A functioning car is nowadays no longer a private pleasure for many consumers, but more and more frequently the vehicle is also necessary for work. Occasionally, therefore, a pending purchase of a car can even secure the existence, if the previous vehicle is no longer functional and no longer worth repairing. Buying a new or used car is the most common reason why consumers in Germany take out a loan.
In addition to the usual installment loan, banks and, for some time, the automobile club as well as of course the respective car dealers provide a special car loan. This usually requires that the loan seeker has a sufficient income and beyond a credit record, in which no so-called negative feature is stored.
Car loan as a frequent financing solution
Basically, there are several ways in which the purchase of a new car can be financed. For many consumers, the first port of call will still be the house bank, which either grants a classic installment loan or even provides a special car loan. Both loan options work in the same way, namely that the loan amount is repaid in equal monthly installments plus interest. As a rule, the bank will also carry out a security transfer of the vehicle, ie withhold the registration certificate I (formerly the vehicle registration document).
In addition to banks as lenders, it is now possible for nearly every major car dealer to carry out financing there as well. Mostly this is a classic installment payment agreement, but other financing options are more often used nowadays. Most of these are either vehicle leasing or so-called balloon financing, which is also known as three-way financing.
In summary, these are the following financing alternatives available to you for financing a car purchase:
- Classic installment credit
- car loan
- Installment agreement at the dealer
- Vehicle leasing
- Three-way financing (balloon financing)
Worth knowing: There are several ways of financing when buying a car
If you want to finance a car purchase, you are by no means only the bank’s classic installment loan. In addition, there are several alternative financing options, such as car loan, balloon financing or vehicle leasing.
Car loan without credit record: often the last financing solution
As mentioned earlier, some consumers have their own car and previous car financing closely related to a professional existence. This applies, for example, to self-employed taxi drivers who need a vehicle to practice their profession. Therefore, it can have dire consequences if there is a negative entry in the credit record and the banks and the car dealers therefore refuse to auto-finance. However, there is also a solution for these concerned credit seekers, namely the car loan without credit record.
This is an ordinary car loan, but with the special feature that the lending bank waives a credit record request. This in turn means that even if there was a negative entry, it would not affect the credit decision. Most of them are banks from abroad, who refrain from providing credit record information and, provided that the loan seeker has sufficient income, can give out a car loan without asking credit record. Offers are now available in this area, so it makes sense to take a closer look at them.
If you feel overwhelmed or simply do not want to spend time making a comprehensive comparison, we will be happy to assist and take care of this. Among other things, we carry out for you a detailed loan comparison for car loan without credit record, ie for those car loans, which are awarded even with a negative credit record information. Of course, you also have the option of having us compare conventional car loans.
Our tip: Compare the offers for car loans without credit record
Even if you have a negative credit record entry and have therefore received rejections from banks and car dealers in ordinary car loans, you should not choose the first offer in the auto loans without credit record segment. Instead, it makes sense to have us carry out a detailed credit comparison, so that we can find the most suitable car loan for you, whether it is awarded with or without a credit record query.
Conclusion to the car loan without credit record
Before you decide on a car loan, you should first determine through the income and expenditure account, if and what loan rate is well tolerated. Afterwards, it makes sense to have an individual and free loan comparison carried out by us. You profit from the fact that we not only compare ordinary car loans, but also the special car loans without credit record, which you can apply for even with a negative credit record entry. Therefore, take the chance to contact us or to initiate a personal comparison.