Credit for start-ups: advice including a credit comparison

As start-up financing for the small online shop or for the ambitious startup with several employees – With a loan for start-ups, young entrepreneurs obtain the necessary financial means to start with their business idea. Who actually writes and advises here? 

This is a loan for start-ups

This is a loan for start-ups

A loan for start-ups is aimed at aspiring entrepreneurs and freelancers who need start-up financing to start their own business. Banks and other financial institutions show extra start-up loans because the acceptance criteria for other types of credit sometimes differ significantly – in favor of those starting up.

The banks’ clerks take into account any public funds that may come into question (promotional loans) and sometimes provide assistance in compiling the necessary documents.

You need these documents

You need these documents

Which documents have to be submitted in a specific case not only differs from credit to credit, but sometimes also from bank to bank. However, the requirements are often similar or the same.

The following are usually requested:

  • Business plan – Presentation of the business idea in writing on approx. 10 to 50 pages
  • Investment plan – written presentation of how the start-up loan applied for should be used when it is paid out
  • Credit Bureau information so that the bank can estimate the likelihood that the loan will be repaid in accordance with the contract
  • Information about available financial resources and possible collateral
  • Income tax assessments – often over the past two years
  • Contracts and / or draft contracts – for example rental contracts (for the new business) or cooperation contracts

Use the free and non-binding loan comparison calculator at the top of this page – even if not all documents are available. When you have given your details, a credit specialist from our cooperation partner smava will contact you by phone and discuss the further procedure with you.

Loan for start-ups without equity

Loan for start-ups without equity

Under certain conditions, it is quite possible to get a loan for start-ups without equity. This depends, among other things, on the amount of the loan, the investment plan and the business plan.

  • Amount of the loan amount – As with other financing, the lower the loan amount, the higher the probability of acceptance.
  • Investment plan – Is the borrowed money invested in valuables that can be resold in an emergency, or in staff whose salaries are irretrievably gone after disbursement? Those who can offer collateral (for example in the form of machines) have an advantage when approving a start-up loan.
  • Business plan – If the submitted business model is particularly difficult to predict when and if the company will be economically successful at all, the probability of acceptance is particularly low.

Ask your credit advisor for details! The advisor can also tell you which bank is most likely to accept you. Greater opportunities with a second borrower! When granting loans, banks try to find out as much as possible what the so-called default risk is. This drops significantly if two instead of just one person are entered in the loan agreement.

Ask your credit advisor about the possibility of a second borrower !

Financing “without Credit Bureau”

Financing “without Credit Bureau”

In order to be able to determine as well as possible the likelihood that borrowers will repay the monthly installments in accordance with the contract (i.e. on time and in full), lending banks ask the so-called credit rating at Credit Bureau, the largest credit agency in Germany. The score is just one of many parameters that are relevant to the approval of a financing (regardless of whether it is a loan for start-ups or another financing). Without the score, the lending institutions lack an important “building block” for the assessment – financing “without Credit Bureau” is therefore not possible with the renowned financial companies in Germany.

An alternative to a loan for start-ups from a bank is “from private” financing. The financial resources are not provided by a financial institution, but by a private person. The advantage: A private person can decide for himself who he provides his money to – and whether the credit rating plays a role or not. The disadvantage: private individuals usually make their money available in order to generate a return. To provide the financing, the donors charge correspondingly high interest rates, which are usually significantly higher than those at a bank. Credit “from private” at transparent-beraten.de The online loan calculator not only shows bank offers, but sometimes also “private” loans – depending on the conditions selected. To do this, select the “credit private” offer.

Notice. A Credit Bureau query also takes place in this case. It is up to him whether the sponsor takes the score into account.

Apply for a business start-up loan in three steps

Apply for a business start-up loan in three steps

In three steps you apply for a business start-up loan via transparent-beraten.de: 1st step: compare offers, 2nd step: choose offer, 3rd step: submit documents.

Step 1: view and compare offers
Enter the following information in the application section:

  • Amount of the loan
  • Desired loan term
  • Usage
    Under “Purpose”, enter “Business”.

Once you have made your entries, the online calculator will show you various offers that match your entries. In order to receive specific offers, you must provide further information about yourself below. This is important, among other things, since many loans are granted depending on the creditworthiness (the amount of the loan interest is based on the creditworthiness of the applicant).

Step 2: Choose an offer
Once you have provided your details, you will receive specific loan offers that you can receive on the terms mentioned. Decide on the best offer.

A credit advisor will then contact you by phone – free of charge and without obligation – to discuss with you whether the selected offer is really the best. In addition, open questions regarding the submission of the necessary documents are clarified.

Step 3: Submit documents
Once you have gathered all the documents, submit them to the bank. You can prove your identity either using the PostIdent procedure, the VideoIdent procedure (if offered) or in person in a bank branch (if available). The subsequent approval of your credit request is usually carried out within a few working days.

How old can the car be for car loan? | expert tips

The age of the car plays an important role in car loans – but not the only one. The banks do not grant a car loan for every vehicle: Older vehicles – especially common everyday models – can be difficult. Who actually writes and advises here? About us On this page How old can the car be? Role of vehicle value Alternative: Installment loan Compare loans directly

How old can the car be?

How old can the car be?

The basic rule is: each bank has its own guidelines regarding the granting of car loans. The requirements are correspondingly different – for some banks the end of the vehicle is already 8 years old, for others only 10 or 12 years. Often, the decisive factor is not so much the age, but rather the value that the vehicle is likely to have at the time of the last installment payment.

Vehicle value at the end of the contract period

Vehicle value at the end of the contract period

In the case of a car loan, the vehicle letter is handed over to the bank so that the bank can sell the vehicle if the borrower stops paying the loan installments. The vehicle therefore represents a security for the bank. If the vehicle is now only worth a few hundred USD, the bank remains on the open credit installments.

With a commercially available VW Golf that is 10 years old, it may now be that the vehicle is only around 1,000 USD three or four years later. If, for example, 1,500 USD loan installments are still outstanding at the time, the bank remains on part of the costs. Taking into account the effort involved in selling a car, the bank is undoubtedly making a loss.

A 5 Series BMW with a powerful engine and many extras may still have a certain value six years after purchase. If the term of the contract is not too long, the vehicle may still be worth a few thousand USD on the used car market at the time of the last loan installment. In this case, the chances of finding a car loan for a 10-year-old vehicle are significantly higher. Basically, the following applies:

  • The less the loss in value, the greater the chance of getting a car loan for an older vehicle.
  • And: the shorter the loan term, the more likely the banks are to get a car loan for an older vehicle.

With a short contract term, the vehicle is ultimately even more valuable at the time of the last loan installment than with a long contract term.

Determination of the expected vehicle value

The decisive factor is always the market value. And that depends on the used car market. To now be able to determine – at least very roughly – how much a vehicle after z. B. can still be worth 8 years, take a look at the current used car offers.

Calculate how old your dream vehicle will be at the end of the loan term and search (e.g. via an online portal for used vehicles) for a comparable vehicle that is this age today. For example, if your dream vehicle is a Mercedes E-Class, Estate with automatic transmission and navigation system, look for comparable vehicles on the used vehicle market that are as old today as your dream vehicle will be at the end of the contract . This gives you a rough guideline – a guideline that is also determined by the banks in this way.
Notice! It is not certain whether the sample vehicle you chose for this value calculation corresponds to the sample vehicle that the bank chose. Therefore, try to select the comparison vehicle as realistic as possible.

Installment loan as an alternative

Installment loan as an alternative

If the vehicle is too old for a car loan, there is still the option to apply for a classic installment loan. There are also many cheap offers for an online loan here.Notice! A non- earmarked installment loan is always more expensive than a car loan. A car loan is a financing with earmarking, in which the financing is subject (ie the vehicle) deposited as collateral with the bank. In an emergency, the bank can sell the vehicle and therefore has a significantly lower risk that costs remain open. The banks “reward” this lower risk with more favorable conditions, often with lower monthly rates. With a non-earmarked loan, the risk is greater for the bank – interest rates are generally higher because the bank wants the higher risk to be paid.

Car buyers should always choose a car loan whenever possible. An installment loan without earmarking should always be the second choice.