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Car loan despite home finance – home loan
Home financing fulfills the dream of owning a home. Every homeowner is happy when he finally moves into his own four walls.
Car loan despite house financing – so that the space does not remain empty. But the purchases are not completed with this construction project. It is not uncommon for the car to “survive” the building without damage.
The decision to look for another car follows almost self-explanatory. This can be a new car or a used one. Depending on the financial situation of the borrower. The idea of letting car loans flow into home finance rarely pays off. Because the “fresh” purchase or construction of the property often means that the mortgage lending value is exhausted. Saddling out more can quickly become expensive.
Moreover, the additional need could also result in the loan being rejected. Precisely because most people use different loans around the house.
As a result, the land register is basically well filled. It often says:
- the house bank mortgage loan
- a loan from Best Bank
- as well as an ordinary installment loan for the additional costs. (Entries, notary, etc.)
It doesn’t make sense to include a car loan on top of that or to subordinate it. In most cases, it is more advantageous to finance the car loan separately despite the house financing.
What almost automatically follows the question of where to record from?
Car loan despite house financing – decide with care
With whom the house financing is already running, you do not necessarily have to do without your car loan. A possible contact person would of course be the house bank. But, this variant is not necessarily the best. It is recommended to look for a cheap provider with a loan comparison.
Expensive offers can be excluded immediately, the focus is on cheap loans. Even if a mortgage has to be paid, a low-interest car loan can still work.
If the providers still charge too high interest rates, the loan with guarantor offers the simple approach of improving creditworthiness. Alternatively, it is worth looking at the offers for interest rates that are independent of creditworthiness. Basically, the safer the car loan appears to be despite the bank’s house financing, the less likely it is to raise concerns. On top of that, well-secured credit costs little interest.
Car Loan Despite Home Financing – Is There a Limit?
It is quite common for borrowers to pay multiple loans. As a rule, the loan obligations can be assigned to different reasons. The combination – home loan and car loan – is almost a classic. But in most households there is more.
The hire purchase is often also on the list of payment obligations. Purchases, for example, from the electronics store or furniture store. Installment purchases hardly affect the overall balance. Because the rates are usually small, the term, however, is only very short.
So the number is not relevant when determining the limitation of loans. The focus is on other key figures such as:
- the total monthly burden in relation to income
- the budget surplus
- as well as the repayment behavior
Paying on time always protects the score from falling. Current loans alone have practically no impact on credit bureau’s credit rating. The end of the car loan at the latest despite home financing is when overindebtedness threatens. No bank grants a loan to over-indebted borrowers.
Banks do not act arbitrarily unless they grant a loan to a borrower. You even have to convince yourself of the applicant’s solvency. This is how the bank prevents the loan default. In addition, the legislature even obliges all credit institutions to carry out a comprehensive check on the borrower’s creditworthiness.
If borrowers now think that they can better hide existing loans, that’s a shot in the oven. Because every bank queries credit bureau and the loans taken out are noted there.
Car loan despite home financing – credit rating
The credit check is not an arbitrary procedure. Basically, all banks use the same scheme. The bank requests the score. It must meet the in-house requirements. It also checks income levels and income security. In addition, she creates a surplus calculation. (Budget accounts).
In order for there to be no car loan despite house financing, all of the above requirements must meet the bank’s requirements. The bank rewards applicants who have a particularly good credit rating in the balance of the test with low interest rates.
Overview of minimum requirements:
- clean credit bureau / decent score
- sufficiently high attachable income component
- positive budget bill
- permanent employment contract outside the trial period
The employment relationship should have existed for at least six months. The longer the better.
Car Loan Despite Home Financing – Financing
When financing a car, you should always consider whether it must be a new car or a good used one. Especially when a home loan has just been taken out, thrift is not stingy. If you can just pay off your house financing in this way, you should completely do without a car loan.
In difficult cases it is advisable to wait until the numbers look better.
Credit from the dealer – financed without interest
If income and creditworthiness permit a car loan, the loan can come from a car dealer or a bank. Many car dealers wave the 0% financing. But car buyers should know that this financing is sometimes only available on certain models. In addition, the alleged savings were often added to the purchase price.
Car buyers have to look closely here. Better get an offer from the house bank and also from one of the many online banks. Incidentally, it is also interesting what the car costs when paying in cash. SZ has found that up to 30% price reductions are realistic on average for cash payers.
The car loan despite home financing – cleverly planned
With or without a final installment, these questions have probably been asked by every car buyer. As a car loan in spite of home financing, the final installment loan naturally sounds tempting.
Finally, the necessary repayment can be “shifted” to the final installment. Because if the monthly charge is to remain extremely low, it is enough to pay the interest and the loss in value. Of course, only the big end comes at the end. The situation is different with a classic installment loan from a bank.
The advantage of car buyers is that they pay constant installments and a constant interest rate over the entire term of the loan. In other words, the car loan can be planned easily and securely. Offers for a dedicated car loan offer particularly favorable interest rates. But there is a small catch.
Dedicated car loan despite house financing is a vehicle loan with transferable ownership of the vehicle. Popularly known as a car loan with a vehicle letter. However, the car cannot then be sold without problems. After all, she is the owner until the loan is paid.
Conclusion in one sentence:
Regarding the costs and the variety of offers, the required car loan will probably come from the network despite home financing.