The Automobile Club has been known for years as a reliable breakdown helper for car problems in distress – until the company was finally talked about by scandals. How did these scandals affect the Automobile Club car loan and how attractive are the conditions? Is it worth thinking about an Automobile Club car loan? These and other questions we want to answer here in our Automobile Club car loan test!
But what else is behind the offer of the Automobile Club?? Our Automobile Club car loan test reveals it!
1. Our Automobile Club car loan test: pros and cons at a glance
- Loans are granted by Gradibank Berlin
- Toll-free special repayments
- Payments can be suspended in an emergency
- Support is easy to reach
- Low interest rates between 3.49 percent and 3.99 percent
- Average maturities and credit limits
- No loans for students or self-employed
The Automobile Club car loan was particularly convincing in the test by a customer-friendly service offer: Special repayments are possible free of charge, in case of an emergency payments can also be suspended and in case of questions and problems also a German-speaking customer support is easily accessible.
Also in terms of conditions and security of the Automobile Club car loan to convince: loans are granted by the Gradibank Berlin and interest rates are between 3.49 and 3.99 percent pa. As our Automobile Club car loan experience has shown, however, are no loans to students or self-employed and also terms and lines of credit are with 12 – 84 months and 2.500 – € 50,000 rather than average to call.
2. The 10 most important credit terms for the customer
- Credit line between 2,500 euros and 50,000 euros
- Interest rates between 3.49 percent and 3.99 percent
- Maturities between 12 and 84 months
- Minimum age 18 years
- Payment of installments for involuntary unemployment of up to 12 months
- Toll-free special repayments
- In the event of death, outstanding installments will be taken over
- Waiting period of 6 weeks after conclusion of the contract for assumption of installments in case of illness or unemployment
- Staggered terms of 12 months each
- Free suspension of payments in case of emergency
3. Our credit example: This is what the Automobile Club car loan looks like
|Loan amount net||10,000 euros|
|running time||60 months|
|Tied debit interest pa||3.44 percent|
|Effective annual interest rate||3.49 percent|
|Paid interest||1,871.13 euros|
Assuming an Automobile Club car loan in the amount of 10,000 euros and decides for a period of 60 months, an annual percentage rate of 3.49 percent is calculated. In the end, the interest paid amounts to € 1,871.13, as our Automobile Club Car Loan Test has shown.
4. What Automobile Club car loan experience could we collect?
Credit offer: Only car loans are available
Potential borrowers should be aware from the outset that Automobile Club will only grant auto loans. In view of the fact that the General German Automobile Club (Automobile Club) acts exclusively as a traffic club, this fact is by no means surprising. Instead, customers or members of the Automobile Club can look forward to the opportunity to conclude a car loan at the Automobile Club and thus not dependent on third-party providers.
The Automobile Club does not have a particularly extensive loan offer to show: Only car loans are available here. However, since the Automobile Club primarily acts as a traffic club, this is by no means surprising.
The loan conditions are quite customer friendly
In the area of credit terms, customers accumulate experience with low interest rates and average maturities and credit lines with Automobile Club Car Loan: The annual percentage interest on an Automobile Club car loan is between 3.49 percent and 3.99 percent and depends on the duration of the Automobile Club car loan 12 and 84 months may be. While some of the competitors’ terms are up to 120 months, this offer is rather average for Automobile Club Bank – as is the credit line, which ranges between € 2,500 and € 50,000. However, a car, a caravan or a motorcycle should be able to be financed with an Automobile Club car loan at this level, as our test has shown.
In the Automobile Club car loan test, we were able to state that the loan terms can be described as customer-friendly: Interest rates are between 3.49 percent and 3.99 percent and are based on the term of the loan, which can be between 12 and 84 months. However, the credit line ranges between € 2,500 and € 50,000, as our experience with the Automobile Club car loan has shown.
The conditions of the Automobile Club car loan at a glance
Again, students and the self-employed go out empty
Pupils, students and self-employed persons who would like to take out a loan to finance a car will unfortunately not find what they are looking for at Automobile Club: The requirements for an Automobile Club car loan are membership in the Automobile Club, a residence in Germany, majority and last but not least also a permanent job outside the probationary period or a pension that is claimed. For students, the self-employed and therefore no credit is offered at Automobile Club, as our experience with the Automobile Club car loan has shown.
Since a fixed-term job outside the probationary period or a pension is a precondition for an Automobile Club car loan, the Automobile Club does not offer loans to students, students or the self-employed.
The website is rather confusing
Customers are gaining experience with Automobile Club Car Loan with a rather cluttered website, which makes it difficult for the potential borrower to find information on the Automobile Club car loan. Since the loan offer can not be found on a separate website but has also been deposited on the regular Automobile Club website, customers must first move into the “Automobile Club Products” area, where they will find the car loan under “Financial Services”.
Alternatively, you can of course also a search engine like Google entrusted with the search for the “Automobile Club car loan” and can be forwarded directly to the car loan. However, when they arrive at the site, potential borrowers are also looking in vain for a loan calculator, because instead of such a calculator, a table has been placed on the company’s website telling the client how high its interest rate on the loan is.
Customers can find the Automobile Club car loan on the Automobile Club website in the “Automobile Club Products” section under “Financial Services”. Alternatively, customers can be guided by a search engine to the right area – a loan calculator, however, they are looking for in vain in this case.
The website of the Automobile Club car loan is not well developed
Loans are granted by Gradibank Berlin
The Automobile Club car loans are granted by Gradibank Berlin. This credit institution is regulated by the German Federal Financial Supervisory Authority (BaFin), which is known for reliability and trustworthiness and promises a respectable handling of customer funds and data. However, information about deposit insurance and the security mechanisms of the Company’s Web site is in vain for customers – it may be advisable to consult with customer support about these issues. Although we were able to rate the company’s BaFin regulation positively in the Automobile Club test, the lack of transparency with regard to deposit insurance and security does not contribute to a good test result.
The Automobile Club car loans are granted by Gradibank Berlin, which is regulated by BaFin. However, information on deposit insurance and collateral is in vain for customers on the company’s website.
The Automobile Club has a wide range of services to offer
With the Automobile Club car loan, customers gain experience with a particularly extensive range of services, which cover various areas and cover all Automobile Club-typical questions and problems around cars and road traffic. If one does not find what one is looking for in this service offer, one can instead turn directly to the German-speaking customer support of the company, which can be reached by mail, telephone, post and various social networks – and not only with questions about the Automobile Club car loan, but also in case of breakdowns on the highway.
The service offered by the Automobile Club is particularly extensive and covers various areas. Customers can expect help from customer support via e-mail, telephone, post and social networks, not only for questions about Automobile Club car loans, but also for car breakdowns.
Automobile Club Apply for a loan directly from the Automobile Club
5. What do experts say about the Automobile Club car loan?
Even experts have been able to formulate their opinion on the Automobile Club car loan so far, which is why the company has already received several awards for its financing offer. Among the awards Automobile Club has received so far for its car loan are, for example, the € uro am Sonntag awards and customer service awards, as well as a 1.4 from the Verivox comparison portal for product and service. In particular, the service offer of the company seems to have done to the experts, as we also noted in our Automobile Club car loan test.
6. Our rating in short conclusion to the test
We were able to score the Automobile Club’s car loan at $ 2.4, primarily due to the numerous benefits we were able to keep in the test – but these benefits were overshadowed by some of the disadvantages the company has in its car loan business. These disadvantages include, first and foremost, the average maturities and lines of credit that could not convince in the test, while also the fact that the Automobile Club car loan is not available to students or self-employed. For this, customers benefit from loans from Gradibank Berlin, which are accompanied by toll-free special repayments and easy-to-reach customer support. The rates that can be suspended in an emergency are calculated on the basis of low interest rates of between 3.49 and 3.99 percent – and this also allows for toll-free special repayment.
7. The 5 most important questions and answers about the offer
What are the interest rates?
The amount of interest is dependent on the length of the term of the Automobile Club car loan: With a term between 12 and 60 months, the effective interest rate is still 3.49 percent pa – if you want to have his loan, however, 72 or 84 months run You can expect an interest rate of 3.99 percent pa
What are the requirements for an Automobile Club car loan?
To be eligible for an Automobile Club car loan, the customer must meet the following requirements:
- (Automobile ClubPlus) membership at the Automobile Club
- Residence in Germany
- Permanent job outside the probation period or pension
Is there a residual credit insurance?
The Automobile Club car loan can be taken up by a comprehensive residual credit insurance, which promises a takeover of the monthly rate of disability, unemployment and death.
There is also a residual credit insurance for the Automobile Club car loan
How flexible is the Automobile Club car loan?
The Automobile Club car loan is characterized by a high degree of flexibility: In financial emergencies, installment payments can be suspended and even full or partial special repayments are possible free of charge, as our experience with the Automobile Club car loan has shown.
How safe is the Automobile Club car loan?
As the Automobile Club car loan is granted by Gradibank Berlin, customers can assume safe handling of their capital and their data: Gradibank Berlin is regulated by the German Federal Financial Supervisory Authority, which is known for reliability and seriousness. However, customers can not find information on the deposit insurance and the security of the Automobile Club car loan from the company’s website – in this case, it may be worthwhile to contact the customer support of the provider and to obtain information here.