This applies as soon as “without credit bureau entry” means that your own credit bureau does not yet contain any entries. In contrast to this, the special loan stands, despite or without credit bureau, for negative entries.
Check creditworthiness – car loan without credit bureau entry
Before taking out a car loan without credit bureau entry, car buyers should see whether their creditworthiness is sufficient. The bank will rarely provide information about this, so you have to look yourself up. It’s not as difficult as I thought. The income must be so high that there is still money left at the end of the month.
To check the credit bureau for entries, a simple application for self-disclosure is sufficient. Anyone who knows that he does not have a good credit rating should do everything possible to obtain loan collateral. Either it is a guarantor, a second applicant or an insurance company that either exists or has to be taken out. There are many ways to improve your credit rating.
In order to “refresh” the proof of income, it is permitted to state income from part-time jobs. The proof of income for regular car loans without credit bureau entry – without existing entries – is adequately secured.
Guarantee required – why?
A surety is a loan security. If the applicant shows a weakness in his creditworthiness, this can be remedied with the guarantor. If the income is not sufficient, the guarantor can take over the installment payments with his attachable income. The same applies if the bank classifies the creditworthiness so that there is a risk of default.
The guarantor is also used then. With the guarantor, a car loan can be approved despite weak or negative. So the creditworthiness is not so bad that there is a rejection. Only those who have an income, are of legal age and are considered “solvent” can guarantee it. If necessary, the guarantor is only required for a car loan from Germany.
The foreign bank will not accept them.
credit bureau-free – financed by foreign credit
A used car can be taken out with a foreign loan. A new car is not possible. This is due to the amount of credit that is granted by the bank. German citizens are allowed to take out a loan of 3500 USD or 5000 USD. Customers who have a very good income can also take out a 7,500 USD. Whoever has an income of 1800 USD net income can take up the maximum amount.
For the other two variants, a net income of 1150 USD is necessary. The credit terms state that the car loan, regardless of the amount, is repayable in 40 monthly installments. Customers cannot provide credit security. The income alone must be enough to secure the loan.
The conditions state that the customer must have a temporary job. The applicant must be at least 18 years old and have a German passport.
Find the best conditions – loan calculator
The loan calculator should be used to find the right car loan without a credit bureau entry. Because, the foreign loan is quite expensive. No matter how good the credit rating, the interest rate is over eleven USD. The private lenders allow loan collateral.
This can cause the interest rate to move down. A second applicant can also be chosen. Then the car loan would be secured with two salaries without credit bureau entry. A very good interest rate can thus be achieved.
Nevertheless, the conditions should be compared. Rate breaks or special repayments are not always possible. If you can, you should choose a provider that offers exactly the right special conditions. To use them later is another matter.
However, if you have agreed on the installment break in your contract, you can also use it if necessary.