All persons who are still in the probationary period, have it usually much harder than other workers to get a suitable car loan. This has different causes. First and foremost, it should play a role that neither the bank nor the employee can accurately estimate how the further income development proceeds. For this reason, a probationary car loan will only be possible if the employee concerned can provide additional security.
Requirements for a car loan during the probationary period
As a rule, there are good chances of getting a car loan during the probationary period when the borrower can find a second applicant. If he is married or living in a marriage-like community, the partner could ideally take on this role. However, he would then have to have a permanent employment, a positive private credit and an income that is so high that it is at least significantly above the seizure exemption limit.
Only then would the bank be able to access the wages or salary of the co-applicant in the event of arrears. Other collateral that could also be accepted by the bank, if required, would be, for example, a capital life insurance, a debt-free property or regular rental income or annuity payments.
Almost all car dealerships that regularly offer new or used cars now have their own car banks. There it is often much easier than at the branch bank to get a car loan during the probationary period. This is especially true if the customer willing to finance is willing to make a larger down payment for the car. In addition, the amount of credit with the car is always a concrete value. The car will remain the property of the dealer until the customer has fully repaid all loan installments. Only then will it finally become his property. Now he could decide in peace, whether he wants to drive on the car or give in the dealer in payment. Then he could then choose a new car and finance it again with a dealer credit.
Find the right car loan during the probationary period
Especially in the probationary period, a new car is often needed. This is especially true if the workplace is either not accessible by public transport or only accessible under difficult conditions. However, this fact is insufficiently considered by most banks. For this reason, they prefer to lend their loans to people who have a permanent and permanent employment relationship. With a little perseverance, however, it could well be possible to find a suitable car loan during the probationary period. It would then only have other conditions to be met than those who have already successfully completed their probationary period.