You can purchase a car loan from your custodian, an online bank or through the dealer. For a cheap car loan, it is advisable to check the conditions of the various institutes. This saves you the tedious adjustment of different credit offers of the institutes since you do not have to carry out an individual loan request with each individual branch.
What’s the best car loan for bad credit
In general, the conditions for a car loan for bad credit are particularly favorable. This is because the car itself often served as collateral for the loan amount. For this purpose, the vehicle registration certificate (registration certificate II) must be submitted to the lender and the house bank will ask you for a security transfer.
With the deposit of the vehicle at the house bank, ownership of the car passes to the house bank. In the event of a default, the house bank can liquidate the car to pay off the remaining debt. Upon full repayment of the claim, the ownership is transferred to you. However, not every financial institution requires the submission of the vehicle registration form.
However, the house bank usually requires a copy of the purchase agreement as a special rate loan. In most cases, this transcript must be received by the bank within four weeks, otherwise, the principal bank will increase the interest rate. However, this depends on the conditions of the respective banks.
What is the procedure for the loan application?
A loan condition request is sent to the credit institutions via the application process in the loan calculator. Your data will then be forwarded to the bank and you will receive feedback within a short time as to whether and under what conditions your loan application can be processed at the desired bank. In this way, you can easily and conveniently face loan offers from various financial institutions.
To find the best price quote, a credit surveyor can also assist you with our free service telephone. In any case, we endeavor to offer you the cheapest of all offers from our partner institutes. In any case, in the area of loan applications, it will help you to find the optimal price quote for you during the consultation with the expert.
After deciding on a loan, you will receive the required documents from the selected house bank or from us by e-mail or letter. These are the signed contract documents and the required supporting documents, such as proof of income or settlements. Based on the credit inquiry, the house bank checks the documents and their data for their completeness and correctness.