Among the most popular ways to finance a car are certainly the car loans without credit rating.They have only one catch: they are usually difficult to find. Because whoever finances a car, would like appropriate securities that the loan is repaid in a timely manner and in full. If a loan is already in use elsewhere, the dreaded credit rating information can also become an obstacle when it comes to car loans, although this is known to be additionally secured by the retention of title. But the credit rating entry is not the only criterion on which the creditworthiness of an applicant is measured.
When house banks grant car loans without credit rating
Correctly it must actually be: When house banks grant a loan despite credit rating, because this information is always obtained from banks. But the entry as such is not yet relevant. More important are the remaining debt and the amount as well as the number of installments to be paid. If it is clear from a credit rating information that another installment loan is still running, but will be paid off in the foreseeable future, then the credit rating entry no longer has to be an obstacle to a car loan.
But even with longer-term loans, the credit rating loses its terror, if an income is available, with which even in the view of the bank (for the view is always the more relevant) can finance two loans easily. However, if such a high income is not available and the remaining term extends over a longer period of time, car loans without credit rating or their verification actually have to be produced.
The second possibility: financing via autobanks
Every major car manufacturer now has its own financial institution, which offers financing services. The advantage: Here, the financing of new and used cars of the respective manufacturer are relatively cheap, which is primarily noticeable in the effective interest rate, which should always be compared first. One disadvantage, however, is that with this approach no cash discounts can be negotiated. But when car loans without credit rating are asked, this usually plays a rather minor role. First of all, it is important to get a loan at all.
In the case of automobile banks, this can most easily be done by way of a high down payment. This offers the financing institute additional security to the already existing retention of title. Such a down payment can also be well financed by the sales proceeds of the old car. Some autobanks have also integrated the trade-in of the old-timer car into their respective offer from the outset.
If all else fails: the personal loan
A third way to get car loans without credit rating, is the private loan dar. Although such a loan is not specifically linked to the purchase of a new or used car, but the credit rating is not quite as strict handled, although with some providers of personal loans also exists. This option is particularly suitable for self-employed and freelancers, who may be in dire need of a new car and with a credit rating entry at any bank have a chance to get car loans without credit rating. Anyone who is in dire need of a car for professional reasons should communicate this accordingly. Because with the personal loan on the part of the investors also on value laid, which is to happen with the borrowed amount, it is granted once.
Here you borrow the money from private individuals or private investors, who in turn invest in the most profitable projects possible. Due to the high degree of risk diversification, the chances are not bad, but ultimately to obtain the helpful credit, with which the new car can be financed. Since the conditions for a personal loan are often considerably cheaper, it is also worthwhile to include them from the beginning in the bid comparison.