For many, a car is not a luxury but a livelihood, as it is a prerequisite for many jobs. However, very few people today are able to buy a car without funding. Especially when buying a car comes as a surprise, a loan is needed to finance a car.
Credit for the car with Credit Bureau?
If the credit rating is right, a loan to buy a car is also not a problem. If the creditworthiness criteria are not met, it can be difficult with a loan. So it is not so easy to get a car loan despite Credit Bureau entry. In times of cell phones and mail order companies, however, it is no longer so uncommon for someone to have a negative Credit Bureau. For this reason, more and more banks are offering a car loan in spite of Credit Bureau entry.
This does not mean that the banks do not check their creditworthiness. Credit ratings other than Credit Bureau are important for these banks. Customers who want to take out a car loan despite a Credit Bureau entry must in any case have a regular income of a corresponding amount. This is the basic requirement for the borrower to be able to service his installments. In order for the bank to view income as regular, most banks require that the employment relationship has been in place for at least six months. Anyone who has not been busy for so long or receives social benefits is excluded from a car loan despite Credit Bureau entry.
The applicant’s level of debt is also checked. This means that the amount of installment loans that the customer has to run is checked. If these are limited, nothing stands in the way of car loan despite Credit Bureau entry. As a security, the bank also keeps the vehicle registration document for this loan. After payment of the last installment, it will be given to the customer.
It becomes easier with a guarantor or loan broker
If you want to make an application for a car loan despite Credit Bureau entry and have doubts that the other credit rating criteria are really sufficient, you should provide a guarantor immediately when you apply. Of course, this must have a good credit rating in order to be accepted by the bank. With a good guarantor, many banks are more inclined to lend to people who do not fully meet the requirements. However, it is not so easy to find a suitable guarantor. Especially when nobody within the close family can guarantee. This leaves many with the option of financing your car with a loan from a direct bank on the Internet.
It may make sense to use a credit intermediary for a loan despite Credit Bureau, because many direct banks also offer these loans on the Internet. A credit broker can help you find reputable and good deals. As with any loan, it’s worth comparing to find the cheapest deal. This can be very tedious for the individual and cost a lot of time.