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It is advisable for each subscriber to know the various forms of credit proposed by the banks to better choose the type of loan adapted to his needs and his repayment capabilities.
The depreciable loan is one of the most awarded solutions.
The depreciable loan is more frequently used in the context of long-term financing, such as the granting of real estate loans and professional loans among others. This formula is distinguished by its principle of repayment, including the payment of constant monthly payments for a certain period specified in the contract until the total amortization of the borrowed capital. These monthly payments are calculated on the basis of certain elements, namely the amount of the outstanding capital, the interest rate and the insurance costs. Of course, the interest rate used in this loan formula is fixed. As has been specified, the monthly installments to be paid by the borrower are constant. However, there are other options that allow the latter to quickly clean up its debts, namely the gradual and decreasing depreciation of its capital.
Thanks to the Internet, it has become easier today to subscribe to a loan by simply logging on the electronic portal of some online banks. Before taking out a loan with these professionals, it is however more judicious to conduct a comparative study of available offers to take advantage of advantageous interest rates and repayment duration adapted to its financial means. Each subscriber must also make a simulation of its amortizable loan to better understand its repayment capabilities. Tools for making such calculations are available on the sites of these financial institutions.
A home loan is secured by the land register entry, so that the Bank has a lower probability of default than a consumer loan. Since, on the other hand, the amounts for house financing are above average and the utilization of the house often achieves less than the outstanding credit number, domestic banks usually require a Schufa statement without negative entries.
Nevertheless, a home loan can be obtained despite Schufa, if the home builder or home buyer can prove his creditworthiness in other ways. In addition, promotional loans from KfW Bank can also be obtained in most programs with Schufa negative features.
As a home loan is not only the acquisition or construction of a house, but is also used for renovations and modernization of residential buildings.
KfW Bank grants development loans for the first-time acquisition of residential property by the applicant and for numerous renovation measures. This is especially true if the house to be renovated is a listed building and significant energy savings.
For renovations, depending on the program, KfW Bank’s development loan will be sufficient to finance the entire project. To finance a home purchase or construction, however, the promotional loan makes only a partial contribution, so that another bank loan is required.
The classic Swiss loan is not eligible as a home loan, as the federal banks limit the loan amount to 3500 to 5000 euros. If only a minor renovation is planned, these amounts may be sufficient. However, the settlement is not as a special house loan with land register entry, but as a classic consumer loan. At the same time, this means that the interest rate that is particularly favorable for secured real estate financing is not used.
A negative Schufa is unproblematic for KfW Bank’s home loans, as the Förderkreditanstalt expressly stipulates in most programs that only a private insolvency as a negative feature leads to the non-award of the requested home loan.
For home borrowing from a financial institution based in Germany, there are different options for bad Schufa which increase the likelihood of a positive credit decision:
In spite of bad Schufa, credit service providers pass requests for home loans partly to domestic financial institutions, but mostly to foreign-based lenders. These generally execute the lending without a Schufa request. They assess the creditworthiness of applicants for home financing solely on the basis of income.
Unlike in Germany, house financing abroad often does not involve long-term fixed interest rates, but rather a variable interest rate. Depending on the development of the base interest rate used, this may make it more expensive or cheaper to borrow during the term of the loan. The calculation of the repayment installments is more difficult than a home loan with a long-term interest rate.
A reputable mortgage lender is recognizable by the fact that he does not charge his clients any up-front costs. Instead, he either bills the borrower for successful money placement or gets paid by the bank. Unlike consumer credit, home loan financing is partly the responsibility of the lender.
Organized private loans are eligible for funding for renovations or for simple refurbishment. When financing a home purchase or a house construction, they can hardly be used due to the high sum required. Exceptions are the purchase of a small and inexpensive condominium.
On the private home loan platforms, loan seekers hire a loan request that can be subscribed in full or in part by the members who are registered as lenders. Given the limited number of lenders registered there, house financing through private loans seems unrealistic, even if it is theoretically possible.
However, if the home loan is used to finance a modernization or renovation, there is a good chance of getting the required amount from private individuals. Since many members of the respective platforms pay attention to social criteria in their decisions and prefer to draw requests from people who are difficult to obtain a loan from ordinary banks, a private home loan can be accepted for renovations and modernizations despite Schufa.
In the case of a home loan applied for via a placement platform, despite Schufa, detailed information on the planned renovation or modernization is important. Many private lenders are consciously promoting measures that they consider most useful in their lending decisions.
For some of the platforms, the loan seeker can choose whether to apply for the private home loan without a Schufa request or with an open statement of the existing negative contribution. If only a single negative feature has been forfeited, dealing openly with it tends to result in lending rather than concealment. The reason for this is that private individuals reward extensive information not only about their purpose, but also about their personal situation.
In practice, it regularly happens that consumers want to take out a car loan, but have a negative Schufa information. This is not exactly conducive to lending. But a negative Schufa is not necessarily a hindrance to a car loan. Many automobile banks, whose business purpose is exclusively the granting of car loans, grant car loans under certain conditions also with negative Schufa of the applicant. So it is not absolutely necessary to take out a loan without Schufa.
Not every negative Schufa is the same. There are so-called hard and soft negative characteristics. Banks do not rate every entry equally bad. An already completed reminder is by far not as “bad” as the entry on the submission of the sworn statement or a running private insolvency proceedings.
In the case of a negative entry in the Schufa, automobile banks generally do not rigorously reject the loan application. Here are all factors that account for the creditworthiness of a person.
The bank rates among others:
• The Schufa information
• the profession and the employer
• own experience
• The overall situation (marital status and age)
• The amount of the deposit
The chances of getting a car loan despite negative Schufa increase with the amount of the down payment, which the customer brings into the financing. In addition, the bank’s own experience counts. A loan is granted even if Schufa is bad if the applicant was or is already a client of the bank and has always paid his installments on time. A good income and a respected employer also have a positive effect on the decision.
If all factors are correct, it may be that the car loan is approved despite negative Schufa, without the credit applicant must provide additional collateral.
If the bank appears too risky for the bank, but does not want to reject it in principle, it will demand additional collateral. As a rule, this is a solvent guarantee. If the loan seeker is able to bring a good guarantor, the likelihood is great that the bank will grant the car loan despite bad Schufa.
Our tip to the guarantors
Anyone who signs a loan agreement as guarantor must be aware that in case of doubt, he has to pay the installment. Today the self-enforceable guarantee is customary. This means that the guarantor can immediately be held accountable by the bank if the borrower does not meet his obligations under the loan agreement as agreed. Even if only one rate bursts, the reminder also goes to the guarantor. But not only that is important. This guarantee is a so-called contingent liability that negatively affects the creditworthiness of a guarantor. Anyone who intends to take out a loan in the foreseeable future should not give a guarantee.
Unlike a cash advance, a car loan is a special purpose loan. The bank has a deposit as collateral, the amount of which the bank can determine and the vehicle registration. If a customer does not pay his installments, the loan can be terminated and the vehicle secured and sold.
If a borrower has paid 30 percent or more in his car loan, it is relatively unlikely that he will default on his installment. The chances of getting a car loan despite negative Schufa are highest among the car banks. With direct or foreign banks, which are to give the loan in the form of cash, it looks again different.
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