What documents do you need for a car loan? And what is checked?

Whether new or used, in many households the purchase of a vehicle in the foreseeable future are being considered and planned. Through attractive possibilities of financing is your own automobile no longer a luxury object reserved for the wealthy. Who not sufficient cash has on the side or the Costs don’t want to do it all at once, just contact them house bankthe car dealer yourself or start the car loan comparison on the Internet. Has one in the thicket of the jungle of countless financing options Once you have found the overview, the rest is usually just a formal matter. With some mouse clicks or signatures moves your own vehicle within reach closer, provided all the important conditions be fulfilled.

General requirements for credit or leasing

Order for one financing to be eligible must as a basis all personal information be given and documented for the person. First name, last name and date of birth can be legitimized simply by presenting or uploading a valid ID document. nicknames or Short forms of your own name should not be used in such requests as this will only create unnecessary confusion. Under certain circumstances, this can even lead to Refusal of credit or lease to lead.

The next episode is about Clarification of living conditions and address. Will rental contract or title papers just not available, can try to deal with the housing situation Document bills for electricity, gas or landline bills. Some financing partners also insist on an exact number Inspection of housing expenses. Do you live, for example, as a renter, own property or even with your parents? The relevant papers may need to be submitted.

At classic funding requests becomes the current one Employment Type on Length of employment, the monthly income and address of the employer scrutinized. If the relevant papers or even the employment itself do not exist – usually a must guarantor to be consulted at all Opportunity for a loan or lease agreement to get.

With external financing providers also have to Data about the vehicle be explained. That Desired model (car brand, type designation)the type key for the clear identification of the vehicle and the engine power are mostly mandatory. Also the date of first registration and of course the financing amount themselves are recorded.

In some cases must Asset Information be provided. do you own Real estate, other vehicles, savings contracts or other valuable assetsthat increases the Prospects of a positive financing decision.

Finally, only the final hurdle of the credit check be climbed.

The credit check

Banking and credit institutions are very interested in customers who owe them actually paying their loans and leasing installments. The credit rating depends on various factors and explains whether the debtor his obligations also actually settle can. Irrespective of this, a ranking for the payment practices calculated. This data increases confidence that there are no default of the debtor comes.

Based on the data already determined, the following facts are considered and analyzed:

• Residence: The residential area and midlife can play a big role. people in general poorer or indebted areas live, can thereby in their credit rating worse get ranked.
• Employment relationship: Lies only one short duration or even a limited one employment relationship before, conceals the higher Risks of non-payment in itself. These circumstances can have a negative impact on credit score affect.
• Income conditions: Based on monthly income and expenses is determined how strong the loan seeker through the financing charged will. Are other loans available, it is determined how Reliable whose repayments take place.

In addition to this, data from credit bureaus related (e.g. the Schufa). These service providers collect personal Data from companies and private individuals about their consumption and payment history. who e.g. B. before Guess at another bank or a mail order company not at all or paid too late has – can be sure that this behavior to the respective information companies reported would.

Final spurt to the new car

All this data and information is used to determine whether the Applicant creditworthy is and with it one eligible for funding of the desired vehicle. Is there no objections, no ambiguities or Exclusion criteria no longer stand in the way of successful financing.

Frequently asked questions & answers