Two credits – one goal
A car loan despite a current loan is completely normal nowadays. Appropriate financing is offered on every corner. Therefore, it goes without saying that these are used. Nevertheless, many shy away from the additional loan.
You think the additional vehicle loan is not possible. But that’s a fallacy. Because as long as the borrower’s creditworthiness is at a high level, nothing speaks against another loan. In addition, the car loan has a high level of security.
Namely the vehicle. This can be given as security so that the bank has a “deposit” in case the loan repayment should fail. Additional guarantees, such as a guarantor or a second applicant, can therefore almost always be avoided.
Car loan despite ongoing credit – the choice
Auto loans are offered in a variety of forms. A comparison should therefore be a matter of course before borrowing. A car loan is not only available from the car dealer who sells the vehicle. The free banks also offer very good auto loans.
In addition, simple installment loans can be found there that work without a specific purpose. The loan seeker is spoiled for choice and can freely decide which type of loan to use.
Car Loan Despite Current Loans – Application
The following requirements and documents are required to take out a car loan despite a current loan:
- good creditworthiness (fixed income and positive credit bureau)
- possibly a guarantor
- proof of income
- Proof of expenditure
- Minimum age of 18 years
- permanent residence in Germany
- German bank account
- ID card or passport
The application for the loan can be made conveniently via the Internet. Thanks to the comparison already made, it was possible to find an offer that optimally matches the wishes of the borrower.
The selected bank provides the application form. Fill it out and send it to the bank with the requested documents. In most cases, this can be done online by email, letter or even paperless. Once all documents have been submitted in a legally binding manner, it is quick.
It is not uncommon for a car loan to be available within a few hours or days, despite the current loan. Depending on which loan offer you choose, of course.
Is debt restructuring worthwhile?
A car loan despite a current loan can be the ideal time to think about rescheduling. However, the decisive factor is the “quality” of the existing credit.
If it is “only” a small loan that will be paid off in a few months, rescheduling does not necessarily make sense. But if it is a large loan amount, the world looks different. After all, large loans continue to accompany the borrower for several years. So it can make sense to combine existing loans and car loans.
This step would only give a loan amount that has to be serviced. Debt restructuring saves a lot of money and simplifies the processes.
However, it must make sense and should always prove to be an advantage. A look at the old loan agreement shows whether this is the case with the required car loan despite ongoing credit.