Do you get a car loan without proof of income?
Car loan without proof of income – when will it be forgiven
Getting a car loan without proof of income is almost impossible at a bank. Commercial banks always ask for proof of income, so that a loan will be granted and also German banks will not give it up. Income always means the security required when lending. If this security does not exist, the applicant will come to no conclusion and receive no credit.
Banks only steer if the car loan without proof of income is not money but goods. Nowadays cars are often financed by loans. Thus, the goods remain in the possession of the seller until the loan amount has been paid. For banks, a higher down payment counts as collateral, for example, they can keep the vehicle registration until the loan has been paid. Should this not be paid, the vehicle remains in the possession of the bank. Mail order companies often provide installment payments without asking for income. Here only care must be taken that the goods are paid on time so that no dunning fees arise.
Self-employed car loan without proof of income
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The self-employed can not, like employees, provide proof of income. Therefore, these individuals can not receive a car loan without proof of income. This also applies to the unemployed, who receive social benefits but do not count them as income. Only a few providers are prepared to grant a loan to a self-employed person. For this he must meet certain conditions, which are usually very high. Instead of proof of income, self-employed persons must submit other documents in order to be granted a loan.
Possibilities of a loan without proof
Anyone who thinks about this loan will be quickly disappointed. Often only the choice of a private financier, who may be willing to lend money, remains. Friends or family members can be interviewed, who are often the last chance to get money. If valuables are present, they can be transferred to a pawnbroker, so that the difficult financial situation can be bridged. Many options do not remain if a bank refuses a car loan without proof of income. With no proof of income, it will not only be difficult, but also almost hopeless, so other ways will need to be found to get money.