Credit amount, conditions, payment break possible, place, register now! Because every consumer in Germany has a credit bureau entry and every credit agreement is checked for the amount of credit bureau points, there is no car purchase without credit bureau.The situation is particularly annoying when a necessary purchase such as a car is to be financed by the loan but the financing fails at the credit bureau. Where and how is a car loan possible despite credit bureau? Is a car loan without credit bureau a good idea?
Car Loan Despite credit bureau: How to Buy a Car!
Concerns about a poorer creditworthiness affect about 10% of Germans: The search for a new promissory note is difficult, the banks refuse the loan application. The situation is particularly annoying when a required procurement such as a car is co-financed by the lending business.
Where and how is a car loan possible despite credit bureau?
Is a car loan without credit bureau a good idea? It is no coincidence that no purchase in this country is more often paid by loans than the vehicle. Many consumers overlook the fact that not only the house bank is a financial partner, but also other providers as well as the retailer.
Basically, the following car loan options are available: Car loan at the dealer: Worth it or not? In many cases, lending is coupled with cheaper interest rates than a bank loan. As a result, many vehicle buyers assume that they would save money with the car loan; It is also much more convenient to opt for simple dealer financing.
In many cases, there is no frugality if you have opted for the dealer’s car loan. For example, if you can get your own car for a car with a purchase price of USD 18,000 and USD 6,000, there remains a financial need of USD 12,000 for your car loan.
But if the seller offers a cash discount of 15 cents, the purchase price is reduced to 15,300 cents – your financing needs reduced to 9,300 cents, if you do not co-finance the dealership. However, you must dissolve the loan with a debt financing partner. If the dealer requires an interest rate of 5 percentage points, but the alternative provider pays 7 percentage points, the dealer’s offer will sound first.
The monthly installment to be paid to the dealer is not only higher because of the higher loan amount, the sum of interest payments due exceeds that of the variant by more than USD 1,800. Even if you know that financing a trader in many cases is more expensive than a normal loan, you will hardly find a low credit bureau financial partner.
Most credit institutions pay close attention only to the credit bureau score, so that no credit is paid out. Nevertheless, despite credit bureau, there is an alternative to car loan. First of all, you should not just limit yourself to your bank. Other credit institutions often refuse on the basis of comparable assessment criteria, others can offer an answer: primarily a loan from private investors, which is settled via a brokerage platform, eg Creditend.
You do not have to find the investors yourself, but you can conveniently apply for a loan over the Internet; the remainder is done by the lender. Loans from individuals are granted even if their creditworthiness is not optimal, as they often do not use credit bureau exclusively for valuation purposes. If, despite credit bureau’s score, you are looking for a cheap car loan, you should have different requirements.
If you decide to take out a bank loan, you must also be in permanent employment – people on fixed-term or self-employment have little chance of applying for a loan from the principal bank. Personal loans also offer a suitable variety for this group of people. It is also possible to lease if your own savings for refinancing are not sufficient and you speak out against a loan amount.
This has several advantages: Often, leasing is quite advantageous when deciding on an unpopular model. It is also particularly suitable for the self-employed as they can benefit from tax benefits. In addition, there are service providers, where a rental without credit bureau is possible – but not in every case seriously.
With the leasing business you do not pay the vehicle itself, but a form of “rent” for vehicle use, which is still incumbent on the provider. Even a car loan without credit bureau is offered in various places. However, these can not be provided by German providers because they check your creditworthiness before paying out a loan.
The alleged lenders without credit bureau are therefore often fraudsters and waive the offered range of goods. There are also credit institutions with headquarters in Germany and abroad, which are not required to check the creditworthiness and therefore can actually make a voucher without credit bureau, which also brings no new credit bureau entry.
However, since the risk is very high without credit bureau information, these banks can only grant you small loans that you hardly have vehicle finance for. In summary, it should be noted that even with a negative credit bureau you should not immediately accept the first best bid.