The purchase of a new car can be essential for private and professional reasons. Anyone who cannot afford a vehicle in this situation must buy it on credit. However, if there is a negative entry at Credit Bureau, banks refuse to provide conventional vehicle financing. Nevertheless, there are ways to master this financial problem: with a car loan without down payment and without Credit Bureau.
Chance of credit with regular income
With a negative Credit Bureau information, banking institutions hardly grant a loan. However, there can be an exception if the interested party has a regular and sufficiently high income. It must be a permanent employment contract. Credit institutions do not recognize income from temporary employment or freelance work. In addition, a potential borrower should not have to pay any liabilities, such as installment loans or unpaid, legally titled invoice amounts.
Guarantees secure financing
If this option is not an option, a surety can be an alternative. The latter undertakes to pay the installments in the event of default. Banks accept such a guarantor for a car loan without a down payment and without Credit Bureau only if it has a good credit rating. Here, too, institutes check entries in Credit Bureau and the income situation.
The difficulty is finding a guarantor at all. For this purpose, those in financial need should specifically address people from relatives or friends who they trust to take on such a guarantee. At the same time, they should make sure that they can actually pay the installments. If the guarantor has to transfer money to the bank due to defaults, interpersonal distortions can occur.
Credit from individual to individual
With a private car loan without down payment and without Credit Bureau, people with poor creditworthiness can also finance the vehicle purchase. Some online loan brokers specialize in bringing private lenders and borrowers together. Interested parties can describe themselves, their financial situation and the purpose of use. Registered lenders can then make a certain amount available. If the investors offer the desired loan amount in total, the platform processes the financing.
The borrower receives the amount from a partner bank and then pays the agreed installments including interest, the institution forwards them to the lender in the corresponding proportions. With most brokerage portals, those interested have to consent to Credit Bureau information, but this is only used to determine the amount of interest. In contrast to banks, a negative valuation does not exclude credit approval. On the other hand, it is crucial on such portals to convince lenders with a serious idea. Questions should be answered promptly and in a coherent manner.