For many people, starting a new job entails the obligation to buy a vehicle. Either because they cannot get to the job any other way or because they need the vehicle to do the job. In such a case, most people take out a car loan or want to take out a car loan, but are currently in the trial period. With a car loan during the trial period, certain things have to be considered.
The car loan during the trial period: where’s the difficulty?
The problem that arises with a car loan during the trial period is the fact that the creditworthiness is not guaranteed in the long term. The bank granting the loan cannot be sure that the borrower will still have a job in seven months and can use the resulting income to repay the loan. On the other hand, it does not pay off for them to simply refuse such loans because the majority of people successfully master their probationary period and continue to work. This would scare away a customer who could potentially easily pay the loan and drive them to a competitor.
The car loan during the trial period: the de facto solution
In fact, there is no general attitude from any bank as to whether a car loan is possible or impossible during the trial period. Instead, there are individual considerations. This means that the bank takes a very close look at the personal life and work situation. For example, if the borrower does the trial period in the care industry, the bank can grant the loan immediately because the industry is desperately looking for staff. It is different with insurance companies that are known to fire people after the trial period. The borrower can teach a guarantor to improve his chances.
The car loan during the trial period: The other trial period
Some people hear the phrase car loan during the probationary period and spontaneously think of the probationary period that they have to survive when they have just obtained a driver’s license and wonder whether such a constellation has an impact on the loan. The answer is “no”. A loan depends on the creditworthiness and the private credit checker entry (i.e. the debt), but not on the status of the driver’s license. However, there is a restriction: some banks want to see the driver’s license if a loan is to be granted. This means that in principle you have to have a driver’s license to get the loan. But this does not actually change the situation, because even during the trial period it is not much easier to lose your driver’s license than afterwards.