Is a car financing despite SCHUFA at a car bank possible?
With volksbanken, raiffeisenbanken and direktbanken, it is relatively difficult to obtain approval for a car loan if the SCHUFA certifies that the applicant has a poor credit rating. For this reason, many people who want to buy a new car but have a negative SCHUFA entry wonder whether car banks are more likely to make exceptions here or not. Which autobank agrees to financing despite SCHUFA. The KREDIT 123 team is happy to answer the following question in this article: which autobank finances despite SCHUFA?
Is a car financing despite SCHUFA at a car bank possible??
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 they are creditworthy or not. In this context, a SCHUFA query is also generally made. If the autobank finds out that there are negative SCHUFA entries, it will first tend not to agree to the auto financing despite SCHUFA.
However, a tilt is only a tilt for the time being. 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 loans 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
Essential is 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 not.
The proof of a high secured income helps to get a car bank to agree to a car financing in spite of SCHUFA. Generally, however, credit approval is dependent on the goodwill of the relevant agent.
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 right away. In such a case, the driver still has the option of applying for a joint loan to finance the car despite a negative SCHUFA entry.
With 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 relevant car bank will grant the requested car financing increase immensely as a result.
Registration of a guarantor
In many cases, the registration of a guarantor can also help a car bank to approve a 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 applying for a joint loan and registering a guarantee, the provision of material loan collateral can also help a car bank to grant car financing despite SCHUFA. tangible loan collateral are assets or objects that are pledged to secure the car loan.
Generally speaking, a car loan is already secured, as it is earmarked for a specific purpose and the car to be purchased, e.g., a car, is not a car. By means of security transfer of title is provided as collateral for the loan. For this reason, car loans are significantly cheaper on average than conventional installment or. consumer loans, as these are not earmarked and are therefore freely available.
Our conclusion to the question "which autobank finances despite SCHUFA?"
In summary, we would like to answer the question "which car bank finances despite SCHUFA?"answer that a car financing in spite of SCHUFA is quite possible with every autobank, in particular if a personal or material credit security – in addition to the security transfer of title of the newly acquired car – can be placed.
In very specific cases, a car bank will waive the requirement for 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.
It goes without saying that the provision of loan collateral also makes it possible to obtain car finance from savings banks, volksbanken, raiffeisenbanken, direct banks and other commercial credit institutions in Germany despite a negative SCHUFA entry! For the sake of completeness, this should not go unmentioned in this article!