More and more private borrowers have been excluded from lending in the past, for example due to a negative private credit or poor credit rating. Borrowers with a negative private credit, a poor credit rating or even bankrupt persons may today hope for a loan at acceptable interest rates and a flexible framework package.
Despite the difficult situation, it is still possible to borrow in insolvency today. Under the law, the potential borrower is only required to have “good behavior”. Before, for example, a car loan can be taken despite insolvency, the insolvency administrator must agree to bankruptcy. The insolvency proceedings are subject to a negative private credit, banks and credit institutions are therefore likely to provide rather no credit. In order to be able to secure the credit, persons in the insolvency have different possibilities at their disposal. The use of a guarantor can secure your own solvency.
Car loan despite insolvency in the form of a personal loan record
If banks reject the loan application due to the bankruptcy or the negative private credit that comes with it, the alternatives are loans without a private credit or a personal loan. Personal loans are characterized by the fact that both borrowers and lenders represent individuals.
Private lending is currently done in practice through a credit intermediary, which provides the platform for lending, the interest is not specified by the credit intermediary, borrowers and lenders set the terms of the loan individually.
Online financial service providers today offer a car loan despite insolvency. As a rule, loans are brokered from Switzerland. However, a car loan despite insolvency from Switzerland is very limited in amount, mostly the maximum loan amount is 3500 Euro.
However, loans from Switzerland provided through a financial service provider / credit intermediary are significantly more costly than a traditional loan product. However, the proof of a consistently high net income and the credit protection by a guarantor can greatly enhance the credit rating.
Call off car loan in case of bankruptcy at the best possible rate – Definitely make a comparison on the internet
When comparing multiple loan offers, borrowers should always focus on the (effective) interest rate as the most important comparison criterion. The effective interest rate is fundamentally variable in its amount and can not be insignificantly influenced by the borrower, for example, on the creditworthiness or the selection of term and loan amount. Especially borrowers who opt for a short term and a low loan amount can benefit from a significantly lower effective interest rate due to the low credit default risk and the low capital commitment for the bank.
To find a car loan despite bankruptcy is not really difficult with a loan calculator, numerous finance portals allow today the fast and free comparison with a loan calculator.