Every third uses at least one financing. This has been found in a recent study by the banking association. The willingness to finance has increased slightly since 2018. But what type of funding do consumers prefer and what do they need credit for?
Installment loans are particularly in demand
At 26 percent, the installment loan is the most frequently used form of financing. This is followed by a credit line, credit line and leasing contract. On average, households using finance have two current contracts. However, half of the respondents only conclude one loan agreement at a time. On average, the open funding amount is 10,600 USD. Of this, 300 USD will be repaid per month.
High earners also pay in installments
Financing users have above-average net income. They earn an average of 3000 USD, 200 USD more than the general population average. But also and especially high earners prefer to take out installment loans in order to conserve their liquidity.
What do consumers take out a loan for?
The main reason for borrowing is to buy a car. 35 percent of borrowers use this to buy a new car, just behind is the purchase of a used car with 30 percent. The installment loan is also the preferred form of financing here. 13 percent of people who generally think about car financing can imagine that it will be concluded via the Internet. Almost half of all installment loans are still taken out with a bank.
The economic relevance of consumer credit
However, loans are not only taken out for car financing. Consumer electronics, furniture and household appliances are also financed in this way. The study also shows that almost two thirds of the consumer goods financed would not have been made without a financing offer. This underlines the economic importance of loans and financing.