Young people, who are still in training, often have special wishes that they want to realize. However, since the income they receive during their training is usually quite low, the question arises whether there is a way to get a loan despite training.
While any trainee can ask a bank of their choice whether or not they will be approved for a loan despite their training, stringent bank requirements will in most cases fail to do so, as granting a loan usually results in higher monthly income or a large private fortune of the applicant ahead. However, it is not entirely impossible for trainees to get a loan approved from the outset.
Those who are in training receive a loan under certain conditions
It is advisable for young people in training to check with their parents’ house bank or the bank where they may already have a student account, as they are already known there and may be given a small loan when they submit their training contract. Despite training, a loan is usually always granted if the trainee names a co-applicant or guarantor who has a secure income and a good credit rating.
In many cases, the parents of trainees act as guarantors, so that a loan can be granted in spite of training , so that a loan cannot be excluded from the outset even for young people who are in training. Proof that the car loan will be taken on in a permanent job after completing his training can also result in a loan being granted, even though the applicant has only low monthly earnings.
A loan for trainees must be based on their economic situation
Nevertheless, every trainee should be aware that, despite the guarantor, their credit line will be extremely small, because due to their low monthly income, banks do not grant loans that go beyond the economic circumstances of the borrower. A young person in training should under no circumstances be under the illusion of getting a loan, for example to be able to buy a new car. If you consider the consequences of overindebtedness at a young age for the future life of the trainee, this is certainly appropriate and recommendable.