Hardly any bank grants a loan without this proof. Nevertheless, the recording is possible, even if it takes time. see http://www.88sunstar.com/7000-car-loan-bad-credit-request-the-best-bad-car-credit-instant-loan-now-online/ for further notes
Check creditworthiness – without BWA
If the car loan is applied for without a BWA, the bank will require another form to check the creditworthiness. Most banks use income tax notices. The annual profit must be at least 15,000 USD so that one can speak of a well-running business. In addition, the applicant must provide proof of their bank statements.
For employees, one to three bank statements are often sufficient. For self-employed and freelancers, the last three to six bank statements are required. credit bureau is also important for the loan, because if you are negative, it will be all the more difficult.
Dealer choice – apply for a car loan
The loan seeker can take out a car loan without a BWA from a dealer of his choice. The auto bank works with large dealers and promises cheap loan interest. In order to get a precise overview of the offers, several retailers should be visited. Just as there are different dealers, the selection at the car banks is also large. So the interest rate can be lower for one than for the other bank. This is not only due to the purchase price.
Each bank evaluates its credit rating differently. The customer can count on the fact that the interest rates differ, just like the conditions of the dealer. However, an online offer can also be selected.
Here too, several lenders should be considered. This is best done using a loan calculator. A list will appear that shows all the cheap offers.
Use loan calculator for savings
A loan calculator is a great way to save money. In addition to the provider of the car loan without BWA, the list also shows the interest and conditions of the loan. The customer should not pay attention to the borrowing rate. This is lower than the APR. However, it does not include the total cost of the car loan. The effective annual interest rate provides information about this.
The product details are available from the providers. This should also be looked at. In this way, the customer learns which basic requirements have to be met. Information about the loan amounts, the conditions and which documents are required. The bank checks the creditworthiness as soon as the customer presents his documents. It can often be advantageous for the purpose to indicate that the applicant is self-employed.
In addition, the now secure lending often has a positive effect on the interest rate offered.
Car loan without BWA – joint application
Hardly anyone can do without an operational vehicle. The self-employed are particularly dependent on this. A second applicant can be sufficient as a loan security to approve the application. With this car loan, it is important that the second applicant is not self-employed. After all, there is already a fluctuating income. The regular income of a second borrower – from non-self-employment – has a positive effect on the credit opportunities.
But, the second applicant must also have his credit bureau checked and must not be noticed negatively. If the lender agrees with the second borrower, nothing stands in the way of the loan agreement.
Both have to sign it and therefore both will be liable for the car loan without BWA.