Need a Car but Have Bad Credit

What do you need so you get credit?

When applying for credit, we can opt for two choices: I ask for in a credit institution is not regulated by the Bank of Spain (like Cofidis, Préstamo10, Creditomóvil, viaSMS ...) or order it in a bank. The first option will allow us to obtain a loan without too many requirements but seek the security of a bank, we have to know what you need to see the bank in our financial profile before giving us the "yes".
Requirements for a loan at a bank
- Not being in ASNEF: No bank will give us a loan if your name is on ASNEF or other list of defaulters.
- Low level of indebtedness: Bank calculated that the amount of loan you request does not exceed 40% of our income.
- Job stability in a solvent company: The entity shall measure our revenues are sufficient, regular and stable. It may even investigate the solvency level or strength of our company and the evolution of the sector in which it is located.
- Solvency and saving capacity: the entity expects to have capacity to generate income and not waste them, so revise our life course in finance. In other words, he will judge how we have been handling the money so far and it is not uncommon to be asked to the last three payrolls interest and income tax in recent years.
- Customer confidence: If we are old clients of the bank where we request credit, they know our history very well and is easier to trust our ability to return.
- Purpose of loan: unlike when we asked for a credit to entities like Cofidis, Creditomóvil, etc., to borrow money from a bank we have to explain what we need. The bank consider the need or appropriateness of the loan. Keep in mind that while a few years ago was normal borrow money to go on vacation to the Caribbean or change cars for the second time in three years, now the context has changed a lot and no longer looks so naturally these practices.
Need a Car but Have Bad Credit the more of these requirements comply, more likely to grant us the loan.
In any case, we must be very aware that the market has changed dramatically and is no longer possible to get money from the bank (either personal loans, mini-loans, quick loans or mortgages) with the ease of old. Consider that the Bank of Spain issued a rule where entities are urged to halt loans to try to compensate the current imbalance between assets (loans) and liabilities (deposits). More specifically, the Bank of Spain recommends to entities in this document use their liquidity to meet maturing debt, and avoid any possible risk of bankruptcy.