Buying a car and financing without private credit? This works, provided that the borrower and his car fulfill an essential requirement.
Almost as loud as their vehicles many automakers praise the appropriate financing: For less than 100 euros a month driving a new car? Thanks to zero-percent funding supposedly no problem. For car buyers with top credit rating, this bill is actually on. However, for example, if you have a negative private credit entry, you will not get a commitment.
The situation is similar in the market for used cars. Here you will find ebenalls hardly a dealer, who does not equal to the appropriate financing on offer. Much better than the full purchase price, the vendors write the low monthly rates from their sample calculations on the price tags in the windshield.
But the credit is not given by the dealers themselves, but by the banks they work with. A non-representative, but still meaningful check at various dealers throughout Germany shows: almost always the car salesmen have only a single bank contact. So you can just offer a standard loan and then wait and see if the go-ahead goes from the bank. If the bank says “No”, the financing has automatically crashed.
Both with the new car purchase as well as with the used car dealer you have with a “bad private credit” thus practically no chance.
Nevertheless, you do not have to do without buying a car. We will tell you how the car loan works without private credit and what conditions must be met.
Personal requirements of the borrower
Since no information is obtained from private credit in private creditfreien financing, the financing bank has to secure otherwise. It does this by scrutinizing whether the prospect’s income is sufficient for the loan. The borrower must be at least 18 years old, live in Germany and have a permanent contract as an employee. The net monthly wage should be at least € 1,300 – the more, the better.
It is also important for the budget statement during the credit check that any loans already in progress and similar fixed costs are given truthfully.
These requirements must meet the car
In the car loan without private credit, the bank does not check the actual value of the vehicle to be financed, and the registration certificate Part II (formerly car letter) must also not be deposited as collateral. From the used sedan on a small car to the van virtually any vehicle can be financed. The only restriction concerns the purchase price, which may amount to a maximum of 7,500 euros. This is currently the maximum possible sum for private credit-free loans in Germany – and this also applies to car financing without information.