Car loans without payroll: information and ways to obtain them
It certainly cannot be said that obtaining a loan without a pay slip to buy a car is an easy task but with the car loan solution without a pay slip the situation changes. This is not because one has the possibility of obtaining the necessary capital to cover the cost of the car (we are certainly not here to give false hope to those who find themselves having to request this type of financing), but because with real information on ways and requirements you can “at least try to access” this type of credit.
THE FIRST STEPS: what you need to know about the CAR LOAN WITHOUT ENVELOPE PAYS
Let’s start by saying that : the terminology WITHOUT A BUSTA PAY does not mean that you do not have a salary, but that you have a monthly income that cannot be certified. It is recalled that, whatever the situation, no banking institution grants a loan to a person who does not have a monthly income as it could never repay the financed capital (a rather obvious statement!). Beware therefore of false information, proposals for financial products without payroll or anything else, which very often hide pitfalls in the return of capital, unfortunately sometimes with high interest rates, difficult to sustain.
Having said that, the only thing to do is to get informed. There are many ways to get a loan for the purchase of your car even if you do not have a paycheck, even if you have a fixed-term contract, even if you belong to the category of temporary workers: all you need is the right information but above all, keyword, other guarantees to be provided to guarantee the regular repayment of the financed capital. Let’s see together what they are.
The car loan without pay slip: WHAT ALTERNATIVE GUARANTEES DO YOU SUBMIT?
To obtain a car loan without a pay slip, as mentioned above, it is necessary to have additional guarantees, which replace the regular monthly certified salary. Below are listed all the types of guarantees that can be used for the loan request :
- declaration of income valid for self-employed workers such as artisans, traders and entrepreneurs;
- demonstrable income certified with the CUD);
- regular payments to your current account (work activity);
- a property on which to place a mortgage;
- monthly entry through a rental fee;
- current account with co-holder with a permanent employment contract;
FIRST WARRANTY for car loans without payroll: INCOME STATEMENT
The first guarantee to be made during the application phase of a personal car loan without a pay slip is the certification of income, common to all workers. Most of the subjects working with project contracts, collaboration contracts – as professionals or self-employed workers – with work contracts, receive a sort of declaration of the income received. It does not mean that it is an annual salary but the document shows the sum paid gross, net and deductions. Here it is. This is the document needed to apply for a car loan without a pay slip.
Self-employed workers such as artisans, traders, entrepreneurs or professionals must therefore possess the income declaration, the certificate of a demonstrable income, or the CUD, or present the UNICO model. These documents show that you receive an income and are important and necessary guarantees to obtain the car loan in question and also to establish the maximum amount payable for the monthly payment.
SECOND GUARANTEE for car loans without payroll: REGULAR PAYMENTS ON THE CURRENT ACCOUNT
Being a worker without a pay slip does not mean that you do not have a salary for which in your current account, this is valid for workers with one-hour contract, project, collaboration contract or work performance, there are still regular payments that demonstrate your work. But not only.
Regular payments into your bank or post office account are the guarantee of the possibility of repaying the financed capital: this is the second guarantee to be applied in the request for a car loan without a pay slip.
THIRD GUARANTEE for car loan without pay slip: A PROPERTY TO BE MORTGAGE
The third guarantee to obtain the car loan without payroll this time has nothing to do with money or a liquid sum. Ownership of a real estate is required, of a value equal to or greater than the sum to be requested, on which it is possible to subscribe a mortgage. In the event of insolvency, the lending institution can push the sale of the property to recover the financed capital.
The subscription of a mortgage on the property does not determine the loss of the property for the person requesting the car loan without envelope. Based on the credit institution’s risk policy conditions, it is also possible to grant a mortgage on a property owned by a third party that “lends” it as a guarantee to the borrower. Both – the person requesting the loan and the owner of the property – present themselves at the financial institution’s headquarters to sign the contract.
ATTENTION : with the subscription of a mortgage the dwelling is not lost, but this does not mean that it is possible to stipulate the contract on each property. It should be remembered that, for example, the home in which you reside, if burdened with a mortgage that requires the subscription of a mortgage until the end of the contract, is exempt from granting the mortgage.
FOURTH GUARANTEE for car loan without payroll: MONTHLY ENTRY WITH A RENT
The fourth guarantee to be presented for the request for a car loan without a pay slip is the demonstration of having a property from which a rent is received : the regular monthly rental income constitutes a fixed income and therefore guarantees the possibility of repayment of the financed capital.
The amount of the sum received monthly from the rent of the property constitutes a fixed monthly salary which replaces the pay slip: the maximum amount that can be transferred in the monthly installment but also the maximum payable capital is calculated on that amount.
FIFTH WARRANTY for car loans without payroll: FINANCING COINTESTATE
The fifth guarantee to show for a car loan without a pay slip is the ownership of a current account with regular monthly income, even if low, and a co-holder of the loan. This means that the loan has two signatures, not a single signature, and both are directly responsible for paying the financed capital.
The co-holder of the car loan without a pay slip must have the requisites to allow the debt to be paid in the event of insolvency, and for this it must have a certified financial stability and given by:
- a permanent contract;
- other guarantees such as a property or financial availability on the current account.
SIXTH WARRANTY for car loan without pay slip: GUARANTEE
The sixth guarantee for obtaining a car loan without a pay slip is to be identified in the guarantor, who becomes the guarantor and stipulates a co-obligated contract. The guarantor, when signing the car loan, becomes equally responsible for the regular repayment of the financed capital. For this reason, this figure must hold the following requirements:
- permanent contract;
- certifiable pay slip;
- provable income.
ATTENTION : in signing the guarantor contract, he can also choose not to be solely responsible for the balance of the debt in the event of insolvency, but to enter into a co-obligatory contract that also implies the possibility for the credit institution to refer to both subjects. In this case we speak of a joint and several obligation.
TO SUMMARIZE: THE SIX GUARANTEES to obtain a car loan without a pay slip
To summarize, below is a table summarizing the 6 guarantees to be presented to obtain a car loan without a pay slip with the related details and limitations:
|WARRANTIES FOR LOAN CAR WITHOUT ENVELOPE PAY||INFORMATION||LIMITS|
||MAXIMUM CAPITAL DELIVERED IN PROPORTION TO THE PERCEIVED ANNUAL QUOTA|
|REGULAR PAYMENTS ON THE CURRENT ACCOUNT||CERTIFY A REGULAR ENTRY||MAXIMUM CAPITAL DELIVERED IN PROPORTION TO THE PERCEIVED ANNUAL SUM|
|PROPERTY FOR MORTGAGE||VALUE LIKE THE SUM OF REQUEST||PROPERTY LOSS IN THE EVENT OF INSOLVENCY|
|MONTHLY ENTRY WITH RENT||CERTIFICATE A REGULAR ENTRY||MAXIMUM CAPITAL DELIVERABLE IN PROPORTION TO THE PERCEIVED MONTHLY SUM|
|COINTESTATOR OF FINANCING||BOTH RESPONSIBLE FOR NON-PAYMENT||THE COINTESTATOR MUST HAVE A STABLE FINANCIAL POSITION|
|GUARANTOR||THE INSTITUTE REQUIRES THE BALANCE OF THE DEBT TO THE GUARANTEE IN CASE OF NON-PAYMENT||THIRD PERSON RESPONSIBLE FOR DEBT|