If you want to apply for a car loan despite retraining, you very often have little chance of getting a loan. Whether a loan is possible can only be clarified in a personal conversation with the bank’s customer advisor.
On this date, the bank customer usually only needs to bring a valid ID. If you are not an EU citizen, you also need a valid residence permit.
The bank’s advisor obtains credit bureau information and uses the bank customer’s existing data to calculate the creditworthiness. It can generally be assumed that a loan will not be approved despite retraining.
In many cases, this is due to the fact that no employment relationship is guaranteed after retraining has ended. Perhaps the bank’s customer advisor can also be convinced with additional loan collateral.
The credit rating – that’s how the banks see it
Creditworthiness plays a very important role for banks. The institutes usually carry out extensive credit checks.
After signing the credit bureau clause, current credit bureau information is obtained. With the scoring of the information and the financial data of the applicant, the creditworthiness is calculated using an algorithm.
The calculations may vary from bank to bank. If you want to apply for a car loan despite retraining, you must be able to offer a lender high-quality loan collateral.
These include, for example, various property collateral such as fixed deposits, shares, funds, high-quality gold and silver coins or real estate stocks. At many institutes, security is almost always assigned when buying a car. This measure, the registration certificate II is deposited with the bank as credit security. Some lenders also accept guarantors.
A surety is a person with a high level of liquidity. A guarantee contract is concluded after the guarantor has been checked.
If there is a loan default, the guarantor must assume the remaining loan debt.
Apply for a personal loan for your car – Lite Lender’s credit marketplace
In addition to the credit portal, the provider Lite Lender also operates a credit marketplace. A credit marketplace is an internet portal on which private donors and selected financial institutions provide loans to consumers.
Loans from 1,000 to 50,000 USD are available from Lite Lender. The applicant can choose loan terms from 12 to 144 months, i.e. 12 years. A car loan despite retraining can be approved on the portal. It is important that the credit bureau information does not contain any hard negative features.
These features include arrest warrants, affidavits, or personal bankruptcy. The application process is relatively straightforward. First, the loan amount, the term and the purpose for a preliminary loan offer are required. The applicant’s personal data and monthly income and expenses are then entered in an online form.
Based on this information, the portal’s donors can submit a loan offer. A loan is created when the applicant has decided to offer a loan.
Car loan in difficult situations – Beware of dubious loan brokers
Many credit agencies advertise that they help consumers with a loan even in difficult situations. A car loan despite retraining is such a situation.
As with banks, credit agencies also check the applicant’s creditworthiness. These lenders also protect themselves from default. By working with many banks in Germany and abroad, credit agencies can offer various loan models. If the applicant has a low credit rating, a loan can be arranged with credit bureau.
With a car loan despite retraining, a guarantor or a second borrower is required. A loan without credit bureau is not an option for retraining students. Since no information can be obtained from credit bureau, the credit requirements are quite high. However, caution is advised with some loan brokers. If a credit agency requires credit protection with a property or personal insurance, it is a dubious offer. If there is no credit transaction, there should be no costs.
Loans from loan brokers are always relatively expensive.
Loans For Cars – Compare loan offers
Since there is no guarantee of employment after retraining, it is very difficult to obtain a loan during this time. Online and direct banks are guaranteed to reject a car loan despite retraining.
These banks only lend to liquid consumers. The house bank also does not grant credit. Especially not if it is a long-term commitment with a large loan amount. However, consumers can contact reputable credit brokers or the private lenders of a credit marketplace.
These loan offers should always be compared. This makes it possible to find a cheap loan offer.