Young people who have just left school and started their careers often have great wishes. You want to earn your own money and finally fulfill long-cherished wishes and needs. Unfortunately, the money earned during the training is not really lavish. Depending on the training, as an apprentice you usually receive less than 750 dollars a month.
If you want to finally become independent and buy a car or have your own apartment, for example, you often lack the financial means to do so. Not many young people are lucky enough to receive financial support from their parents or from grandpa and grandma. The things you want cannot always be bought. However, there are opportunities and means for trainees to fulfill these wishes.
A loan in spite of training is generally possible
However, many banks and credit institutions offer loans specifically for trainees so that they can fulfill their wish of owning a car or an apartment. However, the collateral required by the banks is not always possible, especially for young people. For example, a young person in training usually does not own real estate or shares. At least it can be assumed that there is no negative entry in the Credit Bureau database. If no proof of income and collateral from parents or grandparents is included, the granting credit is often limited despite training. One speaks here of a guarantor who virtually guarantees with his guarantees.
Conditions for a loan despite training
With little collateral, the loan amount is max. 4000 dollars relatively low. Although you can already buy an older, used car here. With a guarantor you can surely get up to 25,000 dollars and higher. The interest rates for the loan range from 2.5 to 8 percent depending on the current market situation. The duration of the repayment, i.e. the loan term, can range from one to five years. It is important for a trainee that the installments to be repaid do not become too high, otherwise this can be quite a burden. Here you should inquire very carefully in advance.