Without a credit rating, the “car purchase” project can basically become nothing if the car is to be financed. However, this does not mean that negative Credit Bureau entries are inevitably an exclusion criterion for receiving approval for car financing – what is important is what the overall creditworthiness of the buyer is, i.e. what income and expenditure he has.
Financing a new or used car
If the income is high enough to cover the expenses and at the same time allow enough scope for further expenses, then there is nothing standing in the way of financing a new or used car.
A Credit Bureau information is always obtained from a dealer, the car bank or the house bank with auto financing, without Credit Bureau information you will not find a serious financing offer in Germany.
Of course, it is possible that one tries to obtain a loan abroad and thus bypasses Credit Bureau – the so-called Swiss loans, which are specifically intended for the German market, are convenient. You can apply for this Credit Bureau-free financing through credit agencies in Germany, but creditworthiness is also required for these loans, even if no Credit Bureau information is obtained when the loan is concluded.
Credit Bureau-free problem is amount
The problem with the Credit Bureau-free loans could be the loan amount, which, even with two loans, which would require two borrowers, may be sufficient for a used car at most, but not for a new car.
If the creditworthiness is not sufficient and you do not receive a commitment to finance it, you should not only accept it personally as a “refusal” or “defeat”, but also to some extent as a warning, because you are simply not wrongly rejected – car dealers and banks are companies that are already working with a certain partial risk, and if these companies are not willing to lend, then you really cannot afford a new car.
Instead of an expensive new car that has to be financed, in such a situation it is better to look for a cheap used car, preferably from a private seller, or even avoid buying a car if possible.