Car Loan Conditions

Any bank, any credit institution, ensures that the borrower is able to repay his credit before making a loan offer. As part of the purchase of a vehicle, the conditions for obtaining a car loan do not derogate from the rule. Explanations.

 

Criteria for accepting a car loan: sufficient and sustainable income

Criteria for accepting a car loan: sufficient and sustainable income

 

Disposable income is the first element that will be examined by the funding agency. Indeed, the borrower or the co-borrowers must present sufficient resources to hope for the acceptance of the auto loan. Of course, banks prefer perennial income, but not everyone is a civil servant. The income taken into account is therefore not limited to wages.

Pension, retirement, rental income, unemployment benefits, income from the self-employed, allowances, dividends, all the income can come to reinforce the file. To prove that the car credit conditions are respected, the applicant will be required, as the case may be, to submit the following documents:

• payslip;

• tax notice ;

• tax returns to the URSSAF;

• various certificates justifying other resources.

 

Conditions for accepting a car loan: measured expenses

Conditions for accepting a car loan: measured expenses

 

To study an application for auto credit, you must also inquire about the expenses of the applicants. Having a high level of income does not mean that you qualify for a car loan.

The composition of the home and the age of the borrower (s) are also examined, as is the heritage situation. Owning your home can be an asset provided that the current credit does not impact much of the rest to live.

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Auto loan: a debt ratio of less than 33%

Auto loan: a debt ratio of less than 33%

 

With the information collected, the lender will be able to calculate the applicant’s debt ratio. This is the key element of the acceptance conditions. A ratio is made between revenues and expenses (other loans in progress) declared.

The debt ratio should never, in theory, exceed the threshold of 33%. Among the acceptance criteria, the amount of capital to borrow and the monthly repayments of this auto loan are therefore decisive. Note that the repayment term of consumer credit is limited. This is why the coherence of the acquisition project is also at stake.

Car Loan Without Proof

You want to buy a vehicle and want to take advantage of your credit to cope with additional expenses? However, a conventional car credit can only be allocated to the price of the vehicle. One solution exists however: the car loan without proof or personal loan. Explanations.

 

The auto loan without proof is possible

The auto loan without proof is possible

 

When you apply for a credit from your banker to buy a car, it will logically lead you to a car loan. A so-called affected loan that will focus exclusively on this vehicle. Only, for example, you may need additional funds whether for insurance, to change tires or make improvements. You could also take advantage of the process to grant you a vacation budget or additional work. In this case, direction the personal loan. This car loan without proof can be subscribed for a duration of 7 years maximum and the amount can reach 75 000 €.

 

Advantages and disadvantages of auto credit without proof

Advantages and disadvantages of auto credit without proof

 

With a car loan without proof, you will be free to use the funds as you wish. You will have no obligation to purchase and will allocate the unlocked capital according to your desires and opportunities. In addition, you will not have to provide any proof of the vehicle purchased or any other purchases you may make. This loan is therefore simpler, more discreet and often faster. It nevertheless has a negative aspect. If you take out a personal loan and order a car that is not delivered, you can not cancel the credit. A possibility that remains with an auto credit affected.

 

Get a car loan without proof

Get a car loan without proof

 

A car loan without proof does not mean that you will not have any documents to provide regarding your employment situation. Lender organizations are in fact obliged to check your identity, your resources and your creditworthiness before granting you a car loan without proof. Regardless of the destination of the unblocked funds, you will have to build a file composed of the following documents:

– proof of identity: identity card or passport
– Proof of address: gas, electricity or water bill
– proof of income: last 3 payslips, tax notice
– Bank statements
– amortization table for loans in progress