There are various reasons for wanting to replace a car loan. For example, because the old loan expires and the final installment is due. But more often, the old credit is simply too expensive. It is easy to repost the car loan.

We asked four important questions about the topic and also answered it immediately. At the end we summarized everything and describe the debt restructuring step by step.

Can I reschedule any car loan?

Can I reschedule any car loan?

Basically, any installment loan can easily be reposted. Also, replacing a car loan is not a problem, because he is also considered installment loan. Whether the vehicle registration document (Part II of the registration certificate) has been deposited does not matter. The special arrangements for secured loans apply only if a mortgage or mortgage has been agreed, not for car loans.

For car loan agreements concluded before June 11, 2010, the old regulations still apply. However, there should not be many of them, often the maximum loan term for car loans is seven or eight years anyway.

Any deviating regulation in the credit agreement is invalid. This also applies to loans that existed before the entry into force of the relevant EU directive on 11 June 2010. There are only differences regarding the costs (see next chapter) and the notice period. This is for old loans namely three months, as long as the borrower must be patient. Then he has to transfer the transfer fee within two weeks.

So replacing a car loan is not a problem, no matter what is in the loan agreement. Simply write a letter to the bank that the loan is terminated. The notice period is usually specified in the contract, it may amount to a maximum of one month for loans completed after June 11, 2010.

What does the car loan replace?

What does the car loan replace?

In 2010, the EU created clear rules on the costs of car loan repayment with its new directive. The banks are allowed to retain a maximum of 1.0 percent of the prematurely repaid amount as a prepayment penalty, with a remaining term of less than one year even only 0.5 percent.

For existing contracts this rule does not apply, here only it is stipulated that the banks may charge the costs of processing. In many cases, debtors may even get away with it cheaper than with a prepayment penalty.

In addition, many contracts set the right to free special cancellations. Of course, the car loan is easy to replace, of course, if a repayment of up to 100 percent is free. Often, however, only partial repayments are free of charge, for example, 50 percent of the balance. Consumers can make special repayments at any time and in any amount. In addition, there is also the option of repaying the car loan ahead of time. The bank releases the usual prepayment fee to the customer.

Applicants should definitely use that as well. For example, if the borrower receives a professional bonus, he or she may use it for a special repayment free of charge. Theoretically, he can set up a standing order on the credit account each month to pay off the car loan faster.

What do I have to look for in the new loan?

What do I have to look for in the new loan?

As a rule, a new loan is not a problem – and often cheaper than the old one given the low interest rates.

These points should be repaid to borrowers in car loan but do not forget:

  1. Determine height.
  2. Adjust rates and select runtime.
  3. To arrange special repayments.
  4. Find cheap loan in the comparison calculator.

1. Determine loan amount

The new loan does not necessarily have to be as high as the car loan that you want to replace. Because maybe you have saved some money. This can be used so that the loan amount is slightly lower.

The interest rates are currently low, but a comparison is still worthwhile.

This saves a lot of money, because a lower loan amount means less interest – and thus more repayment. In individual cases, even the interest rate may be lower because the debt burden is lower overall.

2. Redefine installment height

Regarding the car loan, the installment amount should be questioned as well. If the rates have been too high and you have therefore constantly take the Dispo to claim, then the new should be slightly lower.

Each more repaid USD saves interest. Especially with a low residual debt, the residual debt reduces the interest burden and thus automatically increases the amount of the repayment. Remaining debt for a loan of 100,000 USD at 1.73 percent interest and an annual rate of 200.00 (blue), 300.00 (black) and 400.00 USD (gray).

Usually it is the other way around, the salary has increased and you can now afford higher rates. This should definitely be used as well, because every USD of money paid back saves interest. Finally, the monthly interest payment is always calculated according to the current debt level. Fewer interest rates mean a higher repayment at constant rates, which in turn leads to even less residual debt.

And the next bigger issue is coming. Well, if you have reduced the old debts as far as possible or even saved a bit. In the long term, after all, you do not always want to pay off debts, but also build up wealth.

3. Arrange flexibility

Of course, worse times can come again. Then it is good to be able to expose a rate or reduce its height permanently. Or you can increase it further if the next salary increase or a better paid job follow.

A new, better paid job was found? Then it is good if you can increase the rates – or at least can make special repayments for free. 

Especially generous is Good Finance. The classic among installment loans with instant information, for example, allows special repayments at any time, which can either shorten the term or reduce the installments.

4. Compare and replace car loan

Who knows what he wants, can now start with the comparison. This can be done, for example, with a comparison calculator. There you simply enter the amount of the loan and the term. Then the algorithm looks for the provider with the lowest interest rate.

A look at the conditions of the banks with the lowest interest rates now reveals which bank makes the cheapest and best offer. If no financial institution offers the desired special repayments and rate changes in the front seats, it is worth considering what these extras are worth. How much is one willing to pay for it?

However, you should expect not to get the top interest rate for one of the best placed. Because that is usually only for applicants with the best credit rating provided, so good and secure income and little debt. In individual cases, it may even be that the second or even third placed in the individual case is cheaper.

It’s easier if you just decide for one of the top three in our test. Finally, we included both the terms and the service and the amount of interest. The winner is the Cream Bank, followed by Santander and Targobank.

Replace car loan step by step

Replace car loan step by step

First, applicants should look for a new loan. Because only when they know on what conditions they can repatriate the car loan, one can also decide on a rescheduling. Maybe you do not get the cheap interest rate at the banks, with which one has expected. Then it may be that the debt restructuring is no longer worthwhile. Of course it looks different when a closing rate is due. Then there is no way around the new loan.

If you pay attention to low interest rates and repay quickly, you can probably save a bit to pay off your car at the next car. 

Before paying off the car loan applicants have to worry about the desired amount and the rates. If a prepayment penalty has to be paid, this should be taken into account when choosing the loan amount.

If it is clear from when the loan can be disbursed, the old loan must be terminated. Partly, banks offer to replace car loan, that they transfer the loan amount directly to the old creditor. Otherwise, the money should be on the account for a few days before paying the installment.



Reposting a car loan is easy – and often worth it. The easiest way to find a new loan is to use the comparison calculator – or simply select the car loan test winner 2019, the Cream Bank, directly. This saves work and the loan offers low interest rates as well as good conditions, such as special repayments, installment changes and installment breaks.