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Old 31.10.2018, 09:27
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Purchasing a Used car

I'm thinking about buying a used car (from a private seller)
HOWEVER, I can't pay for it all at once --

I've alway's bought cars that I could afford without a loan.

My question is: Where would I go to get a loan. Does Switzerland offer that kind of service - specifically for a private sale.

ALSO - is there anything EXTRA I'd need to do for Swiss requirements before I could purchase a Privately sold vehicle. I don't know - like a certification check that the car wasn't altered or..... I don't know exactly what I'm asking but I don't want to miss an important step in the purchase process.
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Old 31.10.2018, 09:33
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Re: Purchasing a Used car

Simple: buy a car with a fresh MFK and one that you can afford. Don't count on any warranty and service. The risk is with you.



Given the questions you ask, I wouldn't proceed with the plan and definitely not take a loan on a car if you are not an expert buyer.
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Old 31.10.2018, 13:54
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Re: Purchasing a Used car

You can get a loan for a private sale. It's just a personal loan and the money is sent to your account. What you do with it doesn't matter to them in the end, you just have to pay it back.
Comparis is your friend in these matters.

As per K_and_E, fresh from MFK can give some peace of mind.
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Old 31.10.2018, 13:54
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Re: Purchasing a Used car

Your own bank is one of many institutes in Switzerland that do consumer credits/ private loans (given your income is high enough to be granted one)
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Old 31.10.2018, 19:36
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Re: Purchasing a Used car

Quote:
Your own bank is one of many institutes in Switzerland that do consumer credits/ private loans (given your income is high enough to be granted one)
CS don’t (directly - their BankNow subsidiary does, but lending decisions have nothing to do with the parent) for retail clients. As far as I am aware UBS also don’t do consumer lending. If you’re in a higher net worth category they will lend against your securities portfolio.

I don’t know about the cantonal banks or others, but consumer lending is seen as a specialist operation in Switzerland.

From what I remember the best rates for a personal loan are with Migros Bank, but I’ve heard they are notoriously strict in their client qualifying.
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Old 31.10.2018, 21:48
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Re: Purchasing a Used car

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From what I remember the best rates for a personal loan are with Migros Bank, but I’ve heard they are notoriously strict in their client qualifying.
Ah, perhaps that is where I got the idea, we needed a loan due to circumstances and we already were customer of Migros banking and they very simply gave it.
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Old 31.10.2018, 22:46
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Re: Purchasing a Used car

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I'm thinking about buying a used car (from a private seller)
HOWEVER, I can't pay for it all at once --

I've alway's bought cars that I could afford without a loan.

My question is: Where would I go to get a loan. Does Switzerland offer that kind of service - specifically for a private sale.

ALSO - is there anything EXTRA I'd need to do for Swiss requirements before I could purchase a Privately sold vehicle. I don't know - like a certification check that the car wasn't altered or..... I don't know exactly what I'm asking but I don't want to miss an important step in the purchase process.


If you could link to the autoscout-ad, so we can rip through it and talk you out of it - that would be so kind


Also, personal loans are at least 4.7% interest.
That's a hell of a lot of money, considering that a savings account are at zero.

How much of your yearly income is the car?
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Old 31.10.2018, 22:53
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Re: Purchasing a Used car

Or, find a similarly priced car from a garage and get it on leasing instead of loan purchase.
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Old 31.10.2018, 23:03
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Re: Purchasing a Used car

I'd never buy a car on a loan. (You wrap it around a tree, you still pay off the loan ).

Then again I would never buy anything on a loan anyway except a house where I'd need a loan for tax-reasons in this country.
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Old 31.10.2018, 23:09
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Re: Purchasing a Used car

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Or, find a similarly priced car from a garage and get it on leasing instead of loan purchase.
Would depend a lot on what kind of car OP wants to buy? High end, new, old?



A leasing contract has upsides and downsides (as you can see on the forum when people want to get out of the contract)
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Old 01.11.2018, 13:55
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Re: Purchasing a Used car

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Would depend a lot on what kind of car OP wants to buy? High end, new, old?

A leasing contract has upsides and downsides (as you can see on the forum when people want to get out of the contract)
It does for sure, like anything else in life.
But is it really worse than taking out a loan at a bank? (try getting out of that one )
Given the financial state of the OP, that might be one of the possible solutions.
Just a proposal from my side, as I did not see it being considered in other posts.

Unless it is some special car model, and cannot be found at a good price elsewhere (i.e. garage allowing leasing/financing) - then a loan is a way to get that cash needed for a private sale.

Cheers,
D
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Old 01.11.2018, 15:36
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Re: Purchasing a Used car

There are 57'000 car listings in autoscout24.ch fresh off the MFK and that offer a warranty (likely a dealer). That means that the dealer can offer you some kind of leasing or financing option. Have you checked that one? Or is this a special car that you can't get anyplace else?
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Old 01.11.2018, 16:08
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Re: Purchasing a Used car

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But is it really worse than taking out a loan at a bank? (try getting out of that one )
Getting out of a consumer loan is super easy: Pay the outstanding amount.
Art. 17 Consumer Credit Act. https://www.admin.ch/opc/de/classifi...index.html#a17
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Old 01.11.2018, 21:49
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Re: Purchasing a Used car

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Getting out of a consumer loan is super easy: Pay the outstanding amount.
Art. 17 Consumer Credit Act. https://www.admin.ch/opc/de/classifi...index.html#a17
lol exactly

Same like getting out of a leasing - you pay the remaining value (calculated at time of quitting, and taking mileage into consideration) and you are out.
Which is likely still less than if you would have taken out that loan to buy it for the full price.
Or you can even transfer a lease.
Can't really do that with a loan afaik.
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Old 01.11.2018, 22:22
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Re: Purchasing a Used car

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lol exactly

Same like getting out of a leasing - you pay the remaining value (calculated at time of quitting, and taking mileage into consideration) and you are out.
Which is likely still less than if you would have taken out that loan to buy it for the full price.
Or you can even transfer a lease.
Can't really do that with a loan afaik.
- Personal credit is with the current interests even on the long term sometimes cheaper than leasing.
- Paying of a personal credit early gives no "fine" for early depreciation. (the younger a car is the more they lose value.)
- Remaining value by early cancellationhas been agreed upon upfront as is written in Art 11. g
- Especially on short term or when wanting to pay off early lease Is more expensive than a personal credit, since extra costs (all excluding interest) are often much higher.
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