There comes a time in everyone’s lives when you have to start thinking about driving. Relying on someone else to drive you around is not exactly possible at all times, and then there is the fact that the public transport doesn’t offer you the flexibility that your very own car does. In order to be able to drive a car, though, you’ll need to get a license, and that costs money.
Here’s the process of getting a Norwegian license further explained: https://livingwithnorwegians.com/getting-a-norwegian-drivers-license/
On average, you will have to pay around NOK 30000, which is close to $3000 so as to obtain the license. If you don’t happen to have that much money in your savings account, and if your salary cannot cover it, as it probably can’t, since you have other expenses, you will have to find a different way of funding your driving education. And, the thing that will probably cross your mind is the option of taking out a loan.
Yet, you have a lot of questions regarding that option. First of all, you’re wondering if getting a loan for paying the expenses for obtaining a driver’s license is even possible. Then you want to know how it all precisely works. And, of course, there is a chance that you’re not sure whether you should do this, or how to do it the right way if you decide to go for it.
Now, those are all some rather important questions, without a doubt. Meaning that you should get your answers before making any final decisions or any concrete moves. So, what we are going to do right now is answer those questions for you below, hoping to help you understand whether this is a realistic option, as well as how it would work, and whether you should consider it more seriously. By getting all of those answers, you’ll have a better idea about which steps to take next on your journey towards funding your driving education and getting the license.
Can You Get a Loan for Obtaining Your Driver’s License?
Let me start by answering probably the most pressing question that you have and thus making things completely clear. Sure, you can get a lån til førerkort, and there is nothing unusual about it at all. The loan we are talking about here is called an unsecured one, and people get it for all kinds of reasons, because there are no restrictions as to what you can use the money on.
Let me explain what the unsecured loan actually is, so that you can understand the option better before deciding if it is right for you. Basically, we are talking about a loan that lenders give out without requiring collateral. That is, without the borrower having to pledge some of their assets as security that they will pay the money back. So, this option is not that risky for borrowers at all, because you don’t have to worry about losing any of your assets if something happens and if you wind up not being able to pay your installments on time.
On the other hand, since it is a bit riskier for the lenders, given that there is no collateral involved, you will have to expect them to work at protecting their own interests as best as they can. And, they will do that by carefully deciding who they are going to work with and performing credit checks to assess if you are creditworthy, as well as by offering slightly higher interest rates in comparison to those you could get for a secured loan. Nevertheless, you will still be able to get a good deal if you take time to do everything the right way.
How Does It Work?
Clearly, getting a personal loan to pay for the expenses associated with obtaining a driver’s license is possible, and completely normal. You may, however, now be wondering how it all works. And, the truth is that this works just like any other personal loan, and those are further explained on this page. Let me explain the process in a bit more details.
Basically, you find a lender and you apply for a loan. They assess your creditworthiness by checking out your credit score and your current financial situation and they approve you for the loan. Then, you get the money you need deposited into your account, after which you start repaying it in monthly installments. Of course, you pay interest as well, because the lenders have to earn their fee.
This is, in short, how any kind of a loan works. When it comes to this specific one, you will use the money to pay for the necessary driving education and to obtain your license. And, since we’re talking about unsecured loans, you won’t have to offer any collateral, which makes things easier, as well as a safer. Safer, because you’re not risking your assets. Easier, because the application process is simpler since you don’t need to provide any documents and information about the assets you’re pledging as collateral.
Should You Do It?
Having understood how it works, you’re now interested in figuring out if this is something you should actually do or not. Most likely, you’re on the fence because you understand that the interest rates are higher than those offered on secured loans. But, the unsecured solution is the only one you can use if you want to get the money for obtaining a driver’s license, so you’re probably also wondering if it is actually worth it. So, let me address those two concerns for you.
First off, the fact that the interest rates are higher than on the secured option doesn’t mean that they are too high and that you won’t be able to get a fair deal. Quite on the contrary, there are some quite favorable solutions you can find on the market nowadays. In other words, there are lenders offering completely fair interest rates on their loan offers, as well as reasonable processing fees and other kinds of fees that you may be charged in the process. Thus, the slightly higher interest rates are definitely not a reason for you to give up on this idea.
Next, you want to know if taking out a loan to pay for the driving license fees is worth it. Well, think about it this way. If you don’t get your driver’s license, you will have to keep paying for public transportation and taxi services, which will certainly add up to a lot. Plus, you will still be struggling with flexibility, and with the need to plan your time in accordance with the public transport schedule, for example, which is definitely not convenient. When you think about it, then, the convenience that getting a license provides is enough for everyone to say that taking out a loan for it is worth it, and then there’s also the fact that you’ll get to save money in the long run by not spending it on transport fees.
How to Do It Right?
So, you’ve thought about it for a while now, and you’ve decided to get a loan for these purposes. What you are wondering right now is how to get a good lån til lappen, that is, what to do so as to make sure you are getting a great deal. This is the next topic we are going to cover, because we understand the importance of you taking the right steps in the process and thus securing a good deal on your loan. Let us, thus, talk about what you should do.
Before you even embark on the journey of searching for lenders and applying for an unsecured loan, you should take a good look at your credit score. Do you think that it is already good enough, or do you believe that it could be better? If it is the latter, then you should work towards improving it as much as you can, because a better score will lead not only to higher chances that you’ll get approved for the loan, but also to better interest rates.
Once you’re sure you’ve done everything you can to improve the score, the next thing to do is start searching for the lenders that offer this type of a loan. You will have no trouble finding them. Search the Internet, and talk to the people you know as well, as they could give you some recommendations regarding the lenders you may want to work with. Of course, you will have the task of researching them all thoroughly before deciding which one to actually borrow the money from, as they won’t all offer the same terms.
So, when you find a few lenders that you think could be right for you, start checking out the terms of the loans they are offering. Begin with interest rates, because those will have a huge say in the cost of your overall loan. But, don’t forget to check other terms as well, such as the processing fees, the late fees and other types of fees. Furthermore, check the offered repayment periods, and decide carefully what would best work for you, trying to choose a period that will make paying the monthly installments easy, but that also won’t put you in debt for a long time.
Having made the necessary decisions regarding the repayment period and the amount you’re borrowing, and having chosen your lender, you’ll be ready to apply. Send the application through and wait for the lender to review it. Then, when the money is deposited, use it to fund your driving education and get your license.
