Getting a car loan during the trial period is usually very difficult for banks. The mere fact that a trial period is a temporary job is an increased risk for the banks. It does not matter whether only one employee’s job has changed in the previous permanent relationship or whether the applicant has been unemployed for a long time. For banks, the basic prerequisite for a car loan is the regular trial period despite the trial period.
In many cases, the bank expects the salary documents of the past 6- 12 months. For other banks, the employment contract is sufficient after the trial period has been completed.
Why is it so difficult to get a car loan despite a trial period?
On the one hand, the short notice period during the probationary period does not offer any security, on the other hand, the probationary period does not ensure long-term income. The situation is different if the trial period is only anchored in the employment contract and the employment contract is automatically extended. Here it is up to the banks to grant an exception to a car loan from case to case despite a trial period.
When do the banks still agree to a car loan despite a trial period?
Can the borrower also provide collateral during the trial period, such as: rental income, pension certificate or a guarantor who is liable for the loan in the event of non-performance. The borrower receives the greatest chance of obtaining a car loan despite a trial period through the car dealer. All car dealers work with the car bank belonging to the group. Here, the customer can get a car loan despite the trial period on favorable terms. As additional security, the car banks require a down payment of 25%, and after registration, the vehicle registration document as additional security. The deposit does not have to be made in cash, it can also be recruited from the trade-in of the old car. A good credit bureau information is also important for every car loan. If a guarantor is provided, it must also be of a clean nature and be in a permanent employment relationship.
Is the trial period always an inhibitory threshold?
In no case! If it is a couple, both of whom are employed and only one spouse is in the trial period, the trial period is irrelevant. In most cases, the trial period is unimportant even if the down payment is high.