A lack of a fixed income does not have to mean unemployment. Rather, it is the self-employed and freelancers who generally cannot prove a fixed income because experience has shown that sales fluctuate. Nevertheless, it is more difficult for this professional group to obtain a car loan without a fixed income. But there are ways.
Which loans are eligible?
If you want to apply for a car loan without a fixed income, you shouldn’t necessarily rely on your house bank. The risk of failure is usually too great for them. Instead, there are financial service providers who can also arrange a loan in such cases. At least an inquiry with such would be worth the time.
Such a loan can actually come about if the applicant takes out life insurance to cover it. Another option is to present a guarantor as security for the bank. However, he is obliged to step in financially if the borrower can no longer pay his installments.
Car loan with no fixed income from private
It is becoming increasingly fashionable not to go to a bank for a loan, but to go to the relevant Internet portals, where private individuals offer a loan to others. These platforms are called Spin Lender and Across Lender. The pioneer of this new money lending system was Spin Lender. In the meantime, this model has become established and many loans have already been obtained in this way.
First, the loan seeker has to register on the portal and communicate his or her loan request to the lenders. The loan seeker determines the interest rate himself and not just any bank. If the lenders agree with the interest rate and there are no other concerns, the wish for a car loan without a fixed income could actually be met.
However, the creditworthiness is also checked here. Nobody lends money without first checking what the applicant’s financial situation looks like. If there were already problems with banks with the loan repayment, this is noted in the Credit Bureau. It is now up to the individual lenders whether they still grant a loan or not. The rules for lending are not as strict with these platforms as with the banks, but here, too, nobody wants to lose their money.