Need a car loan with very bad credit?
Often it is absolutely necessary to have your own car for everyday or professional reasons. Such an acquisition requires a lot of capital, which is usually only available to the fewest people in full.
Anyone who is unable to raise the necessary money on their own needs a corresponding loan. If, however, a negative entry is noted in the personal Credit Bureau, banks reject the loan request, which means that the required down payment cannot be made. Nevertheless, it is possible to get a car loan with very bad credit.
If the Credit Bureau information is negative, credit institutions reject the request for a loan. An exception can occur if the applicant can show a high income in line with the desired credit and an unlimited employment relationship. Freelancers and temporary workers have poor prospects of success. In addition, potential borrowers should not have any liabilities arising from unpaid installment loans or court-ordered sums. If the requirement is met by the consumer, the car loan can be implemented in a short time without Credit Bureau and down payment.
Alternative personal loan
With a privately granted loan, the car loan can also be realized without Credit Bureau and down payment. With this type of loan, two private individuals conclude a financing contract. Credit intermediaries who specialize in brokering loans between private individuals often intervene in this project. The potential borrower only has to communicate his financial situation and the purpose to the lender in order to receive the loan. Interest is often relatively high with such financing. Nevertheless, the use of this loan for a car loan without Credit Bureau and down payment can prove to be quite worthwhile.
If everything’s falling apart
Guarantors from close acquaintances or families offer additional security against banks and private donors. The so-called “second borrowers” pay the outstanding amount for the actual debtor in the event of non-payment in installments. Anyone who takes over the citizenship must also provide information about their personal Credit Bureau file and their financial circumstances.