Car loan despite loan company – in 3 days on the accountOn November 29, 2019 by Rosalia Hampton
You can easily compare all relevant loans – with and without a second borrower – at a glance. Submit the application for the loan of your choice right away – without any obligation.
Car loan despite loan agency prospects
Finding a car loan in spite of a loan company is not that easy. If banks approve a loan, they require sufficient income and secure, permanent employment. Often, a temporary worker cannot prove this. Not only is income lower than with a permanent job. Protection against dismissal has also been greatly relaxed.
The risk of hiring a job unexpectedly is very high. Of course, these are not good conditions for a car loan.
Car loan despite loan company – cleverly and quickly financed
In many cases, the income barely covers living expenses. The bank does not ask itself arbitrarily how the installments are paid. Lenders check real solvency using a simple surplus calculation. Unfortunately, the budget bill of a temporary worker rarely shows a sufficient surplus. In addition, labor income hardly reaches the garnishment limit. It is important for banks that the income shows a high attachable share.
Anyone who still has a mandatory cell phone contract and also pays for an expensive rental apartment will quickly face creditworthiness problems.
Car loan despite loan company – loan offers
In addition, many agency workers lack the opportunity to create additional financial freedom by saving. Those who earn only a minimum cannot build up reserves.
But don’t give up now. A car loan despite a loan company is realistic. It is helpful when planning to define the loan requirements more precisely. Is short-term financing sufficient or does it have to be an installment loan? The overdraft facility is ideal for a smaller loan. Most banks admit an overdraft if the credit bureau is in order.
Buying a new car is of course not possible. But, a used car can fit into the disposition. At 1500 USD net per month, the bill is at least clear. Because, the bank usually grants up to three net salaries to overdraft facilities. That would be a total of 4500 USD. There is definitely a decent used car that lasts for a few years.
Car loan despite loan company – car loan from the dealer
Car banks in particular are generous when it comes to selling models that are discontinued. A temporary worker at the dealer can therefore expect very favorable conditions. For poorly running new models, retailers often even offer 0% financing. Above all, new cars offer the advantage of really having a safe vehicle for a long time.
On the other hand, short-term use is not advisable. The high loss of value in the early days, to compensate with a small income, does not pay off. The disadvantage of this borrowing is that the car buyer hardly gets a discount on the car loan from the car bank or the dealer. The cheap 0% financing leaves little scope for further discounts. Because the “interest sponsorship” the car manufacturers and dealers include in the sales price beforehand.
Car loan despite loan company – bank loan
With a car loan in spite of a loan company from the house bank, the buyer should negotiate a price reduction with the dealer in advance. He only gets the cash payer discount if he pays the purchased car in cash at the dealer.
By the way, according to SZ figures, there is an average of 30 percent discount. The price reduction naturally has a massive impact on the loan amount required. There is therefore a significantly lower loan amount on the application. With regard to the amount of income, a car loan with small installments is recommended.
On the other hand, a possible final installment loan is not recommended. With only a small income, serious problems with the payment of the final installment are inevitable. Banks then often require the vehicle registration document as additional security and as security. In this way, lenders specifically reduce their default risk.
Car loan despite loan company – creditworthiness requirements
Every reputable bank that offers its customers a fair interest rate has the same main condition for lending. This requirement is a clean credit bureau.
In addition, the employment relationship must not be limited and must not be terminated. Those who are in the probationary period mostly search in vain. However, the “civil servant on trial” is an exception. But, all banks always put the security of the loaned money first.
The income doesn’t just have to be high enough. It has to be proven that it is enough to make a living and pay the rate. The garnishment-free limit shows a guideline for this, in addition to the household bill. The income must therefore be above the garnishment exemption limit.
In the case of a single person, that is approximately $ 1150 net. The bank will draw up a budget account, from which a surplus must remain. If you work for a loan agency, you cannot always meet the requirements. Nevertheless, a car loan can be approved if the loan rates remain small.
If the borrower can still make a down payment, a loan agreement is usually concluded.
Car loan despite loan company – surety
If the bank considers the income to be “insufficient”, but the loan rates are actually affordable, there is a way out. A solvent guarantor or co-applicant can provide the necessary security for lending.
The guarantor must be solvent, ie have sufficient income, a permanent job and a clean credit bureau. But it is fair and important to inform the guarantor about the risks. Because if there is a loan default, the guarantor must continue to pay the loan. But he can only do that if his financial position is stable and sufficient.
The guarantee also appears in the guarantor of the guarantor, which can lower his credit rating. If he later needs a loan himself, the borrowed money costs more. Under certain circumstances, your own application may even be rejected. In such a situation, many guarantors want to be released from the guarantee.
But this is only possible if another solvent guarantor takes his place.
Car loan despite loan company – private loan
If you do not get a car loan from a bank or dealer, you will find fair opportunities on the credit marketplaces such as Lite Lender or Cream Bank. There private investors offer a loan to loan seekers.
Carrying out the credit request in a trustworthy and open manner increases the credit opportunities. A try is always worthwhile, since the pure attempt always remains free of charge.