Car financing without Schufa is possible and necessary if the credit check of the vehicle buyer contains several negative entries or a hard negative feature. With only a single existing soft negative Schufa entry vehicle financing is possible in the classical way, as some financial institutions and especially the auto banks lending performed on a case-by-case basis. Finally, the risk of default in the car finance is lower than a consumer credit, as the lender has access to the corresponding vehicle thanks to the security transfer in case of defaults and can utilize it if necessary.
In traditional car financing, the bank usually requires the conclusion of a comprehensive insurance in addition to the security transfer. If the borrowing for the new car not only without Schufa, but at the same time without evidence of use, the corresponding insurance coverage remains indispensable. Otherwise, there is a risk that the borrower will lose his new vehicle after an accident or because of a theft by him and continue to pay the loan installments, although he can no longer use the car.
The classic loan is only partially suitable for car financing
The Swiss loan is processed without Schufa, but is available only for loan amounts of 3500 euros to a maximum of 5000 euros. The Swiss financial institutions do not inquire as to the purpose of their non-schüring loans, so that the safety transfer of the car is not required.
With amounts of 3500 and 5000 euros, however, can not finance a new car, but only a cheap second-hand vehicle. For this reason, the classic Swiss loan is only for used car buyers in question.
Vehicle buyers do not have to convert the aforementioned loan amounts into Swiss francs, as the loan processing with German customers takes place directly in the Euro currency. Thus, there is no foreign currency risk for the borrower.
The prerequisites for borrowing without Schufa are much more demanding than with inland car finance with credit reports. Since the Swiss banks can not verify whether the customer has so far duly fulfilled his payment obligations, they require significantly higher minimum income for lending than most German lenders. The exact amounts depend on the number of household members, as the seizure-exemption limit also changes according to this criterion.
Since wage seizures in the case of secondary income are much more difficult to enforce than for the main employer, the Swiss federal banks also only consider the income from the primary activity of the applicant in the context of car financing without Schufa. All ancillary income and even the child allowance, which is usually taken into account by German financial institutions, are not considered authoritative income for the financing decision.
There is no possibility to apply for auto financing without Schufa at two or more Swiss banks at the same time. Any credit granted in Switzerland is also covered by the ZEK for foreign clients, so that the second bank will notice that the loan has already been lent by another financial institution and that it will reject the loan application for that reason. The ZEK even collects considerably more data than the Schufa, because of its lack of information about Schufa entries forfeited in Germany.
Car financing through a credit intermediary
The schufafreie vehicle financing via an intermediary is basically possible. A reputable financial service provider does not charge any pre-cost, but only charges the client an appropriate commission if successful.
The credit service providers forward the loan request for schufafreien vehicle financing mainly to foreign banks that sit in Switzerland, but also in other countries. Depending on the bank, lending takes place without checking the intended use or, as with car loans taken out in Germany, with the agreement that the car will be used as security.
Car financing for the self-employed
The self-employed receive a Swiss loan without Schufa from only a few Liechtenstein banks, but if they do not finance the vehicle privately but through their operations, non-schufa financing is even possible through German commercial banks.
In the case of the granting of working capital loans, the creditworthiness of the company plays a greater role than the personal creditworthiness of the holder as a private person. Thus, for the granting of the car finance, the information that is obtained in the case of an economic information about the financial situation of the company, for the successful vehicle financing are crucial.
Students can easily make car financing
Another group favoring car financing without Schufa are students. These receive a student loan from KfW Bank without proof of the appropriation of funds, which is paid out in monthly installments. Anyone who wants to finance a car as a student and does not have to rely on the loan from the development bank to cover the cost of living, including study costs, can apply for one or more semesters and use the money to buy a car.
Although KfW Bank makes a Schufa request. However, it awards the student loan to all applicants who do not have the negative characteristic of personal bankruptcy. All other negative Schufa entries are insignificant for the granting of student loans by KfW Bank, so that it is in fact possible to speak of car financing without Schufa.
Vehicle financing via the dealer
In vehicle financing via the dealer, a Schufa request is usually made. Lending without such or at least despite existing negative features is possible in some cases, however:
- If the vehicle buyer is already familiar with the dealer from previous car purchases and has paid all the installments on time with them, sometimes the Schufa request is canceled. Instead, the car dealership together with the car bank rates the internal credit rating. This is based solely on own experience with the payment behavior of the buyer. During the internal credit check, however, every payment received only slightly late is discernible, while the Schufa only learns of actual payment defaults and not of unpardonable installment transfers.
- A high down payment applies in the car dealership generally as proof of credit. Who can afford this, often receives the desired credit without Schufa or despite existing negative entries.
- Opting for a discontinued or badly priced car can increase the likelihood of auto financing with or without negative Schufa. In this case, reduced claims on the creditworthiness of the buyer as well as favorable interest rates belong to the methods of sales promotion.
Private car financing
In addition to traditional banks, private individuals also provide loans for auto financing. Formally, settlement takes place via a fully-fledged bank licensed and licensed by BaFin, but lending decisions are made by private lenders.
The websites for the organized provision of personal loans sometimes offer the possibility to apply for a loan without Schufa, so that the lenders do not gain insight into the data on past payment failures. It is important for a quick drawing of the loan request for the car financing, that the inquirer explains comprehensibly why he is dependent on a vehicle. The imperative need for borrowing is often a key consideration for private lenders in deciding which of the many financing requests they will receive on the website.