If you already have many financial obligations, you can still take out a car loan without a bank statement.
Account statements are often checked
The account statement is checked at many credit providers. Third-party banks in particular often use this source of information. The lender wants to look at the finances. If the account is often in the red, it will be difficult to apply for the car loan. Garnishments can also be seen there. An application is rejected for this negative factor.
However, the customer does not have to provide his account statements everywhere. The credit bureau can also be checked, where entries also reveal enough about the finances.Therefore, when applying for a car loan without a bank statement, the customer should pay attention to providers who do not require them.
credit bureau important factor
One of the most important factors in checking creditworthiness is credit bureau, which does not say everything about the financial and professional framework.
It is important for the lender to find out how likely it is that the installments will default. If the score is so low that a failure must be feared, no car loan will be issued without a bank statement. The customer can ensure that the score improves. To do this, he first has to look at which entries are available. These can possibly be deleted as soon as they are paid for. Registered reminders also disappear from the credit bureau after payment.
Incorrect entries can also be present. credit bureau must delete this immediately. The credit bureau updates itself after three months, so that a new application then makes sense. If this is not possible, the borrower should also offer other credit protection.
Auto finance with two borrowers
It is not uncommon for a car loan to be taken out with two borrowers without a bank statement. People who share the vehicle can also take out a car loan without a bank statement. The bank checks both borrowers for their creditworthiness. This includes not only the credit bureau, but also the income. Ideally, both have a salary, one of which must be above the garnishment exemption limit. So both salaries can be calculated together.
The bank does not only have a guarantee that the loan default is very low. This allows borrowers to raise a higher sum and achieve low interest rates. The credit agreement must be signed by both. This means that both are obliged to do everything to ensure that payment in installments runs smoothly. Payment in installments can be made from any account. The second borrower transfers half to the account of one borrower.
With a shared account, the additional transfer is not necessary.
Car loan without bank statement – guarantee
Instead of a second borrower, a guarantor can also secure the loan request. However, only if the guarantor has a good credit rating. Here too, the credit bureau and the income are important when making a decision. The guarantor only has to pay the remaining debt if the installments are not paid.
Should the borrower become unemployed or fall ill long enough to lose his salary, these are some examples. In such cases, the guarantor has to step in. He is liable for the car loan with all his assets. If the guarantor also becomes insolvent, a garnishment of wages will be issued. If you want to secure a loan as a guarantor, you should think twice.
The loan amount should not be too high. This means that there is very little chance that the guarantee will lead to actual liability.