Buying a car may be necessary for professional and personal reasons. However, very few consumers can pay for a car in cash and opt for a loan. To do this, the Credit Bureau must be unencumbered. If negative entries are noted, banks reject normal auto financing. However, it is possible to take out a car loan without a down payment and without Credit Bureau.
Information about car loans
Owning a car is no longer a luxury these days. A car loan without a down payment and without a Credit Bureau not only ensures access to the workplace, but often also cheap renting of apartments. Especially in metropolitan areas of a city, these are almost no longer payable with a normal income. Consumers then look for a way out in towns and on the outskirts. However, compact public transport can only be found directly in cities.
Many employees only come to work as commuters with their own car. But often it is also the family members who use the car. Children can only get into their gymnastics lesson or another course by car. The car is the link between luxury and accessibility. But many consumers have not saved the necessary money, so a car loan is targeted without a down payment and without Credit Bureau.
A car loan with the car as security is usually a straightforward matter. Banks provide particularly cheap loans for this. The car loan is the most approved loan in Germany. But the loan only comes about if the customer’s creditworthiness allows. What does that mean in concrete terms: the customer must have a sufficiently high income, a clean school with no negative entries and a permanent position.
If the customer fulfills these conditions, every bank will provide him with a car loan, especially since the car can be used as security. The customer is not alone with his burdened Credit Bureau, about 6.6 million consumers share a negative Credit Bureau with the customer. It is not surprising that he is no longer creditworthy. To make matters worse, no down payment can be made because no money could be put aside or whatever.
The way out is a car loan without down payment and without Credit Bureau, which the customer can fulfill with his credit rating. However, the problem is not to be found in the lack of a down payment, auto loans where there is no down payment, there are very many. Car dealerships and banks also promote these loans.
The problem lies in the debited Credit Bureau, which only allows a car loan to be taken out without a down payment and without Credit Bureau. If the car loan can be secured with a second borrower and a solvent guarantor, the credit opportunities are very different. With a car loan, there is usually no additional credit protection, since the car serves as security, and the customer then deposits the vehicle letter with the bank.
The negative Credit Bureau can then only be compensated with a second person. However, should these people know that the borrower can no longer pay the loan, the second borrower or the guarantor must step in. A word about the surety: Anyone who accepts a guarantee should know that they are taking a great risk. The risk is called credit default. If this happens, the guarantor must continue to pay the loan.
The guarantor must prove that his creditworthiness is perfect. The bank will examine carefully. It is also important to know that the guarantee is entered in the surety of the guarantor, which can reduce his creditworthiness. Very often it happened that the guarantor needed a loan but was rejected because he was no longer creditworthy. The reason is the registered guarantee.
The preparatory work for the car loan
But what can the customer do if there is no guarantor or a second borrower and a conventional bank refuses the loan. The customer is advised, especially with regard to the negative entries in the Credit Bureau, which indicate that there have been payment problems in the past. It remains to be seen whether it is an easy entry or a serious one. Banks generally adhere to the information that Credit Bureau provides.
But this means that Credit Bureau is not only decisive for a loan approval. However, she tells the lender something about the customer’s payment behavior. Therefore, self-disclosure should be obtained from Credit Bureau before applying for a loan. This shows whether the entry or entries are still rightly included. If necessary, the entry could be deleted. The advantage, the customer’s credit rating increases.
It is also very important if you want a car loan without a down payment and without Credit Bureau that a budget is drawn up. This is particularly important when it comes to paying other liabilities. This budget should result in a residual amount that could be used as a loan installment. If it goes from zero to zero, the car loan should be reconsidered.
Either you choose a smaller car or a used one. If there is no money, the car should only serve a purpose and not a figurehead. If a car loan can be paid, a foreign bank from Liechtenstein offers itself. This loan is advertised by many loan brokers on the Internet. He leads the advertising under the name of Swiss credit and promises a loan to everyone and everyone, but this is not true.
The foreign loan as a solution
The customer can make the loan directly from Best Bank from Liechtenstein. The bank has a homepage that is easy and understandable. But experts say that loans made through a credit intermediary have higher credit opportunities.
In order to receive the car loan without down payment and without Credit Bureau, the customer must have a sufficiently high income that is above the garnishment-free limit. It is very important to have a permanent position, which must not be limited and does not include a trial period. The employment contract must have existed for at least one year. The Credit Bureau does not matter, the credit is not entered there.
However, the loan amount is limited. As a rule, 3,500 USD, 5,000 USD and, with a very good credit rating, 7,500 USD are approved. The rate for the 3,500 USD loan is 105.00 USD, for the 5,000 USD loan 150.00 USD is due and for the 7,500 USD loan it is about 225.00 USD. For the latter loan, the verifiable job must have existed for four years.
The term for all three loans is 40 months, the interest rate is around 11-12% depending on the creditworthiness. If these modest loan amounts are not enough and one or the other customer thinks, then I apply for two loans, that is not possible. The bank does not query Credit Bureau, but the USD – Central Office for Credit Information – valid in Switzerland – is asked. All loans applied for and approved in Switzerland are listed there. However, the customer may only have one loan, an increase is only possible after six months of paying the installment on time.