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Car loan despite credit bureau – problem
When a loan is rejected, the negative credit bureau is often in the background. Why may many loan seekers ask – who is this credit bureau anyway? The protection association for general credit protection, as the name is, is a credit agency. It collects consumer data.
Data that her contractual partners convey to her. If someone opens a checking account, a customer wants a loan, everything appears in the credit bureau. credit bureau also stores the new mobile phone contract and the purchase of goods on credit, which are initially considered neutral. It only becomes serious when there are payment difficulties. Consumers who do not pay or do not pay on time “make credit bureau“ visible ”.
Any broken payment promise, even if the payment is delayed, can lead to a negative entry. Depending on the type and scope, a “soft” or a “hard” entry. The consequences are quite uncomfortable. For example, there is no longer a lender, and a new, cheaper cell phone contract is no longer possible.
Yes, there are even problems when moving, since even landlords take a look at the credit bureau.
Car loan despite credit bureau done – credit bureau as a credit brake?
The credit bureau, that is, a stumbling block in lending? Not directly. Because credit bureau evaluates the payment behavior of the customer. It notifies the lender of the credit risk in the form of the credit bureau score. The lower the value, the worse the credit rating. Since banks are required by law to check the customer’s creditworthiness, they must not agree to unsecured credit.
The bank does not act arbitrarily when refusing a car loan despite credit bureau being completed. Rather, she acts within the scope of her duty of care. As a logical consequence, the bank rejects the loan request if it detects risks. Basically, it protects applicants from liabilities that they cannot afford.
Therefore, borrowers with completed credit bureau should always seek self-disclosure. The self-assessment makes it possible to check whether the entries have a completion note. In addition, whether incorrect information may affect creditworthiness.
Car loan despite credit bureau lender being done
If you now have a completed credit bureau entry and receive the loan rejection, you should perhaps contact your house bank. In general, the branch banks refuse a loan if the credit bureau is negative. But if the borrower can prove that the entry is done and it is an easy entry, the house bank could agree to a car loan.
However, it will then require collateral. In addition to a guarantor, this can also be a co-applicant.
Security, such as:
- a loanable loan,
- a property
- or savings contracts and custody accounts
also support the loan request.
A dedicated car loan with transferable ownership is also conceivable. The vehicle registration document is deposited with the bank.
However, this means that the car remains the property of the bank until the loan has been repaid in full. If the borrower wants to sell the car, for example in the event of a financial bottleneck, this is not possible.
Car loan despite credit bureau guarantee
However, many banks do without the vehicle registration document. The reason is to be found in the value of the car. Especially in the first few years, this has a large loss in value. In an emergency, this will probably not cover the outstanding loan amount anyway.
If the borrower can name a guarantor, banks can ignore the negative entry. But there must still be a guarantee that the borrower can pay the installments from his income. To do this, the bank will check the income. It should be above the garnishment exemption limit.
For a single person, this is approximately $ 1150 net per month. With every person living in the household, the garnishment-free limit shifts upwards.
The guarantor must also be solvent.
- a sufficient income
- a permanent position
- and a clean credit bureau
prove. In addition, he must be able to pay another loan installment in addition to his own liabilities without any problems.
The bank will examine it comprehensively.
Car loan despite credit bureau – loan from the dealer
If the car was sighted at the car dealer, the dealer often offers a loan directly. It couldn’t be easier. Everything under one roof, no walking and no paperwork. But here you have to be careful.
Because dealer credit is not always the cheapest car loan. For example, if you take out your car loan from a dealer, you can no longer expect a cash payer discount. And it is precisely this discount that can make car financing with a third-party bank useful. It was found that the cash payer discount tops 0% financing from the dealer.
In addition, many car banks often require residual debt insurance. But this can make the loan extremely expensive. The contributions are added directly to the loan amount, and not only the loan amount increases. The customer also pays interest for it.
If you want coverage, you should look for a neutral insurer.
Car loan despite credit bureau done – first a loan comparison
Anyone who has said goodbye to the dealer’s loan can start with a loan comparison. You can even search for a cheap provider comfortably and uninfluenced by smartphone.
In comparison, not only the amount of the credit rate is visible, but also the interest rate and all other conditions. Here the loan comparison should be started despite credit bureau having been completed. Lenders who generally do not approve a car loan despite having completed credit bureau are therefore not shown at all. In the connected credit comparison, this works after entering the personal data.
If the credit rate is too high, you are welcome to change it. Just increase the term, then the monthly rate is reduced. A long term brings low rates and a short term gives high rates. The credit rates should always match the income. The interest rate shown does not apply to all customers. The 2/3 example according to PAngV serves as a clear benchmark.
With the car loan despite having completed credit bureau, every interested party should consider the vehicle purchase very carefully. Basically the questions are:
- Does the credit really have to be now?
- Maybe a cheap used vehicle is enough for the transition?
- Can I afford the loan with a clear conscience?
Only those who can afford a car loan with a clear conscience despite having finished credit bureau should make an application. All other attempts fail anyway on the credit check.