Taking out a loan in training for the car is not always easy. A training salary does not allow major financial jumps. The contribution deals with the possibilities that can lead to success.
Credit in training for a car – starting point
A loan in training for a car is an understandable loan request. Nobody who works all day likes to take the inconveniences of the public transport network. Long walks and waiting times are inevitable without your own vehicle. Unfortunately, the meaningfulness of a loan request has little effect on the eligibility. For the loan officer, only the credit security for the lending counts. To do this, the borrower must meet certain requirements. It counts: the income, the safe job and the clean credit bureau when lending without guarantors. The borrower must also be of legal age.
Everything else, such as the meaningfulness of the wish, is a decorative accessory, but nothing more. The situation of a trainee only speaks for a problem-free loan approval in a few exceptional cases. Only civil servants on revocation, in training for higher service, can overcome the hurdles of lending themselves.
Credit requirements for commercial lenders
All commercial loan providers are legally obliged to be very careful when granting loans. Borrowers are only qualified for installment loans if they can demonstrate a secure regular income above the garnishment exemption limit. For a trainee, this is a net income of around 1050 USD. Hardly any “ordinary” trainee can reach this sum. The next hurdle for credit in training, for the car, is job security.
An apprenticeship ends at the latest on the day of the passed exam. An installment loan, if it can be approved via the income, must be repaid by then at the latest. In principle, only very small loan amounts are possible, which have to be repaid over a very short term. The dream of many trainees to buy a really chic and sleek used car has been fulfilled at this point. It is still possible to finance a very cheap end-of-life vehicle through the overdraft facility.
If you don’t want to put up with this, you have to look for alternatives. An alternative that allows you to stay with commercial loan offers is the guarantee. A solvent guarantor assumes liability for the loan to the lender. If the installments are in arrears, the guarantor must be liable for them. If everything goes smoothly, the guarantee has no negative consequences.
Use private sources of money
Private lenders are less bound by legal regulations when it comes to lending. You also don’t have to answer any superiors’ questions about your credit decisions. Most retail small investors follow their feeling of lending.
This is exactly the chance to actually get the loan in training for a car. For private investors not only the hard facts count, now the arguments of the meaningfulness of the credit wish are more important. However, it should also be conclusively explained how the loan can be repaid. Finding investors is no problem. Various Internet portals even offer this service free of charge.