It is relatively difficult to obtain approval for a car loan from Volksbanken, Raiffeisenbanken and direct banks if the SCHUFA certifies that the applicant has a poor credit rating. For the reason many humans, who would like themselves to acquire a new car, however a negative SCHUFA entry have, ask themselves whether autobanks make here rather exceptions and/or a negative SCHUFA entry. Which car bank agrees to financing despite SCHUFA. In this article, the KREDIT 123 team will be happy to answer the following question: Which car bank finances despite SCHUFA?
Credit check with car banks
First of all, let's be clear: car banks also check the creditworthiness of each applicant very carefully to determine whether the applicant is creditworthy or not. In this context, a SCHUFA query is then generally made. If the car bank finds out that there are negative SCHUFA entries, it will first tend not to approve the car financing despite SCHUFA.
An inclination is however first of all only an inclination. If the potential car buyer is a regular customer of the car dealership cooperating with the car bank and has already been able to repay one or even several car financings in the past on time and without any special incidents, this circumstance could make the respective car bank more merciful again.
Regular income as a basic requirement
It is essential whether the car buyer is basically able to repay the monthly installments of the car financing despite SCHUFA. Objectively, this is the case if the interested party has a regular income that is so high that after deducting the monthly fixed costs, the monthly installments can be paid "loosely. Negative SCHUFA entry or otherwise.
The proof of a high as possible secured income helps to get a car bank to agree to a car financing despite SCHUFA. Generally, however, the loan approval is dependent on the goodwill of the corresponding processor.
Addition of a second borrower
If the car bank does not want to grant car financing despite SCHUFA, and this even with proof of a high regular income, the car buyer does not have to bury his head in the sand. Because in such a case, he still has the opportunity to initiate the car financing despite negative SCHUFA record by applying for a joint loan.
In the case of a joint loan, a second borrower is simply added, who is jointly liable for the repayment of the monthly installments of the car financing. If this second borrower has a sufficiently high credit rating, it compensates for the poor creditworthiness of the first with it. The chances that the corresponding car bank will grant the requested car financing increase immensely as a result.
Registration of a guarantor
In many cases, the entry of a guarantor can also help a car bank to approve financing despite a negative SCHUFA entry. However, it must be clarified with the clerk whether a normal conditional guarantee is sufficient or whether a directly enforceable guarantee must be registered.
Provision of material loan collateral
In addition to the application for a joint loan and the registration of a guarantee, the provision of material loan collateral can also contribute to the fact that a car bank despite SCHUFA a car financing granted. Tangible loan collateral are assets or items that are pledged to secure the car loan.
In general, a car loan is already secured, since it is earmarked for a specific purpose and the car to be purchased is provided as collateral, e.G. By means of a transfer of ownership. Is provided as collateral for the loan, e.G. By transfer of ownership by way of security. For this reason, car loans are on average significantly cheaper than conventional installment or. Consumer loans, since these are not earmarked and thus freely available.
Our conclusion to the question "Which car bank finances despite SCHUFA??"
In summary, we would like to answer the question "Which car bank finances despite SCHUFA??The answer to the question "Which car bank will finance despite SCHUFA?" Is that car financing despite SCHUFA is possible with any car bank, especially if personal or material loan collateral – in addition to the transfer of ownership of the newly acquired car – can be provided.
In very specific cases, a car bank will waive the requirement to provide additional collateral even if the applicant has a negative SCHUFA record, provided that the applicant's regular income is high and the applicant is a regular customer of the car dealership that cooperates with the lending car bank.
Of course, by providing loan collateral, car financing is also possible at savings banks, Volksbanks, Raiffeisenbanks, direct banks and other commercial credit institutions in Germany despite negative SCHUFA record! This should – for the sake of completeness – not remain unmentioned in this article!