Ideal with an employment contract
- Start your credit request now (this does not result in a contract).
- After checking your request, the money will be in your account after 4 days.
- All you have to do is accept our offer. If not, then not. No catch, no upfront costs.
It is not easy for people who make a living from temporary work to get a loan. However, it is possible to apply for a car loan with an annual contract and get it guaranteed if you keep a few things in mind. See pololetout.com for the scoop
Car loan despite annual contract
If the borrower is bound by an annual contract, many banks and lenders automatically assume that they have a lower credit rating. After all, the regular income is tied to the period of twelve months and the term of a loan extends beyond that. The extension of the employment contract is pending. This high risk means that the loan application with a temporary employment contract usually requires more information and security.
When it comes to car loans with an annual contract, it is particularly important that the applicant truthfully describes their situation and offers a good insight into the financial situation. If the car loan is granted, one should be aware that due to the risks for the bank, an installment loan is often given with less flexibility. Interest rates may be higher and loan amounts may be lower.
Requirements and tips
In addition to the mandatory credit check at Credit Bureau, there is no getting around additional guarantees if you want to apply for a car loan with an annual contract. If you own real estate or other valuable property, this can be used as security. If the income is high despite the limited annual contract, this will also have a positive effect. Life insurance can also be used as one of the collateral. If this is not enough for the car loan to be approved, guarantors will help.
A guarantee is accepted by almost every bank, although the guarantor must have a good Credit Bureau rating and sufficient collateral. If the annual contract has been concluded with a well-known company and you hold a good position in the company, the chances of getting a car loan are greater. The loan seeker is most likely to reach his goal with a car loan with an annual contract if he chooses a small loan with a short term.
It is worth contacting a private person instead of a credit institution. With personal loans, the requirements are often less strict and there is a higher basis for negotiation. Online credit also offers more options than direct inquiries to the bank.