Anyone who has just started a new job and is in the probationary period is considered a rather weak applicant in terms of creditworthiness when it comes to banks. To obtain a car loan during the trial period, credit institutions therefore need collateral that goes far beyond regular income. http://www.vatanbir.org/best-debt-consolidation-loans-request-the-best-debt-consolidation-personal-loan/ has more details
With these prerequisites, the respective lender protects himself against possible loan defaults. Despite difficult circumstances, car loan is not an impossible undertaking during the trial period.
The trial period defined in the employment contract does not ensure regular and long-term income. The associated short notice period makes it even more difficult to obtain a loan. Banks are therefore only willing to grant a loan to the applicant to a very limited extent.
As a rule, credit institutions require proof of salary from the past 6 to 12 months. The creditworthiness of a consumer can be calculated very precisely on the basis of these documents. As with other loans, the applicant must be at least 18 years old and have a place of residence in Germany, which he can prove with a valid ID card from the responsible loan officer.
Ways to get the loan
The provision of collateral is decisive for the car loan during the trial period if the bank is to give a positive one for the loan. Assets in the form of real estate or life insurance are, for example, evidence that strengthens the potential borrower’s status. Anyone who can also name a guarantor the bank also increases their chances. However, the guarantor should have a good credit rating and no negative private credit checker entries.
If an open installment is not paid, the bank may collect the claim from the guarantor. If, contrary to all expectations, the bank refuses the loan, the car dealer can remedy the situation. The desired car can be deposited as security with the car dealer.
The vehicle remains attachable to the lender until the loan has been repaid in full. Owners of a vehicle can usually trade in their used vehicle and thus reduce the amount necessary for financing depending on the condition of the vehicle.