Nevertheless, a vehicle loan can rarely be put on the back burner. Families in Germany depend on the car.
Car loan despite further loans – everyday business
In metropolitan areas, where the workplaces are, living space is priceless. In most cases, you drive to work every day with your own vehicle. Public transport is not suitable. Modern work often requires the flexibility not to look at the clock when needed.
Many also work shifts. The working day always starts and ends at different times. Without a vehicle ready for use, there is chaos. Everyday life gets completely out of joint.
Against this background, the decision is finally made to venture into a car loan despite further loans.
Credit despite ongoing loans – often not a problem
With existing credit obligations, most prospects fear they will not be qualified for additional credit. Right, there can be problems, but that’s not the rule. Loans paid on time have little impact on credit bureau’s credit rating. The proper score remains.
Basically, the old loans even show that the debtor keeps his promises to pay. The credit protection over the real value also speaks for the car loan despite further loans. Personal creditworthiness only has to guarantee the difference to the mortgage lending value. In other words, car loans can easily be approved even with poor credit ratings. Unfortunately, there is a risk that current payments and income will become unbalanced due to the additional credit.
What does the bank’s guidelines look for?
All banks and savings banks are legally obliged to carry out a credit check. A bank may only grant secure credit. The low impact of serviced loans on the score speaks for the car loan despite further loans. But, the total amount of debt should always be balanced in relation to income.
In addition, the Sachsicherung speaks for the car loan. It can therefore only be problematic at two points. Once at the amount of the net income. Most banks have a sufficiently high attachable income component.
This is not a fixed sum, but the amount varies. Please note the individual seizure exemption limits. Also the ongoing installment payments. In addition, the household budget must report a surplus. After all, despite further loans, the rate for the car loan can only be paid by money that is actually “left over”.
Vendor choice – direct bank or dealer
Basically, all doors for the car loan are initially open despite existing debts. However, it is worthwhile not to forego possible savings, especially when there is a shortage of funds. A direct interest comparison shows whether the car loan from a dealer or a direct bank loan is cheaper. The direct bank definitely has the opportunity to act as a cash payer.
Additional discounts for cash payers, through leveraged car loans despite additional loans, are likely. In addition, the third-party loan not only enables cash payment in the dealership. But also the purchase of a good used car from private customers. In this way, the retail margin of the car dealerships can be saved. The Internet shows in real time how much money a vehicle is worth according to the dealer EK. Basically, cost accounting almost always speaks for the online loan from a good credit comparison.
Use car loan for debt rescheduling
Problems can be expected if the budget bill does not work out in the sense of lending. However, there are different ways to achieve secure solvency at the same time.
The first approach, when money is running out, is of course to save. There are savings opportunities with regard to the budget surplus in the individually calculated costs.
That would be:
- rental fee
- also mobile phone contracts
- savings plans
Also costs of leisure activities, such as the contribution to the gym. If saving alone is not enough, debt payments can be reduced by rescheduling debt.
To do this, simply pay attention to the special conditions when comparing loans for car loans despite further loans. Many banks from the comparison offer debt rescheduling options together with the car loan. Over the term of the debt rescheduling loan – as a cheap car loan – the rate can be adjusted to the surplus.
Final installment loan – possible online?
It is not uncommon for car buyers to lower monthly rates by agreeing on a balloon rate. This loan model is also possible online. But people who are looking for a car loan despite further loans cannot be advised to do so. After all, the small running rate doesn’t run forever.
The car is also getting older. It loses value every year. Due to the loss in value, the vehicle is hardly suitable later to serve as security for the property. A critical situation arises from the loss in value as soon as the balloon rate is to be refinanced.
Especially with a tight budget, it is advisable to take out an installment loan with the same installments. So that small affordable rates remain possible, it is better to increase the term.
Car loan despite credit bureau – credit opportunities
With a negative credit bureau, the tide turns. Car loan despite further loans is still possible. But, reality often has little to do with the brisk advertising slogans. Sachsicherung continues to speak in favor of lending, but the score warns against the approval of the loan.
Now it depends on the individual case whether and to what extent there are actually credit opportunities. In general, only a sufficiently high secure income speaks for a bank’s loan approval. After all, not only regular banks are obliged to check their creditworthiness, but also credit banks with special loans. The budget statement must also speak clearly for lending.
It should also be borne in mind that a car loan is still very expensive as a risk loan despite further loans.
How much does a special loan cost despite credit bureau?
- For example, 10,000 USD “extra credit”, the offer from Lite Lender, costs according to Astro Finance – 9.12 percent APR.
- Borrowers at Auxmoney pay for the same car loan despite additional loans and credit bureau, again according to Astro Finance – 17.90 percent APR.
As a benchmark for comparison:
The currently cheapest regular car loan is offered from 1.69 percent APR.