A car loan is earmarked for the purchase of a motor vehicle and, compared to consumer loans without a specific purpose, is secured above average thanks to the vehicle being assigned as security. Nevertheless, getting a Credit Bureau request is just as common as notifying the lending to the credit protection company before granting car loans. A down payment is common for car financing as a special payment at the start of the contract.
Car lending without Credit Bureau through the car bank
If customers repeatedly buy and finance a vehicle from a single dealer, the car bank will grant the desired car loan in individual cases without a down payment and without Credit Bureau information. The prerequisite is that the customer generates sufficient income for the reliable payment of the loan installments or chooses a vehicle loan with a high final installment.
The Credit Bureau request from existing customers is waived for practical reasons, because the data for determining the internal creditworthiness is much more extensive than the data for credit protection.
If vehicle buyers apply for a car loan without down payment and without Credit Bureau via the dealer and the car bank, they must have processed the previous vehicle financing as planned. The manufacturer’s bank may waive the Credit Bureau request from existing customers; for contractual reasons, it must not report the borrowing to the credit protection company.
Credit Bureau-free car loans from abroad
With the exception of the manufacturer’s bank for already well-known customers, only foreign financial institutions grant a car loan without a down payment and without a Credit Bureau.
The loan applied for directly from a Swiss bank without Credit Bureau can be used for any purpose and therefore also for the purchase of a car, but due to its maximum amount of 3500 to 5000 USD it is only suitable for the purchase of an inexpensive used car.
In addition, it is not a special car loan with increased credit security and correspondingly reduced costs. Car buyers can obtain a car loan without a down payment and without Credit Bureau on favorable terms by contacting a credit broker.