You probably don't know it but there are excellent alternatives to finance a car without a payroll. From Tzedakah House we are going to explain them to you in the following article so that you know the different options you have. Would you like to know more? In that case, keep reading.
Finance a car without payroll
If you go to a traditional credit institution (for example, your lifelong bank) to request a loan, the most frequent thing is that one of the requirements is to present your last payroll. In this way, the lender ensures that you have sufficient financial solvency to be able to repay the amount once the loan is made.
However, today there are alternatives to finance a car without payroll. Let's see them below.
Different alternatives to finance a car without payroll
Today there are many alternatives that allow us to finance a car without a payroll. And it is not surprising if we think that the labor outlook has been terribly affected and altered since the crisis broke out in 2008. Due to the labor reforms that the Government has promoted over the years, the only thing that has been achieved is to strengthen low-paying, short-term and poor-quality jobs. Hence, it is no longer strange that someone does not have a permanent job and therefore a secure payroll every month. Among the different alternatives that have adapted to this financial change in our country, the following stand out:
Traditional financial institutions
Despite the fact that traditional financial institutions are not lovers of payroll loans, today they offer this financing alternative to certain types of clients. Hence, a good step may be to consult with our bank about the options to finance a car without a payroll that they have.
However, in addition to our bank, it will be interesting to consult the rest of the banking entities that are part of the competition. You never know where you are going to find the best alternative financing method.
The dealer where we purchased the vehicle
As a general rule, dealerships offer attractive financing options for buyers within their packages. It can be an interesting option to buy a car without a payroll and without the need to contact more intermediaries.
Going to a private lender may not have been an attractive option for many years now due to high interest rates. However, today these types of lenders have sharpened their financing options a lot. Including that to finance a car without payroll. Nowadays, it is not strange that a private lender offers very interesting financing alternatives with long repayment terms and interests adapted to each client. Tzedakah House is one such example.
In this group you can find from microloans of less than $ 1,000 to loans of quite high amounts. Among its advantages is the fact that you can request them without payroll and even if you are enrolled in Credit Checker. An option to take into account.
The sharing economy has become fashionable. Through this type of loan platform, you can contact individual lenders interested in obtaining greater returns on their investments through loans. Little by little P2P loans are positioning themselves in our country. In other places, such as the United Kingdom or the United States, they are very frequent options.
An alternative that is becoming more and more interesting to finance a car without a payroll is renting. Through this agreement we can rent a vehicle for several years and even have the option to purchase later.
The most interesting thing about this option is that it will only be necessary to pay a previously agreed monthly payment to be able to enjoy a completely new car.
If we are also interested in the option to purchase, it is normal for a rental contract to be made with the option to purchase where the installments that we have been paying are completely deducted from the final price of the vehicle.
This option allows us to reduce costs and enjoy a series of tax advantages. Especially if we do it as freelancers or companies. In these cases, up to 100% of the fee can be deducted from personal income tax and corporation tax.
If I want to finance a car without a payroll, what will they ask me?
Without a doubt, this is the eternal question that we all ask ourselves when we think about financing a car without payroll. What are they going to ask me? What are the requirements that I have to meet?
Depending on the type of financial alternative you use, the requirements may vary relatively. Let's see the most frequent requirements below:
Have enough income to repay the loan
It is not necessary that it is a fixed payroll, but you must have income to be able to repay the loan. If you are self-employed or retired, you will have no problems getting this type of loan.
If you have infrequent payrolls, you must show that you have the economic capacity to repay the loan. Some lenders offer the money using the house or car as collateral to make the loan. In the case of real estate, the normal thing is that you can get up to 25% of the total value of the property.
In general, all lenders, regardless of which you choose, will value the following aspects:
- Stable income that you have or that we are going to enjoy in the very short term.
- Savings If you have a saved capital we can pay part of the car at the beginning and reduce the loan that we are going to request. In this way we will save considerably on interest.
- We must not forget the associated expenses . Do not forget that buying a car involves a series of associated expenses. You can find out more in the following article: All taxes to pay when buying a car and how to calculate it .
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