saves interest and those affected are much faster debt-free.”

At Renault Zoe, thanks to this special payment, it takes only 64 instead of the originally intended 84 months until the car loan is completely repaid. Interest costs are reduced by the special repayment by 899 euros. At Volkswagen ID.3 Save borrowers 929 euros and their credit is paid off 16 months faster than originally planned. Tesla buyers would be debt free after 71 months – 13 months earlier than the loan without special payments. You save by the repayment except the 947 Euro interest costs.

Pay attention to free special repayments

“Unless otherwise agreed, the Bank may require a so-called prepayment allowance for the special allowance of 1 percent of the amount prematurely repaid,” says Oliver Maier. For a special payment of 6000 euros, the 60 euros would be. “For many banks, free special repayments are already standard today. Who compares several offers before graduating, finds a car loan, which offers low interest rates and flexible repayment options without additional costs.”

How important is a thorough provider comparison, it is also clear at the point of view of current interest rate data of the Bundesbank: therefore consumers pay for a rates loan with more than 5 years duration in the nationwide average currently 5.9 percent interest. At this interest rate, the cost of financing with special repayment at Renault Zoe 1930 euros would be higher than for a credit to the middle interest rate at Verivox. At the ID.3 (2823 euros) and at the Tesla (3650 euros) the additional costs would be even greater due to higher purchase prices.

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