Best chances with guarantors
- Start your credit request now (this does not result in a contract).
- After checking your request, the money will be in your account after 4 days.
- All you have to do is accept our offer. If not, then not. No catch, no upfront costs.
Getting a car loan with a fixed- term contract.is difficult. In particular if the term of the sum borrowed exceeds the fixed-term contract.
How to get a car loan with a temporary employment contract
In general, it is possible to get a loan even though you are on a temporary basis. However, there are no problems only if the loan amount is small and the term of the loan ends within the time limit. When granting loans, banks make sure that the borrower has a fixed income and an existing employment relationship. A car loan with a temporary employment contract is therefore difficult and only possible to a limited extent.
The problems of temporary borrowing are huge
Temporary employment offers little security to the lender. In most cases, the salary is relatively low and therefore offers little security. The extension of the employment relationship or the transfer to a permanent employment relationship is uncertain. Banks, as the main lender, are very skeptical in this regard.
They only grant small loans that can be repaid during the employment relationship. Guarantors are often required to provide additional security. The points mentioned make it more difficult to buy a car because financing a vehicle usually requires a higher amount. In addition, repayment is not possible for the duration requested.
What are the chances for a car loan?
Conventional ways of getting a loan with a fixed-term contract are very small. The chances are increased if the employer can issue a notification by guaranteeing the borrower’s takeover. If you know a guarantor who is responsible for the loan amount taken up, you increase the chance of a loan enormously.
Additional collateral that can be claimed from banks are building society contracts, life insurance policies and other assets. If all else fails, a family member or partner must act as a borrower.
Third party borrowing
If the bank stands in the way and it is not possible to borrow directly, a third person must take out the loan. For the repayment of the installments, the account details of the actual car owner can be given. This eliminates the need to set up a standing order for the borrower, who then does not have to take any additional effort.