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Car loan despite existing loan – quite possible

Car loan despite existing loan - quite possible

A car has become a commodity in our society. A few years ago, a car was one of the luxury objects that only the privileged could afford. Today the car is a necessary commodity, if only to get to work with it. Anyone who lives in the country will otherwise fail professionally due to the poor connection with public transport.

Professions, such as in the service sector, are also driving vehicle purchases. Nowadays it is often the case that many purchases are bought on credit. There is basically no objection to this. After all, interest rates are lower than ever.

Attacking fixed reserves now to buy would be bad business. As a result, many applicants line up their loans. Approving car loans despite existing credit is now even part of the everyday business of banks.

Car loan despite existing loan – debt restructuring?

Car loan despite existing loan - debt restructuring?

If several loans are to be paid to a bank, the idea is obvious to combine these loans into one contract. This way, new car loans could also merge with other loans. The advantage is obvious. The monthly charge does not increase undesirably.

Because debt rescheduling makes it possible to readjust the term, but if the remaining term remains unchanged, there is a higher rate burden.

When rescheduling, the notice periods for old loans must also be observed. If no free special repayments are permitted, the lender may charge a prepayment penalty for lost interest income.

However, this will only happen if the debt is rescheduled to another lender. If the debt is rescheduled within the bank, this compensation usually does not apply.

Car loan despite existing loan – requirements for several loans

Car loan despite existing loan - requirements for several loans

Generally, lenders don’t care how many loans the borrower serves. But only as long as he pays the installments on time.

If the borrower has the necessary conditions for another car loan, his wish will be quickly approved. If the applicant does not seek debt restructuring, the monthly charge is guaranteed to be higher.

Incidentally, anyone can easily determine what additional rate a car buyer can afford. Simply offset the income and expenditure. The remaining surplus is the rate that fits the budget at most. Many borrowers service multiple loans.

First of all, think of real estate financing. New furniture is often purchased after moving into a new home. Please do not overlook these rates in the household bill. Because banks only grant credit if it is securely affordable.

Car loan despite existing loan – loan process

Car loan despite existing loan - loan process

Borrowers do not necessarily have to stay with the lender. The brisk saying applies, “other mothers have beautiful daughters”. When it comes to credit, beauty is less important than cost. Various loan calculators in the network enable a precise comparison. It is always free to compare.

As a thank you for the little effort, high savings potential. If the loan amount has already been determined, it is entered into the comparison with the corresponding term. The amount of the monthly charge and the interest rate are immediately visible. The interest rate has to be said that the displayed interest does not pay all customers.

The interest is usually calculated depending on the creditworthiness. If the borrower has good creditworthiness, he can expect low interest rates and vice versa. If the credit rate seems too high, simply extend the term. A short term, which comes with a higher rate, but only choose if the money is available safely.

Car loan despite existing credit – prerequisites

Car loan despite existing credit - prerequisites

When there is more than one or even one loan, the banks check the customer’s creditworthiness very carefully. In addition to the credit bureau query, which should not contain any negative entries, the bank checks the income.

She draws up the budget statement already presented. If the bill is positive, the credit bureau is clean, nothing stands in the way of a car loan despite an existing loan. In addition to the two important factors of a credit approval – income level and score – there is also a permanent position. The employment contract must not be limited, the trial period has ended.

Car loan despite existing loan financing

Car loan despite existing loan financing

Nowadays, car buyers have several options to finance their car. This can be the classic as an installment loan with the bank. The dedicated car loan is also in demand. The vehicle registration document is used to secure the loan.

The bank is the owner of the vehicle until the loan is paid. The disadvantage is that the borrower is in a financial shortage and wants to sell the car, so he can not. On the other hand, because of the additional security, credit institutions offer better conditions for car loans. By the way, this is exactly how car financing is offered by the dealer.

Here the 0% financing of the dealers is the focus of the financing. However, the customer should keep in mind that this financing is usually only available for certain models. In addition, this financing often only appears cheap. But if you compare correctly and include the cash discount as a basis, you will find the exact opposite.

Car loan despite existing loan – three-way financing

Car loan despite existing loan - three-way financing

The dealer also provides three-way financing. This is characterized by very low running rates. However, these rates do not pay off adequately. Basically, the customer pays interest and loss of value. The big end lurks in the form of the final installment.

If the borrower has not made any reserves to settle the final installment, he may finance it again. However, the car may also go back to the dealer.