This has certainly happened to many consumers as well: Just recently, they took out a loan and now, of all things, the car breaks down. A repair is not worth it anymore and it has to be a new one. But what if there is no money for it? Is there a loan to buy a car in spite of running credit?
What is the creditworthiness?
The problem is not just with the car. This is just one example of a situation that happens frequently. Now the question arises whether a loan is possible despite running credit. First, the bank advisor will examine the financial situation during a personal conversation. Has something sustainable changed? In the meantime, the borrower has become unemployed and the installment loan installments have always been paid on time.
If all is well, then a new loan can be granted. If this is applied for at the previous bank, then this will replenish the old one. This may have advantages. First, as before, only one monthly installment is due. For a second loan, two installments must be paid. Thus, the borrower would have the bottom line, much less money a month available. Second, it may be that interest rates have fallen in the meantime. A loan increase would benefit the borrower.
Unfortunately, if the financial situation is not enough for a second loan
The creditworthiness does not only depend on the credit rating. Whether a loan is possible despite running credit is also determined by the income. A second loan also means higher installments, regardless of whether they are payable in one sum or in two amounts. However, it becomes problematic when the income is no longer sufficient. The bank is obliged to check whether there is enough money left to pay after paying the installments. Often that is not the case. Then a bank is guaranteed to reject another loan despite the current loan.
Credit from abroad
If there is no possibility for a loan in Germany and the loan amount is limited, then the way abroad is worthwhile. In Liechtenstein, a bank also lends to Germans. For this you have to prove a permanent employment. This must already exist for a year. This must be proven on the basis of the employment contract. Likewise the income. The proof must be provided in the form of payroll. It’s enough copies. If the employment relationship is temporary, there is no hope for success.
The loan amount is limited to a maximum of 5,000 euros. This also applies only to good earners. There is no review of the credit rating. A credit is not reported to the private credit. A loan from abroad is thus the last chance to compensate for a financial shortage. For the purchase of a computer or a small used car, he should just be enough. But first the question should arise, is a second loan really so urgently needed? From time to time you should be able to renounce instead of being in debt hopelessly.