If you landed on this page, you have probably entered terms such as “car finance without Credit Checker” or “car loan without Credit Checker” into a search engine.
You may be surprised, but in many cases, car buyers are not dependent on Credit Checker-free car finance at all. Even with bad credit ratings, there are banks that still issue auto loans. If you have a difficult credit rating, this can be good news for you.
Because auto financing with the available loans without Credit Checker is extremely difficult because of the small loan amounts. Financing a new car without a Credit Checker is practically impossible unless you have a high level of equity.
Car financing without Credit Checker: misleading offers
Then why are there so many offers on the Internet that promise exactly this? The answer is: Because potential credit customers are looking for it.
Once you are on the website, it is more or less openly explained that, of course, Credit Checker-free car financing is not possible either by credit or leasing.
It turns out that normal loans or leasing contracts are offered, which are also given to so-called “difficult cases” under certain conditions.
Car financing with credit without Credit Checker: two options
Of course, there are cases in which Credit Checker should remain outside, not because of a lack of creditworthiness, but for other reasons.
The car buyer may want to prevent the car financing from affecting his creditworthiness with a view to future borrowing.
Especially for these and for cases in which negative Credit Checker entries exclude normal vehicle financing, we present two options for vehicle financing without Credit Checker’s involvement.
In both cases, it will usually not be possible without the use of own funds.
Without the involvement of Credit Checker and other credit bureaus, there are neither queries, nor is the granting of loans reported to credit bureaus.
In principle, all types of motor vehicles can be financed with a small loan without a Credit Checker. All Credit Checker-free loans come from one bank: the Good Finance Bank. You can apply directly there. All forms can be found on the bank’s website.
An alternative is to use the services of a credit broker who mediates the Good Finance Bank credit products.
Good Finance Bank does not grant any financial service provider in Germany special conditions. That’s why it is a bit of a stretch when some websites ask customers to compare car finance without a Credit Checker.
Reputable credit intermediaries are E-Money and Good Credit. Both credit brokers work without upfront costs and submit their offers without obligation.
E-Money advertises with the statement that most Credit Checker-free loans in Germany. That is certainly not wrong. Opt for E-Money and throw away insurance or other financial products.
The deal would cost money, the products are not the best, and the credit rating is not improved by insurance contracts or savings contracts.
The credit broker Good Credit is less well known. However, the financial service provider has a reputation for advising customers particularly well and in detail.
If you are not committed to a car loan without a Credit Checker from the outset, we recommend that you use the services of Good Credit. The credit broker will advise you comprehensively and will first try to get you an offer for a conventional car loan.
We have put together all the details of the loan without a Credit Checker on a separate page. Here is a brief overview:
The information on the minimum net income relates to an applicant without dependent children with tax bracket 1, 2, 4 or 6.
The duration of employment indicates how long the applicant must be in permanent employment. All loans are to be repaid in 40 equal monthly installments. The term can be extended to 42 months because the first payment is due on the month after next from the conclusion of the contract.
Adult workers or civil servants up to the age of 62 are eligible to apply. You must live in Germany and have a checking account.
The self-employed, freelancers or traders do not receive loans without a Credit Checker.
Interest rates may seem high. They correspond to the interest rates of overly expensive overdrafts. If you compare the effective interest rates of Credit Checker-free small loans with those of “normal loans in difficult cases”, you will be surprised.
The effective interest rate on car financing despite Credit Checker can be significantly higher in individual cases.
With a loan amount of 7,500 dollars, a used car can possibly be fully financed. Real car financing without a Credit Checker is therefore most suitable for used cars.
New cars, on the other hand, can only be partially financed. If a car buyer chooses a car loan without a Credit Checker, he has to add own funds.
Buying a car with a policy loan
Buying a car without a Credit Checker, financed with a policy loan, is the second option. The prerequisite is that there is capital life insurance or private pension insurance.
The maximum loan amount is the current surrender value minus a safety margin of usually 10%.
Not every policy loan is granted without a Credit Checker’s involvement. If you would like to lend your life insurance policy to a bank, at least it will be necessary to obtain Credit Checker information for legal reasons.
However, policy loans are completely free of charge if they are agreed with the insurer itself or if they are concluded with a policy purchaser.
In the legal sense, these products are not loans, but advance payments on the final payment from the insurance contract.
Details of policy loans can be found in a special article. There you will find precise information on how the policy loans work, as well as information on recommended policy buyers on the secondary market.
Car loan despite negative Credit Checker
In your creation file are there hard entries such as bankruptcy, affidavit, warrant or other ongoing enforcement measures based on a legally binding title?
If this is the case, there is unfortunately no credit option for you yourself. One way out is to have the car financing carried out by a third person.
In most other cases, there is a chance of normal car financing. Auto loans with poor Credit Checker are possible with low score values, which do not necessarily have to be caused by negative characteristics.
If there are negative characteristics, it is best for a car loan if they have a completion note. Some banks sometimes overlook small, still open negative features.