Especially with a car loan without SCHUFA information, it is important that you read the documents carefully before concluding the contract. Claims and traps are often hidden in the so-called "small print". So dubious providers hope that they will be overlooked by the contractual partner and later be easily requested.
Further conditions for a car loan despite a negative SCHUFA query are a minimum income and an unlimited employment relationship. This should have existed for at least six months. A secure job outside of the legal trial period is a lower risk for Buy A New Car With Bad Credit History the bank. Your consent to the attachment of your income is also required. This applies in the event that you do not pay the installments for your loan on time. If you do not meet these criteria, a guarantor for the car loan without SCHUFA information is required .
There are some companies that specialize in car loans despite negative SCHUFA information. However, these providers pay dearly for the particular risk of poor creditworthiness. Regular loans, for example, are given an effective annual interest rate of 0.8 to about 4 percent. A car financing offer without a SCHUFA query calculates the average interest rate at 11 percent. Some providers even charge up to 20 percent, which is a very expensive requirement, especially in times of zero interest.
Another disadvantage of car financing without a SCHUFA query is that the loan amount is limited to 5,000 euros for most providers . The risk that the borrower will not repay the money in full is simply too high if the creditworthiness is poor. A new car cannot be financed with it. The range of attractive used vehicles is also severely restricted.
With a poor credit rating, it is important to consider whether a car loan without SCHUFA information is the right solution. Such loans are often the beginning of debts that do not pay off as soon as they lack creditworthiness . Even a used car financing despite negative SCHUFA information should be well considered with little financial means.
Even with a car loan despite a negative SCHUFA query, it is important to compare all offers beforehand. Wirkaufendeinauto.de offers you the financing calculator in cooperation with FINANZCHECK.de ! Simply enter the desired loan amount, the term and the planned use and compare the financing offers for your next car with just one click . This makes it much easier for you to find used vehicle financing despite negative SCHUFA information.