If a prospective customer still has outstanding obligations from a loan, it is usually difficult to obtain another loan. However, it is an exception when it comes to a car loan despite credit, because this is possible in many cases.
Income is an important point
If a prospective customer has a sufficiently high income with which the monthly installments can be paid, then there is a good chance of getting a car loan despite the loan. The monthly expenses such as payment obligations, insurance and rent are offset against the monthly income from salary or wages when applying for a loan.
The prospective customer can easily get a car loan in spite of a loan if there is still enough money available less the obligations. The banks are relatively indifferent to the other obligations. As a security, the bank keeps the letter from the motor vehicle as long as the car loan has not yet been paid off.
There are solutions if the rate obligation is too high
A debt rescheduling may be worthwhile if the installment obligations from the existing obligations and the new loan are too high. In this case, a prospective customer can contact his house bank directly and try to combine an existing loan and the car loan. The prospect can keep the monthly obligations within a correspondingly long term and an existing loan is then repaid. In this way, the new car loan may still be possible despite the loan.
Possibly make compromises when choosing a car
The prospect should consider cutting back on the choice of new car so that the loan amount is kept within limits. Compared to a large limousine, a small car can be financed more easily. However, the car loan will not be realizable if the income is still not enough. The loan application will probably also be rejected if there are negative entries in the Schufa.
General information about the car loan despite credit
The question of a car loan in spite of a loan is asked by many consumers and no general answer can be given here, since it always depends on the circumstances. Many people already have obligations from a loan and would like to take out a car loan. These people just need to be able to pay the installments with their monthly income. If the person earns well and still has enough money available for the household bill, then a car loan can be applied for without any problem despite the loan. However, the banks refuse if the existing obligations are too high and an applicant is already busy.
Interested parties often do not turn to the car bank, but to the house bank or direct bank. A loan amount can be requested, which not only replaces the existing loans, but can also be used to purchase a car. In the end there is only one loan and only one installment is paid off each month.
In these cases, the longest possible loan term is recommended so that a monthly charge is not too high. Due to the longer term, the rate becomes lower and the burden can be borne. If regular income can be demonstrated and past credit obligations have been properly met, then there should be no difficulty in lending.