If the equity capital is not sufficient for a one-off payment or if the savings are to remain untouched, vehicle financing via borrowed capital is an alternative solution. The classic
Car credit is a popular variant. As part of checking the creditworthiness of potential borrowers, lenders usually also check the data on file with the credit reporting agency Schufa.
Negative entries can Lending prevent or at least significantly complicate. The following is an overview of informative things to do with car financing despite negative Schufa-entries to realize.
Schufa – operates on a private-sector basis
Schufa Holding AG or the entries in the credit agency can put massive obstacles in the way of vehicle financing. Namely, whenever negative entries are stored for a consumer. Such entries indicate a lack of creditworthiness, for example, because electricity instalments have not been paid, a loan has been cancelled by a bank or instalments have been missed. Such information is used by credit institutions to assess the solvency of consumers.
Good to know: Schufa is a private company – it is not state-owned. The credit agency receives information for entries primarily from economic contract partners. Data storage already begins with the opening of a current account. Among other things, the following partners report when consumer receivables are not paid on time:
Banks
Retail trade
Online trading
Housing cooperatives
Telecommunications providers
Electricity supplier
Get car loans despite negative Schufa
Thus, an unpaid mobile phone contract can already lead to the urgently needed car loan not being granted. In this case, alternative credit offers that give less weight to negative Schufa entries in the creditworthiness check are a remedy. Good chances of credit approval go hand in hand with alternative credit brokers who perform their own credit check and do not reject consumers with negative Schufa entries across the board.
An option offers the mediator of private loans auxmoney, which informs on the Internet presence about the car financing without Schufa and emphasizes at the same time that there car loans are possible not without credit check, but despite Schufa entries. Car financing with negative Schufa without a down payment can also be requested. The credit check here includes many other criteria. However, the financing options are not unlimited: no car loans are granted in the event of hard negative features such as ongoing insolvency proceedings.
Loans from car dealers – often costly
If car dealers offer suitable financing directly for the vehicle, a negative Schufa entry can also cause a rejection. This is particularly the case when car dealerships cooperate with banks and act merely as intermediaries. In this case, Schufa is also used as an important creditworthiness criterion. If, on the other hand, car dealers provide the financing themselves, it is quite possible that the ability to pay will be interpreted less critically.
But whether with or without cooperation to banks:
– Car financing via the dealership is often more expensive than alternative credit offers from the Internet.
– It is in relation to Saving time and effort Although it is tempting to arrange financing directly with the dealer, this strategy does not help to ease the burden on the household budget.
– Recommendable is in principle a Comparison of credit costs. Credit costs together. Facilitates thus the credit comparison.
Car loans without Schufa check carefully
If car financing is offered without any Schufa query, consumers should take a critical look. Behind such offers often dubious offerers, who have their seat abroad and in the case of conflict are hardly attainable.
In general, the following applies: The credit check by credit providers is nothing negative and does not help banks alone. Instead, a rejection of a credit request can be helpful for consumers to prevent indebtedness.
Check Schufa entries with data query
Whether there is a negative entry can be clarified by requesting the so-called data copy. This type of information is also Data overview according to § 34 BDSG Called – any consumer can use it to assert their right to see Schufa records. Once a year it is possible to apply for a copy of the data free of charge.
Schufa is not allowed to store entries indefinitely. As confirmed by Schufa online, the general storage period for personal data is three years. For information on contractual transactions, the credit agency says it adheres to the Rules of conduct for unloading periods, which the association "Die Wirtschaftsauskunfteien" has agreed upon in the context of the data protection basic regulation.
Frequently asked questions
The SCHUFA has about 1.052 billion data on 6 million companies and 68 million natural persons. Per day they give an average of 490.000 information to companies and thus support fast and uncomplicated business transactions. Data includes, for example, current accounts, credit cards, mobile phone contracts with a term, loans or accounts with mail order companies.
The validity of your residence permit must cover the credit period. Otherwise, unfortunately, we can not arrange credit for you.