New employment contracts that are concluded after long unemployment or an apprenticeship contract after school are a good thing for those affected. But if a car loan is urgently needed during the trial period, the banks are keeping themselves covered.
For banks, a trial period is always associated with an increased risk that it is only a temporary employment relationship. To do this, the loan seeker must know that a regular and secure income is required to approve a loan request. Furthermore, an open-ended employment contract is often required and a clean credit.
Solvent guarantors and alternative guarantees increase the chances of getting a car loan during the trial period.
The customer often needs a car to get to his new job at all. A car loan during the trial period must be secured. If a loan seeker can use collateral during his probationary period, such as providing a guarantor, rental income or real estate, and loanable life insurance is also collateral, his chances are good with the banks.
Another alternative to get a car loan during trial period is the car dealer. Dealers work with appropriate car banks, where favorable conditions can be expected. However, car banks usually require a down payment of 25%, and the vehicle registration document is also retained as security. The deposit does not necessarily have to be made in cash, it can also be offset against the trade-in of a possibly existing old car.
Secured car loan with favorable final installment financing
The insufficient creditworthiness can also be put into perspective by the high down payment. Unlike with a cash loan, the bank has the vehicle registration certificate for a car loan during the trial period, which it keeps for the entire term of the loan. Another form of lending for a car loan is final installment financing.
With this, the borrower has the option of using the final installment and designing it so that the monthly installments are lower. If the trial period is over, the rates may be increased. There is also security due to the favorable installment amount, should the trial period not be extended and unemployment threaten again, the loan repayments are at least secured.