Three-Way Financing: Ensure Maximum Flexibility When Buying a Car
12 Jul 2025
Katrin Straub
Managing Director at nextsure
The dream of a new car often fails due to high monthly payments. A three-way financing plan promises relief with low burdens and high flexibility. However, this model also contains financial pitfalls that you should be aware of.
The topic in brief and concise terms
The three-way financing offers low monthly installments because primarily the depreciation, not the repayment, is paid.
At the end of the contract, you have three options: buy the car, refinance the final payment, or return the vehicle to the dealer.
The biggest risk is the residual value trap, where the market value of the car falls below the high final payment, which can lead to financial losses.
Ein neues Auto bedeutet Freiheit, doch die Finanzierung stellt viele vor eine Herausforderung. Die Drei-Wege-Finanzierung, auch Vario- oder Ballonfinanzierung genannt, lockt mit niedrigen Monatsraten, die oft bis zu fünfzig Prozent unter denen eines klassischen Ratenkredits liegen. Sie zahlen während der Laufzeit nur den Wertverlust und die Zinsen, was für eine geringe finanzielle Belastung sorgt. Am Ende stehen Ihnen drei Optionen offen: das Auto kaufen, es zurückgeben oder die hohe Schlussrate weiterfinanzieren. Diese Flexibilität macht das Modell attraktiv, erfordert aber eine genaue Kalkulation und das Bewusstsein für mögliche Risiken wie das Restwertrisiko. In diesem Artikel erfahren Sie, wie Sie die Drei-Wege-Finanzierung clever für sich nutzen.
The Foundation: How Three-Way Financing Works
The three-way financing is a mix of leasing and a traditional installment loan. You often make a voluntary down payment, then pay low installments over a fixed term of usually 24 to 48 months, and in the end, there is a high final payment, the so-called balloon payment. An example: For a car worth 30,000 euros, the monthly installments could be as low as 295 euros, whereas a traditional loan with the same term would require 885 euros. This structure allows you to drive a new car every few years without high monthly fixed costs. The low installments primarily cover the depreciation and interest, not the full repayment of the vehicle's value. Only with the final payment do you decide on the final purchase and how to proceed further. This basic structure leads to three options at the end of the contract.
Three options at the end of the contract: Making the right choice
At the end of the term, you must make one of three strategic decisions. Each option has significant financial implications that you should be aware of. Here are the three options in detail:
Purchase the vehicle by paying the final instalment: You pay the agreed balloon payment and become the full owner of the car. This option makes sense if you wish to keep the vehicle and have the necessary savings.
Refinancing the final instalment: If you cannot or do not wish to pay the final instalment in one go, it can be financed through a new loan. Note: The terms for this refinancing are often worse than in the original contract.
Return the vehicle to the dealer: You simply return the car, and the contract ends. This requires the vehicle to be in a condition as agreed in the contract and the mileage not to have been exceeded.
Your choice largely depends on your life plans and financial situation. Analysing the pros and cons can help with the decision.
Advantages and Risks in Direct Comparison
The greatest strength of three-way financing is the financial flexibility due to low instalments. It allows the purchase of a vehicle with minimal initial capital and eases the monthly budget. However, this comes with higher overall costs, as the final payment is subject to interest over the entire term. The main risk is the so-called residual value trap. If the actual market value of the car at the end of the contract is below the agreed final payment, you will incur additional costs – either at purchase or through extra payments upon return. An unexpected loss in value, such as through damage, can lead to additional costs of several hundred euros. Suitable residual debt insurance can partially mitigate this risk. To minimise these risks, careful calculation of the final payment is essential.
Realistically calculate the closing rate and minimise the residual value risk
The final payment corresponds to the residual value of the car estimated by the dealer at the end of the contract. A new car loses around 25 percent of its value in the first year. After three years, the depreciation can be up to 50 percent. The following factors significantly influence the residual value:
Make and Model: Some makes and models retain their value better than others.
Mileage: Exceeding the agreed mileage can become expensive and often costs 15 to 35 cents per kilometre.
Condition and Maintenance: A well-maintained car with a full service history and no major defects achieves a higher resale value.
Equipment and Colour: Timeless colours like black or silver and sought-after features help preserve value.
Our Expert Tip: Agree on realistic mileage that matches your driving profile to avoid costly additional payments. Accurate calculation is the first step, but you also need to be aware of the legal framework.
Find the right provider and negotiate smartly
Always compare offers from manufacturer banks with those from independent institutions. The latter often offer interest rates that are one to two percentage points lower. First, negotiate the cash purchase price of the car and only then the financing terms. A down payment of at least 20 percent can significantly reduce the monthly installments and the total costs. If you trade in your old vehicle, it can replace the down payment and further improve the conditions, making it worth considering a loan with trade-in. Independent advice can provide clarity here and reveal savings potential of several hundred euros. Request an individual risk analysis now: Have your insurance situation checked for free and receive specific optimization suggestions.
FAQ
Wie hoch darf die Schlussrate bei einer Drei-Wege-Finanzierung sein?
Es gibt keine gesetzliche Obergrenze. Die Höhe der Schlussrate orientiert sich am geschätzten Restwert des Fahrzeugs nach Ablauf der Vertragslaufzeit. Sie kann bei einem Neuwagen nach drei bis vier Jahren noch rund 50 Prozent des Neupreises betragen.
Sind die Raten bei einer Drei-Wege-Finanzierung immer günstiger?
Die monatlichen Raten sind in der Regel deutlich niedriger als bei einem klassischen Ratenkredit. Allerdings sind die Gesamtkosten über die gesamte Laufzeit oft höher, da die hohe Schlussrate ebenfalls verzinst wird.
Welche Kosten fallen bei der Rückgabe des Autos an?
Zusätzliche Kosten können anfallen, wenn Sie die vereinbarte Kilometerleistung überschritten haben oder das Fahrzeug Schäden aufweist, die über normale Abnutzung hinausgehen. Rechnen Sie mit 15 bis 35 Cent pro Mehrkilometer.
Ist eine Anzahlung bei der Drei-Wege-Finanzierung Pflicht?
Nein, eine Anzahlung ist meistens freiwillig. Eine höhere Anzahlung reduziert jedoch die monatlichen Raten sowie die finale Schlussrate und kann die Gesamtkosten senken.
Was ist besser: Drei-Wege-Finanzierung oder Leasing?
Bei der Drei-Wege-Finanzierung haben Sie die Option, Eigentümer des Autos zu werden, was beim reinen Leasing nicht der Fall ist. Leasing bietet oft noch etwas günstigere Raten, da Sie nur für die Nutzung zahlen. Die Wahl hängt davon ab, ob Sie sich die Kaufoption offenhalten möchten.
Welche Rolle spielt die Bonität bei der Drei-Wege-Finanzierung?
Wie bei jedem Kredit ist eine ausreichende Bonität Voraussetzung für den Vertragsabschluss. Die Bank prüft Ihr Einkommen und Ihre Schufa-Daten, um das Risiko eines Zahlungsausfalls zu bewerten. Eine gute Bonität führt oft zu besseren Zinskonditionen.
