Volkswagen bank construction financing test: your experiences & opinions count

There is often still the opinion that volkswagen bank only finances cars. A look at the product portfolio shows that the house bank of the wolfsburg car manufacturer offers all the banking services of an all-round financial services provider in addition to loans for car purchases. In addition to traditional loans for private consumers and financial investments for private individuals, real estate and construction financing take up an appropriate position as a separate service. We have subjected volkswagen bank's construction financing to a test. Your opinion and rating will help to complete the test. You can rate volkswagen hypothekenservice here on qomparo free of charge and without registration.

Volkswagen bank construction financing – mortgage service at a glance

  • Mortgage financing for property purchase, new construction or modernization
  • Procurement of initial and follow-up financing at top conditions
  • Effective annual interest rate averaging from 2 percent per annum
  • Renovation loan up to 25.000 euro
  • Easy-to-use online tools – calculator and financing assistant
  • Personal advice on the phone or in one of our branches
  • Quick and easy processing by mail, phone or internet

For germans starting a family, owning their own home is a high priority. A property is also considered a solid retirement provision. To do this, it must be paid in full by the time you retire. Low market interest rates are certainly ideal for construction financing. But in the end, the question of what monthly burden is realistically feasible decides on the credit-financed house construction or real estate purchase. Volkswagen bank promises that the individual life situation will be taken into account in construction financing. For loans arranged by volkswagen bank, the bank requires first-ranking security for the mortgage debt as well as an impeccable income and asset situation. Whatever the latter may mean in individual cases.

Real estate financing – volkswagen bank as intermediary

For both home loan savings and real estate financing, volkswagen bank has partners for the necessary cooperation. It brokers home savings products from various home savings banks. Advice is provided by the direct bank. The home savings offer includes rates from the home savings banks wustenrot, BHW, LBS bayern and alte leipziger. Volkswagen bank itself does not offer any real estate loans or construction loans. Building loans. Direktbank acts as an intermediary for real estate and construction financing of all kinds. This makes perfect sense in the interest of the customers. The company picks out the most interesting offers on the market. Based on individual construction financing conditions, credit offers from over 70 banks, savings banks and insurance companies are compared with each other. Volkswagen bank puts the number of all eligible regional and national lenders at 300 financial service providers.

The range of services offered by the mortgage service includes the brokerage of initial and follow-up financing, the inclusion of available public subsidies (e.G. B. Kfw), personal advice and fast processing by mail, telephone and internet.

Our conclusion on the mortgage service's range of services

As a traditional car bank, volkswagen bank uses an external service provider for construction financing. As a customer of a direct bank, you have to do without the advice of a branch. Because the transaction is done by mail and internet. By telephone the contact with a personal customer adviser takes place! Questions can be answered like this.

How do you see the services of autobank around construction financing? We are very interested in your opinion. You can share it here on qomparo and leave a review on volkswagen bank!

Mortgage service – offers for construction financing in the test

Direktbank does not make concrete offers for construction financing on its website. Online calculators allow you to determine your financing needs. With the help of the online interest rate calculator, you can find out about the latest terms and conditions for construction loans. If you want a non-binding personal offer, you have to request it. This can be done easily with an online inquiry. In the application, you enter the most important key data about your financing project and your person. After sending the data, which are transmitted in encrypted form, a financing expert from direktbank will contact you by phone as soon as possible. After clarification of any queries, you will receive a personal offer immediately. A personal consultation on construction financing is possible by telephone via the service center. This will cost you the usual fees for calling a land line.

What are the interest rates for building loans??

With a little research or by using the interest calculator, you can find out what current conditions you can expect for construction financing through volkswagen bank. With a net loan of 140.000 euro with a 10-year fixed interest rate, repayment of 2 percent and property value of 200.000 euros, the effective annual interest rate is from 2.1 to 2.58 percent. The assumed monthly installment is between 435 euro and 530 euro. Should the disbursed net loan amount to 200.If the loan amount is less than EUR 000 under otherwise identical conditions, you currently pay an effective annual interest rate of up to 2.95 percent. The loan installments would be 681 euro to 818 euro. The most favorable interest rates apply to the loan only if it is secured by a first-ranking mortgage and if the income and asset situation is optimal.

For smaller projects you can rely on an installment loan. This has the advantage of being repayable in a flexible manner. In the case of energy modernization, you can also take advantage of low-interest kfw subsidized loans. Not only initial financing is important for successful financing. This depends to a large extent on good follow-up financing. You can secure them several years in advance. Direktbank offers a forward loan that guarantees you the current interest rates for up to five years in advance.

In july 2014, the german institute for service quality scrutinized 15 direct construction finance providers for their performance and service. In terms of service, volkswagen bank direct is in the good midfield, but it is the leader in terms of conditions. This makes a total of 3. Ranking among the 6 direct banks represented in the test.

Our conclusion on conditions and service for construction financing

With access to 300 possible financing providers, volkswagen bank is likely to offer the best offers on a daily basis. Depending on the type of contract, you can choose an interest rate lock-in period of up to 30 years. Full repayment during the term is also possible. You can secure favorable interest rates for your follow-up financing up to 5 years in advance. The request for offers as well as the entire processing of the loan agreement are free of charge.

What do you think about the terms and conditions of volkswagen bank construction financing?? You can submit a rating here on qomparo!

How to make your own calculations?

Realistic ideas about the construction financing requirements and favorable construction financing play a significant role in determining success or failure. Before requesting a quote, you can carry out your own calculations for the financing project. The online mortgage service for builders and buyers is very useful for an initial, detailed orientation. There are several calculators to choose from. There is a household calculator, budget calculator, interest rate calculator, hire-purchase calculator and offer comparison calculator.

A solid budget calculation is the basis of any construction financing. With the budget calculator you can calculate income and expenses. You receive as a result, what you have left after deducting all current expenses from your net income. This is the maximum amount available per month for real estate projects.

The budget calculator shows you how expensive your loan may be. Based on your current or one-time financing amounts and the key data for construction financing, you receive a guideline for the maximum total construction costs or a maximum possible purchase price for a property.

With the interest calculator you can calculate interest on a loan. The basic data used are the value of the property, the loan amount, the fixed interest rate, the repayment and the postal code. Possible additional costs such as land registry entry, notary fees or provision costs are not taken into account. You can always add new data to the interest calculator. You will always get a result in a range, for example 2.02 percent to 2.86 percent effective annual interest rate or monthly installment 266.67 euro to 321.55 euro (depending on the interest rate).

Please note that the conditions can also be regionally dependent on the zip code of the financing object and/or the place of residence of the applicant as well as on other factors. If fees, expenses and other costs are incurred in connection with the contract, the effective annual interest rate increases accordingly. With the help of the repayment calculator you can compare different variants of loan repayment with each other.

For example, you can find out how ongoing repayments and special repayments affect repayment or how much debt remains after the fixed-interest period. You can also view the detailed repayment plan that goes with the construction financing.

The rent/purchase calculator will show you whether buying a property is more favorable for you than renting it for many years. This online calculator determines how much you can save either as a tenant or as an owner. This becomes visible by comparing the costs of construction financing with the rental expenses.

You already have an offer for construction financing. With the offer comparison calculator you can compare it with the volkswagen bank construction financing offer. As a result you will get how much you can save with a lower interest loan. The loan amount and fixed-interest period must be identical for both offers to ensure a realistic comparison.

Conclusion: prepare your own construction financing with online calculator

Online calculators are a useful tool for preparing construction financing. Even if the terms of the subsequent contract are slightly different, they are still useful in determining financing requirements and providing guidance on terms and conditions.

What is your experience with the mortgage service of the online bank?? You can rate the construction financing offers and the service here on qomparo. We are curious about your opinion.

What does the financing process look like in practice??

1. Submitting an inquiry

The online financing inquiry allows you to describe the financing project free of charge and without obligation and to request a personal offer. If you prefer direct contact for extensive financing questions, you can arrange a personal consultation appointment at a volkswagen bank branch with mortgage consulting services.

2. Offer and advice

Once your inquiry has been received by direktbank, you will be contacted by your personal financing expert. The consultation is about analyzing your personal and financial situation. This forms the basis for the creation of a customized financing proposal. Here it is important that your information is detailed and realistic.

The analysis of all your data forms the basis for a financing comparison. Your financing expert compares the conditions of around 300 construction financing service providers. It filters out the most favorable offers and models from all lenders. If government subsidies are available for your project, they will of course be taken into account when planning the financing.

3. Conclusion of the contract

Once you have decided on a suitable financing model, direktbank will prepare the loan agreement for you. The documents prepared on the basis of your data and documents are sent to the potential lender for a credit check. If the lender approves your application, you receive the loan agreement. You can now check it again at your leisure. Once you have accepted the contract with your signature, there is nothing to stop the loan from being paid out. You can still contact volkswagen bank with all your questions.

After the online financing inquiry, the financing expert contacts you to specify the offer. Analysis of all data on your personal and financial situation forms the basis for a financing comparison.

Our conclusion on volkswagen bank construction financing

A large proportion of construction financing is handled online. This is certainly one reason why the online bank is sometimes rated as a good mid-range service provider. Volkswagen bank rightly occupies one of the leading positions in terms and conditions of construction financing. The various online calculators for preparing your own construction financing are positive and useful.

You have already had some experience with volkswagen bank's construction financing services? Then share your findings with the other users of qomparo!

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