Car loan despite poor creditworthiness
Many professionals rely on their cars. But if older cars are susceptible to repair, usually worth a trip to the workshop is no longer. At least now is the time to get another car. But even in the used car sector, prices are not always cheap. For many people, the only option left is to finance the car with a loan. Who buys his car from the dealer, gets in most cases, a corresponding loan offer, because many car dealers are working together with the banks. But at the latest with the request it comes to a bad awakening, if the credit rating is not perfect. Even the car dealer banks have their policies and refuse the desired credit in these cases. But does that mean you have to do without the car? No, because a car loan despite poor creditworthiness is possible, but not usually at the car dealer bank.
Where can the desire for a car be fulfilled?
If you have a good relationship with your bank adviser, you can first contact his bank. Not always a negative credit bureau entry leads to the rejection of a loan. In a personal conversation, the facts can be clarified. If regular income is available and the bank customer has been working for his employer for a long time, a car loan may well be in the realm of possibility despite the poor creditworthiness. If the client is also a civil servant or employee, the banker’s decision is easier. There is no threat of loss of employment here, so that in spite of negative credit bureau a credit commitment may not be in the way.
If the house bank refuses a loan, it is time to turn to a mediator. These are numerous on the Internet and the past has shown that credit brokerage is not uncommon. The advantage of these intermediaries lies in the years of business relations with the individual banks. Even in difficult cases, loans can be arranged so successfully. The only downside is that interest rates are well above normal levels. But with a car loan despite bad creditworthiness must be taken into account.
Credit from abroad
Abroad, no bank asks about the credit bureau, but the loan amount is clearly limited. Loan seekers can not expect more than $ 3,500, with an average monthly income of $ 1,100, – net. For a used small car, the money could be enough.
These loans are also brokered through financial service providers, so customers do not have to travel long distances with the associated costs. Everything is regulated from Germany. If a loan agreement is concluded, the loan amount is transferred to the German bank account. As security, the foreign banks require only a long-term employment. Belonging to the company varies within the individual banks. Some require a seniority for at least a year. Others are satisfied with six months.
Basically for a car loan despite bad credit rating
Regardless of whether a car loan is applied for at a financial service provider or abroad, despite a bad credit rating, a request is not associated with any costs. Unfortunately, there are dubious offers, of which one should refrain, however. Here, advance payment is required and the services stay off.