It contains information about basic financial relationships. Private borrowers receive an unbureaucratic loan without bank information.
Car loan without bank information – what is it?
If banks grant a loan to commercial customers, they provide a bank report. The bank mostly waives demand from private borrowers. The bank information is not comparable to the credit bureau information that German banks obtain before each loan approval. But what does private borrowers mean by bank information?
For a car loan without bank information, the requirements are a regulated employment relationship. The situation is different for self-employed and freelancers. This clientele cannot provide monthly proof of income and cannot teach an employment contract. From the bank’s point of view, the creditworthiness is then questionable.
The bank can only easily grant a loan without bank information if it checks the income situation in the normal way.
Car loan without bank information – with or without credit bureau?
Many advertising for credit present themselves with obvious keywords. As a result, many borrowers feel irritated. So a loan without bank information is actually the normal case. A bank report does not provide information about the real financial situation of the borrower. When applying for a car loan, the lending bank checks whether the customer has to pay loans to other banks or has checking accounts. If this is the case, no bank information is provided.
In Germany, a car loan without bank information is more common. Borrowers should know that bank information and credit bureau are two terms. There are usually no credit bureau-free loans in Germany, apart from the pawnshop loan and loans from the Freundeskreis. The money comes from abroad.
The car loan for the employee
Employees usually get their credit without a bank report without any problems. However, the applicant must have a permanent job. If credit bureau is still positive, the borrower is considered creditworthy for the bank. Modalities of a loan are mostly based on the creditworthiness and the financial situation of the applicant, recorded in the score.
If a borrower has debts or a low income, it is generally difficult to grant an installment loan.
The car loan without bank information for the self-employed
Self-employed persons will not receive a loan without bank information from a German bank. The self-employed person’s income fluctuates and is based on the market situation, which makes the car loan a risk for the bank. In order to be able to prove the creditworthiness, self-employed persons have to submit significantly more documents than an employee. Income tax assessments of recent years have become necessary, as has an economic evaluation.
A car loan could come about by naming a guarantor. Think of the solvent partner here, because the guarantor has to pay if necessary.
Who compares saves money
Many lenders offer a loan without bank information. We recommend borrowers to search for a suitable offer by comparing their loans. The amount of the financing sum and the term are important here, because the comparison queries both parameters. The amount of the credit rate and the interest rate are immediately apparent.
If the rate appears too high, the monthly charge can be reduced by extending the term. However, the interest rate depends on the customer’s creditworthiness. If a provider is found, a car loan without bank information can be applied for directly on their website. The credit decision is made immediately based on the data entered.
However, this is only a preliminary inventory. Only when the lender has been able to check the creditworthiness and documents does he make the final loan approval.
The car loan is then transferred promptly without bank information.