Finding car financing despite Credit Bureau is actually not as difficult as many consumers think. Because it is a common mistake for consumers to assume that a negative Credit Bureau would inevitably mean that they would no longer receive car financing. In reality, it rather looks like that, despite Credit Bureau, car financing is more or less the order of the day.
Car financing despite Credit Bureau
This does not mean, however, that there is reason to be surprised if, despite poor Credit Bureau, you do not receive any funding. Of course, the creditworthiness of the customer is relevant for the dealer, which is not only reflected in the Credit Bureau entries, but is also determined on the basis of several points.
Therefore, the bank or the dealer would like to see the following things / documents from you, for example:
- bank statements
- Employees: pay slips
- Employee: employment contract
- Self-employed: income tax notices
How much money do you need
On this basis, a household calculation is then carried out, with the help of which the seller or the bank determines how much money you would theoretically have available each month. If the calculated amount is high enough, nothing stands in the way of your car financing.
Because there are still so many negative entries in the Credit Bureau: if the amount calculated monthly, after the expenditure, which includes all financial obligations, is sufficient to cover the installments, the conditions that the dealer or the bank provides to the borrower.
Even if no Credit Bureau information should be obtained, which is always the case with car financing in Germany, the entries that are listed in Credit Bureau and may lead to a cancellation of the car financing can also be seen from the account statements – for example by transferring credit installments to the bank.
So you should definitely dare to go to your car dealer despite a negative Credit Bureau. If, on the basis of your creditworthiness, you are denied car financing, if the purchase price for the car is not too high, you have the following options, for example: Bring a second borrower on board, provide collateral, or if the purchase price for the car is not is too high to take out a loan without Credit Bureau from abroad.