Those who have a negative entry into the credit bureau and are also unable to find guarantors for a potential loan will usually encounter major difficulties in finding a loan. While in such cases, in principle, large purchases should be backwards, this is quite difficult especially in the car. Many things today are not possible without a car, so at worst you do not have an alternative to a loan. A car loan despite credit bureau and without guarantors is basically not impossible. However, one has to expect some difficulties.
Car loan despite credit bureau and without guarantor – the difficulties
Anyone who is interested in a car loan despite credit bureau and no guarantor will most likely not succeed at a German bank. Domestic credit institutions rarely award such a loan. Above all, the strict guidelines prevent this, whereby a negative entry in the credit bureau often already sufficient as grounds for refusal. Even if guarantors exist, this is not a guarantee. Finding a good sponsor is anything but easy. Therefore, many people with a negative credit bureau entry have difficulty finding an acceptable guarantor for the bank.
In case of doubt, however, it makes sense to check once exactly what your own credit bureau entry looks like. Sometimes it can happen that entries are incorrect and even permit a cleanup. In addition, there is a possibility that instead of a guarantor other collateral can be given to the bank. In such cases, trying to obtain a traditional loan can not be harmful. Especially alternative securities often offer good chances that it still comes to a successful conclusion of the contract.
Credit through a direct or private intermediary
If an actual car loan is sought despite credit bureau and without guarantors, German credit institutions usually retire. In some cases there are some banks that at least check loan requests. However, the offers are very limited and the grant is relatively rare. However, alternatives are provided by foreign banks or private intermediaries. Particularly in the field of private credit intermediaries, there are many possibilities with which a loan can still be made. In general, it depends only on the income of the person, so that a car loan despite credit bureau and without guarantor much easier. But you often have to reckon with higher costs and interest. In particular, people with a relatively high income have a good chance of low interest rates. Short maturities and low loan amounts are also factors that can positively affect the level of costs.
In any case, it is important that the offers of private credit intermediaries are compared exactly. The fact that you have finally found a loan should not automatically lead to an offer being accepted unaudited. Instead, it is particularly important here that the exact conditions such as the effective interest rate or repayment modalities are compared. Especially the effective interest rate is an important factor when it comes to the valuation of a loan. A car loan despite credit bureau and without guarantor often has considerably larger effective interest rates and is thus very quickly expensive. Even though generally higher costs can not be avoided, as many offers as possible should be obtained and compared. For example, the Internet can help. Through a quick search both private agents and foreign banks can be found and contacted easily.