An additional loan automatically means a higher burden, which cannot always be met financially.
Choose debt restructuring as a solution
If the car loan financial burden is too high despite other loans, rescheduling should be considered. Debt rescheduling is often the only means that still allows debt to be repaid. Debt restructuring makes sense, especially when too many loans have been taken out. The creditworthiness will have suffered since all loans appear in the credit bureau.
Banks see that. If there are too many loans, the bank must fear that the borrower will spend more money than it pays off. Current loans are often a reason for rejection. However, debt restructuring can help. If the bank is credibly informed that the car is needed. The self-employed and employees who have to work are often dependent on the car.
They most need a car loan in spite of other loans. Credit security must be provided in any case. In this case, the bank’s income alone will not suffice.
Requirements in difficult situations
The bank will set certain conditions so that a car loan can be taken out despite other loans. The credit default risk is very high. The loan seeker will have a hard time finding a lender anyway. So the requirements must be strictly observed. Otherwise a rejection will appear in the creation. If the loans have been paid off without gaps so far, this is a positive thing.
However, some consumers have absorbed so much that they can no longer pay off the individual installments. Then one or more negative entries can occur. The customer must be aware that without further loan collateral, he will not be able to obtain a car loan despite other loans. These are very important. In addition to income, additional credit security is required. In this case, the amount determines the security.
Choose the right loan security
If a car loan is to be taken out in spite of other loans, loan security is very important. Often no guarantor is enough, because the loan is at risk and must be secured in another way. In this case, for example, a co-applicant would be an option. This can even appear as the main applicant.
This is how the credit installments are debited from his account. This is always a risk for the co-applicant. But if, for example, married people take out a joint loan, it can be an advantage. Both must have an income. The second borrower does not have any entries in the credit bureau and especially no current loans. This would prevent the loan from being taken out. The loan agreement is signed by both and are therefore jointly liable for the installments.
Loan amount – the lower the better
The lower the loan amount on a car loan despite other loans, the better. The risk of a credit default must be kept as low as possible. This can happen, for example, if a certain amount has been saved for the vehicle. If a family member is willing to add a sum, the sum could be reduced again.
Borrowing is possible from 1000 USD. There is no need to indicate the intended use of the applicant. Still, finding a lender won’t be easy. The loans will be in the credit bureau. So the customer can also decide to take out a loan without credit bureau.
Car loan despite other loans – even without credit bureau
For some consumers, the credit rating is not very good. You have often tried to get a car loan from the house bank and were refused. A negative entry in the credit bureau can have consequences. If you have no other way to get a loan, you should inquire about a car loan without credit bureau.
House banks do not grant this loan, but private investors and a bank in Liechtenstein. The credit bureau test is part of the credit check at German banks. Therefore, loan seekers will not be successful if they apply to a German bank or savings bank. Private investors and the foreign bank do without credit bureau. This is not known abroad. In the case of personal loans, it is not possible for private individuals to check the credit bureau of other private individuals.
These work differently when checking credit.
Car loan from Liechtenstein
The car loan despite other loans can come from Liechtenstein. This credit bureau-free loan is provided without a purpose. The borrower can use it to finance a car or make another purchase. It is only possible for the applicant to take up three different loan models. These three loans of 3500 USD, 5000 USD and 7500 USD all have a term of 40 months. A new car cannot be financed in this way.
But it can be used to buy a small car. Customers must pay close attention to the credit terms. For the smaller loan amounts, there must be a minimum net income of $ 1150. With the larger loan amount, an income of 1800 USD net per month is required.
The customer must be a German citizen and must be employed full-time and for an unlimited period. Anyone who can meet these credit conditions can apply for a car loan online without credit bureau.