It is very difficult to obtain car financing without a SCHUFA check.
A car is usually an expensive purchase, even if it is a used car. If you would like to buy a new vehicle, you will certainly think about it, to be financed. Only stupidly sees their SCHUFA rating anything but rosy. If a bank now checks your creditworthiness, it might refrain from giving you a loan.
Is there under circumstances the possibility, to get a car loan without having to submit a SCHUFA report? And why is the credit check so important for lenders anyway?? We answer these and other questions in the following guide.
short& scarce: car loan without SCHUFA
No, at least with reputable credit institutions, you cannot usually finance a car without submitting a SCHUFA report. Even if you do this, you can expect to be turned down if your SCHUFA score is poor.
The SCHUFA report provides information on how creditworthy a person is. a lender can then find out how likely this person is to meet his or her payment obligations, and use this information to decide whether to grant the loan. If the information is missing, the bank cannot check the creditworthiness and, out of self-protection, will refrain from granting the loan. this does not only apply to car financing, mind you. In general, it is difficult to obtain a loan from a bank without SCHUFA information.
You should take such offers with a grain of salt, because they are often backed by dubious service providers who demand questionable conditions, high fees and expensive interest rates. In general, it is not advisable to take out a loan with such providers.
Financing a car without SCHUFA information: is this possible at all??
you can’t get credit-free car financing from a bank.
Behind the word "SCHUFA" hides the schutzgemeinschaft fur allgemeine kreditsicherung. This is a credit bureau that collects various information from people and uses it to determine their creditworthiness their credit score assesses. For this purpose, SCHUFA assigns the SCHUFA score, which practically the probability quantified, with which the person concerned meet their payment obligations.
If a potential business partner (e.g. a landlord or a. B. A landlord or business partner) inform you about your creditworthiness, therefore, he will ask you to provide him with SCHUFA information. The higher your score, the more trustworthy they appear and the more likely it is that the potential contractual partner will actually be to a contract with them lets.
Banks also proceed in this way when they have to make a decision about it, whether or not you give someone a loan. That is why it is not possible, at least with reputable credit institutions, a car loan without SCHUFA information (or. With negative SCHUFA entry) to obtain.
The credit institutions use it to protect themselves before possible payment defaults, which also benefits your customers. Because if a bank were to default on a loan, it would be the assets of all your investors at risk. It is therefore by no means "unfair" for a bank to refuse a loan on the basis of missing or bad SCHUFA information, but ultimately in the interest of all consumers.
But even the borrower concerned this is to protect: by refusing car financing, customers who already financially distressed are not so easily in danger of getting into too much debt.
Car financing without SCHUFA information: beware of dubious offers!
At least with a german credit institution you will have a hard time getting a car loan without a credit check. However, if they look around on the internet, you will encounter many providers who advertise with it, to grant financing even without SCHUFA information. Often, these are foreign banks or dubious companies, which not in the german commercial register are registered.
Such offers are usually with extreme caution to enjoy. Because even if it is true that these service providers give you a car loan, without a SCHUFA report to demand such a transaction usually brings several disadvantages with itself. Such questionable conditions can lead to. B. Being:
- Low payment rates
- Long credit period
- Hidden fees
- High interest rates
- Expensive residual debt insurance
On top of that, dubious providers often demand high fees for services that are actually taken for granted, like z. B. Sending contract documents, comparing credit conditions or using the customer service. This also allows a car loan without SCHUFA proof them expensive. Let them therefore rather the fingers of it.
personal loan as an alternative to bank financing
Personal loan – car financing without bank and SCHUFA
you urgently need a new car, but you can’t get a credit due to the missing SCHUFA information? Then they could a friend or family member ask to lend them the necessary money, provided that the person in question has an appropriate asset has.
Agree they should both the terms and conditions of the personal loan clarify exactly and include this in a contract put in writing, to protect themselves legally. In addition to the loan amount, this should also possible interest rates, the amount of the installments and the term of the loan include.
If a personal loan is not an option and you do not get a car loan from the bank without SCHUFA, there is still the possibility of, some time to wait. Because records that negatively affect their SCHUFA score will deleted after one to four years. So you can wait until your credit rating has improved and then request the necessary SCHUFA information for the car loan.
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