Car loan without credit bureau testOn January 12, 2020 by Rosalia Hampton
Car loan without credit bureau exam – prospects?
If you need a new car or a used car, you often do not have the financial means to pay the vehicle in cash. Many car buyers then opt for a car loan. There are a few financing options, but an important prerequisite for a car loan is sufficient creditworthiness. For banks to approve a loan, they check the borrower’s income.
In any case, this should have an attachable share. In addition to income, permanent employment is also important. If a borrower has a temporary employment contract, he will not receive a loan. Unless he can provide so-called loan collateral.
The third factor is the credit bureau. Every regular bank checks the customer’s credit bureau file or its score before granting a loan. Regular banks do not grant a car loan without a credit bureau check. Because, because the credit bureau exam is mandatory for every regular bank loan. Because, with a negative credit bureau, the bank’s risk of default is too high. The burdened credit bureau shows that there have already been payment problems.
Car loan without credit bureau exam – where can it be found?
Many loan seekers go to the house bank when they want a loan. But branch banks in particular are subject to strict rules when a loan should be granted. One of the rules says that the credit bureau must be without negative entries. Now there are also branch banks that still provide a loan if the entry in credit bureau is slight.
But that can only be a forgotten invoice that has already been dunned. However, in order to keep the risk as small as possible, the bank will charge higher interest rates on the car loan without a credit bureau check.
If the entries are serious entries, such as a garnishment of wages or an oath of disclosure, the credit opportunities are zero.
Alternatively, the borrower could try to get a car loan from a trusted car dealer. If the borrower has been a long-standing customer with the dealer and there were no problems with previous loans, the dealer could keep a close eye.
The car loan without credit bureau exam – how to find it?
All credit attempts at a regular bank car loan without a credit bureau check will fail. So maybe the internet could be helpful. With the search for a car loan free of credit bureau, the borrower can probe the individual offers. credit bureau-free credit is a form of credit that is in high demand. As a result, there are also many offers. But be careful, not every nice sounding advertisement leads to real loan offers.
credit bureau-free loans are the business of loan brokers. However, not all of them work seriously. If the borrower is asked to pay preliminary costs or prepayment, it means fingers away. Because a serious credit brokerage receives the due commission only after a loan approval.
The costs are often included in the loan agreement so that the customer does not have to pay extra.
Car loan without credit bureau examination – apply for the loan
Before applying for a loan, borrowers should check whether they can pay for a car loan. If loan applications are rejected, credit bureau will have a negative impact. A loan agency could help here. These intermediaries carry out the preliminary credit check. If a loan has no prospect of success, the borrower will be informed. So there is no further negative message in the credit bureau.
Based on the data entered, the credit agency will immediately determine whether a loan has any prospect of success. Only if the outlook is positive will a reputable broker give the preliminary loan approval. Only when the lender has checked the documents will the final loan approval come. Borrowers should perhaps also know that it is not the loan agency that provides the loan, but always a bank.
As the name suggests, only a loan is brokered.
Car loan without credit bureau exam – loan from abroad
If no car loan is found at a regular bank in Germany, the loan from abroad remains. A credit brokerage also arranges these loans. Borrowers should not be fooled with this type of loan. Contrary to the advertising claims, not everyone receives this credit. The foreign bank also has its rules. For example, the borrower must have an income that is above the garnishment exemption limit.
It is also important for credit bureau-free credit from abroad to be permanently employed, which must not be limited and does not include a trial period. The credit bureau does not matter, the credit does not appear in it.
The borrower is of legal age and resides in Germany. There is also an upper age limit, which is 62 years.
Car loan without credit bureau examination – conditions foreign credit
The funds could come from Switzerland, Luxembourg or even Poland. But in most cases, only one credit bank comes into question and it is based in Liechtenstein. Lite Lender is the name of the bank. She is considered serious. After all, it is the only bank authorized to offer German credit bureaufrei credit.
By the way, she also has a website in German. In theory, borrowers could apply for a loan directly on the bank side. To do this, however, you have to do all the preparatory work yourself, which otherwise carries out a loan brokerage. Not all borrowers get this loan.
Do not get a foreign loan:
The bank does not offer loans to unemployed persons with ALG II and recipients of Harz IV. It will also be difficult for the self-employed. The bank accepts only employees and civil servants. Only income from dependent employment is relevant for lending. As far as is known, the bank does not accept a guarantee under German law or a loan security such as real estate. As a result, the income must not already be pledged.
Because the car loan is secured without a credit bureau check through a salary assignment.