Due to the increasing number of people with negative Credit Checker entries and the associated difficulties in applying for “regular” financial products – this includes, for example, loans, checking accounts, cell phone contracts or credit cards – there are now more and more relevant “replacement products” without Credit Checker information.
In accordance with the laws of the market economy, strong demand usually goes hand in hand with a corresponding offer; this is no different from Credit Checker-free financial products. But in many cases, promises and reality are far apart and the interested party should carefully weigh the advantages and disadvantages of the various offers BEFORE submitting the application.
Problems with the Credit Checker as a starting point
The protection association for general credit protection, as the Credit Checker is called by its full name, advises practically every German bank, but also other companies whose business model has to do with financing.
For example, when opening a current account and when taking out an installment loan, but also when concluding a cell phone contract or with zero percent financing in the department store, the customer almost always has to give his consent to the transfer of the data to Credit Checker. This means that it knows at all times how many checking accounts, mobile phone contracts and loans a potential customer has.
The initial situation always looks the same: there is a negative entry in the Credit Checker, which was reported by a member company of the protection association for general credit protection due to an unpaid invoice, termination of the current account, problems with the repayment of an installment loan.
Although the entry will be deleted – if at the earliest when the case of sin has been settled – it will usually take years until the affected person is restricted in his or her economic freedom of movement. With an existing negative entry, it is difficult to impossible to apply for a loan or credit card, to open a current account or to get a full cell phone contract.
Looking for a loan without or rather despite Credit Checker?
The reporting on the subject of credit without Credit Checker is characterized by a lot of ignorance, poorly researched half-truths, and numerous, less serious false reports. Even if you should have already “enjoyed” other information, one thing should be said very clearly at this point: The loan without a Credit Checker actually exists.
Even if the applicant has already been rejected several times by the house bank (and other credit banks), there is still a very good chance of getting a loan free of Credit Checker. An existing entry does not in principle stand in the way of granting a loan – the decisive factor is the overall creditworthiness.
A distinction is made between the classic loan from Switzerland at 3,500 dollars (no previous Credit Checker query and no subsequent Credit Checker entry) and the loan despite existing Credit Checker entries at German private banks. You have good chances if a regular income can be proven and there is also the possibility to assign the attachable part of this income to the lender as security.
The lender then has a manageable risk. The income should have been paid for at least three months, the longer the job, the easier it is to get a loan. If there is no working income, the starting position looks much worse. A possible way out is to provide a guarantee from a third party with a good credit rating or a valuable property on which a mortgage in the amount of the loan amount can be ordered.
Financing a car or leasing better?
On the whole, the prices were predetermined, the possibility of financing a car without Credit Checker information was out of the question.
A lot has changed in this area today: within the EU, trade within Europe is largely free and prices have started to move. New car prices differ by up to 30% and when it comes to financing, there is a choice between leasing, loans and long-term rentals with considerable price, condition and performance differences.
A car loan is a usual form of financing a new or used car purchase. Car loans are offered both directly from the car dealership and through the house bank or another bank. It is difficult to grant such a loan and thus the entire purchase of a car if there is a negative Credit Checker entry, but there are still options here.
An interesting alternative, on the other hand, is car loans with a Credit Checker-free form. In principle, this is the loan already mentioned despite a negative Credit Checker with a German private bank. This is fundamental to be regarded as unused, which is why this financing option is also suitable for the purchase of a new or used car.
Despite the attractive offer to pay for the car purchase with such a loan without a Credit Checker, one should exercise caution as a prospect. The banks behind such offers check the applicant’s creditworthiness at least in the form in which the applicant must have a correspondingly high and regular income.
It should be emphasized again that a loan without a Credit Checker from a credit intermediary such as Maxda is not a special car loan. Ultimately, Credit Checker-free financing offers are not earmarked, which is why they can be used for any kind of purchase. In this context, only real car loans from banks can be classified as really earmarked, but – at least in Germany – they cannot be obtained without Credit Checker information.