Amphibank was founded back in 1949 under the name “Volkswagen Finanzierungsgesellschaft mbH”. The companies are a subsidiary of Volkswagen Financial Services AG. Products such as accounts, credit cards, investments, a separate Amphibank loan calculator and savings products and securities accounts are offered. The orientation of the offer is also in the present time primarily the financing of the own automobiles. In our subsequent test, we want to look at the loan offer of Amphibank and show you whether the offer was convincing.
1. Amphibank experiences: pros and cons at a glance
- Low loan amounts from 1,000 euros possible
- Special payments possible with Comfort Credit
- Credit also available to the self-employed and freelancers
- High lending rate for personal loans from 5.35 percent pa
- High interest rates for the Comfort Credit of 7.21 percent pa
As we looked at the loan offer as part of our Amphibank loan experience, it became apparent that there are some aspects where the bank can not compete with the competition. Thus, the lending rates are remarkably high even with excellent credit rating and even the framework credit is not among the cheapest offers. The advantage is the fact that loan amounts are already possible from 1,000 euros and even self-employed have the opportunity to apply for a loan from the bank.
2. The most important conditions at a glance
- Loan offer : Comfort Credit (Frame Loan) and Direct Loan
- Lending rates : Installment credit effective from 5.35 per cent per annum. Framework credit: 7.21 percent pa
- Duration : Installment credit: 12 months to 120 months, Framework credit: Unlimited
- Minimum amounts : installment loan: 1,000 euros, framework credit: 2,500 euros
- Maximum amounts : installment loan: 50,000 euros, framework credit: 25,000 euros
- Availability of the support : Monday to Friday from 8.00 to 20.00 o’clock and Saturday from 9.00 to 15.00 o’clock
- Website : Professional and clearly structured. Clear presentation of the products. Intuitive navigation.
- Security : encrypted data transmission. No transfer of customer data to third parties.
- Insurance : Credit protection letter
3. Representative credit example at Amphibank
For all those who want to know what costs they can incur as a borrower at Amphibank, we would like to quote a representative example of credit here, which can also be found in this form on the website via the Amphibank loan calculator. This example is based on a loan amount of 5,000 euros, a term of 72 months and an interest rate of 5.35 percent pa This would result in a monthly rate of 81.04 euros and this would be a total of 5,834 at the end of the term, 88 euros result.
Since the actual loan interest depends on factors such as maturity and creditworthiness of the borrower, this example of the Amphibank loan calculator is for guidance only and does not constitute a binding statement.
4. The detailed Amphibank Test: Our experience with the Amphibank loan calculator
Credit offer: two personal loans to choose from
When we looked at the loan offer for our Amphibank loan experience, we were able to find out that, apart from the car loans, there are two different personal loans to choose from. One variant, Direct Credit, is a classic installment loan from Comfort Credit. This is a kind of replacement for the credit line of the current account at the house bank. Both loans differ in their terms and characteristics as well as the intended use.
At Amphibank, the borrower can choose between two loan options. There is an installment loan and a credit line, which can be used flexibly.
Credit conditions: Installment credit from 5.35 percent pa
Two loans to choose from at Amphibank
Let’s come to our experiences on the terms of the loans of Amphibank and look first at the direct credit. We are less positive about the lending rates, which start at 5.35 percent. The interest rates depend on the duration of the loan and on the creditworthiness of the applicant and thus it can be assumed that in most cases higher interest rates will come about. The amounts granted in this loan variant are between 1,000 and 50,000 euros. Regarding the duration of the repayments, there is the possibility to choose between maturities of 12 months and 120 months.
Let’s get to Comfort Credit. There are no fixed terms, because the loan can or may not be used at all times. For the loan amounts that are used, the borrower pays an annual percentage rate of 7.21 percent. Loans in the amount of € 2,500 to € 25,000 can be requested here.
In our Amphibank Credit Test, it quickly became apparent that interest rates are not among the best compared to other providers. With 5.35 percent APR, even borrowers with excellent credit ratings pay a higher rate than many other credit providers. Also the frame loan is with an interest rate of 7,21 per cent in the year belongs to the more expensive offers.
Special offers for pupils, students, self-employed
In our experience, we were able to say that the personal loan is also offered for the self-employed and freelancers. However, maximum amounts of 25,000 euros apply and self-employment or self-employment must last at least two years. Otherwise, borrowers must submit a permanent employment contract in order to receive a loan and must be at least 18 years old. Further special offers for students or pupils can not be found at the bank.
At Amphibank, not only permanent employees can receive a loan. It is also possible for self-employed and freelancers to apply for a loan. It is a prerequisite that the self-employment has existed for at least two years.
Test the website and the Amphibank loan calculatorAs Amphibank is one of the largest financial service providers in Germany, the website is accordingly professional. The website is mostly simple and nothing distracts the eye. All products are presented in a clear and effective manner, and the interested party can quickly find out about all important basic conditions. You can easily find your way around and everything is always exactly where you expect it to be. The Amphibank loan calculator is also offered, where potential borrowers can inform themselves in advance about the monthly installments.
The website was able to convince credit experience within the framework of our Amphibank. The website is characterized by a clear structure, a professional presentation and a transparent presentation of all product features. The Amphibank Loan Calculator shows no additional credit details except the monthly installments.
Regulation and security of the bank: BaFin-regulated company
The head office of Amphibank GmbH is located in Braunschweig and thus the financial institution is regulated by the BaFin. BaFin is responsible for the supervision of all German companies that work with client funds and acts in accordance with the EU-wide uniform MiFID financial market guideline.
As far as the security of customer data is concerned, the same guidelines and standards apply to Amphibank as they apply to all other major financial service providers. Data transfer is always encrypted using SSL 128 bit technology. The bank also assures that it does not pass customer data on to third parties and guarantee anonymous surfing.
Our Amphibank Credit Test has shown that BaFin, which operates under the MiFID Directive, is responsible for regulating the bank. The data transfer is always encrypted and the bank assures to deal responsibly with the customer data.
Contact and Service: Support from Monday to Saturday
Telephone customer support at Amphibank is available from Monday to Friday from 8:00 to 20:00 and on Saturday from 9:00 to 15:00. Furthermore, customers and interested parties can also write an e-mail or personally select one of the local branches nearby.
The range of services provided by Amphibank is convincing, as it includes, for example, online financing assistants, a large FAQ section, financial calculators, newsletters and numerous mobile applications relating to the products and services of Amphibank.
Telephone customer service is provided by Amphibank from Monday to Saturday, and apart from a written request, there is also the option of visiting one of the bank’s branches in person. A plus point in our test is the large range of services offered by the bank.
5. Test reports on the Amphibank offer
The loans and other services provided by Amphibank have already been tested several times in tests and the bank can also show some certificates that stand for the high quality of the offer. For example, the bank’s loan was given the title “Top Installment Loan” by Focus Money. The customer service of Amphibank has been audited by TÜV Nord and subsequently received the quality seal.
6. Our conclusion: not just positive aspects
In our credit test conducted by Amphibank, we not only noticed positive features of the loan offer. For example, from 5.35 percent pa onwards, interest rates are not really competitive and the interest rates of the Comfort Credit are among the poorer offers at 7.21 percent pa. On the positive side, we were able to state that the loan amounts are already possible from 1,000 euros and that even self-employed and freelancers can apply for such a loan. Also special payments can be made by borrowers at any time free of charge. Despite some positive aspects, it is only enough for a rating of 3.3.
7. Five questions and answers about the Amphibank loan
1. Which loans does Volkswagenbank offer?
In addition to various car loans, the bank also has a personal loan and a credit line.
2. Who can apply for a loan from Volkswagenbank?
As a precondition for a loan commitment, the bank is the age of majority of the applicant, a permanent residence in Germany and any German bank account.
3. We also grant a loan to self-employed?
Yes, at Amphibank, self-employed persons and freelancers can also apply for one of the two loans. The self-employment must exist for at least two years.
4. What interest is charged on the loans?
The direct credit is based on interest rates that depend on the duration and creditworthiness of the applicant and start at 5.35% per annum. The Comfort Credit has a uniform interest rate and is at an effective rate of 7.21 percent per year.
5. What loan amounts can be applied for?
When it comes to direct credit, amounts between 1,000 and 5,000 euros are possible. For ClasicCredit, the credit line is between € 2,500 and € 25,000.