If the borrower has a bad credit bureau, he has the worst conditions for a loan. However, there are also solutions here. The bad credit bureau is a reason for rejection by almost all lenders. An exception could be made if the borrower has a sufficiently high and regular income.
If the income comes from a permanent job that has been going on for a few years, this fact increases the credit chances. The banks do not recognize income from temporary employment contracts, social benefits such as child benefit, parental allowance or maintenance payments as income.
The borrower should also have manageable liabilities.
With a guarantee for a car loan without down payment and credit bureau
Borrowers can increase their chances of getting a loan if they can name a solvent guarantor. The guarantor is then liable with his assets in the event that the borrower defaults. However, a surety must have an excellent credit rating. Then you have to understand the sufficient income, the clean credit bureau and the permanent employment. Banks will examine the guarantor comprehensively. The difficulty, however, is to find a guarantor at all.
Contacts would be close relatives or good friends who are believed to meet the conditions of the bank. Before another is drawn into the somewhat tight financial situation, it should be ensured that a loan can also be paid.
If the guarantor has to step in because the installments have not been paid, serious disputes can arise.
The car loan without down payment and credit bureau – the special loan
When borrowers search for loans free of credit bureau on the Internet, this type of loan is advertised very strongly. Everyone is promised a loan, without any credit bureau and completely without a credit check. Of course, that’s an air number that doesn’t work out that way. Because the downside of this lurid advertising already signals what is behind it.
Nothing, because it is the black sheep in the professional field of credit intermediaries who have contributed to the fact that this form of credit has got a stale aftertaste. Not everyone works dubious.
If borrowers are asked to pay prepayment or prepayment, they can be sure that it is a black sheep. As for the countless loan offers, there are none. As far as is known, there is now only one bank that legally grants a car loan to Germans without a down payment or credit bureau.
credit bureau-free credit and its preconditions
However, the bank does not provide a special car loan. The loan offer is based on freely available loans without property collateral and without guarantors. The borrower must only be able to meet and prove the creditworthiness prescribed by the bank. But again there are restrictions.
Because this loan, in which credit bureau is left out, is only given to borrowers who have a good credit rating. This does not mean the clean credit bureau, but the income and employment.
Borrowers must not be over-indebted or have any other indication of credit risk. This bank also wants borrowers who can also afford the credit bureau-free loan.
The foreign bank and its conditions
Because the bank does not query credit bureau, it is often the only credit institution where this group of people still receives a loan. Nevertheless, the bank expects its borrowers to have good credit ratings.
The bank does not check in an automated process but checks the individual case. The bank examines the documents that have to be submitted and takes a look at the public debt register of the local court. Anyone who is registered in the district court will not receive a car loan without a down payment and credit bureau. If there is, for example, a garnishment of wages, this would be the knockout blow for a loan.
In addition, the attachable portion may not have been assigned to a creditor. Borrowers can assume that the credit rating is essentially stricter than the regular loan.
The car loan without down payment and credit bureau – the requirements
The bank offers three loan amounts as employee loans. You can apply for:
- 3500 USD
- 5000 USD
- or 7500 USD without credit bureau
If the borrower is unable to provide evidence of sufficient income from an activity subject to social security contributions, the credit request remains unfulfilled. For example, the first prerequisite could be an open-ended employment contract without a trial period. The length of the employment relationship depends on the loan amount.
With 3500 USD credit, a permanent job should have been proven for a year. For 5000 USD, the bank specifies 36 months and for 7500 USD 48 months are fixed. The loan is completely secured by attachable income. The amount of income that is valid here depends on the persons who are dependent on maintenance and who live in the household.
The borrower can find out his attachable portion in the attachment table. For the 3500 USD, an attachable portion of at least 100 USD must be available. With the 5000 USD loan, there is already 530 USD attachable portion.
The car loan refused without down payment and credit bureau – and now?
If the foreign bank also declines, there are no longer any real credit opportunities. As an alternative, however, the loan could be viewed from private to private. However, a loan would come into being here if the credit bureau entry were marked as done. Credit platforms such as Lite Lender or Cream Bank bring private investors together with loan seekers.
If there is no investor willing to provide a loan, a loan with a proxy could be the solution. However, car loans without a down payment and credit bureau, through a representative, are generally excluded from most credit institutions.