They say that having no credit history is as negative as being in the Credit Bureau. What does that mean? Well, for people who have never used cards it is also difficult for them to approve an auto loan.
Although it is more evident that the negative stains in the Bureau are an inconvenience, because most of the companies that grant these financing always ask for the same requirements, for example, not being blacklisted by credit rating agencies.
Does a good bureau serve to obtain an auto loan?
When applying for a car loan at an agency, the positive profile of the applicant is essential as a requirement of their process. “In the case of auto loans, there are usually two entities that grant them: the agencies, one of the financial arms of the shipowners, and the banks. In both, it is a protocol to review the applicant’s history, ”says the director of this comparator of financial services.
Not having a credit history is worse than a bad history?
If you have never had credit, it means that you also do not have a positive record as a “good payer”, so for these companies that could traditionally authorize the purchase of a car via payment financing, you are a currency in the air. So the recommendation is that you start building positive credit history.
If you already have a stain, there are car sales agencies that do not limit your customer acquisition when there is a bad rating, so they offer to acquire the debt together with a co-buyer with a good record. These alternatives are available throughout the country, so if you live in Monterrey, Guadalajara, Puebla, Colima and the rest of the territory, just go to your nearest branch and ask for reports.
An example is Jorge who has just released the car he needed for his family, although he is still waiting for 6 years to pass to eliminate his negative stain in the Bureau. What happens is that his wife has a formal job and applied for the loan. Jorge is paying the monthly payments and everyone is enjoying the new car.
What options do I have with a bad track record?
Although you do not need to wait for your debts to be erased, because it is also possible to find a product that generates a positive report, such as the case of guaranteed cards.
There are also automotive payroll credits that consist of the payment of each monthly payment being made via discount to the account in which the employee receives his salary. Therefore, once the total amount of the down payment has been covered, there would not even be a need to review the history, since the payment is made automatically.
Of course, once you are , your new guarantors will ask you to fully meet the payment guarantees in an exceptional way, for example, completely cover the down payment, have a formal job, seniority in that position and a certain level of income , at least three times higher than the monthly payment you are going to commit to pay.
Some auto financiers also request a guarantee on who will pay the payment commitment. The important thing is to review the available options and identify which one best suits the financial situation and the ability to pay for each person.
Do I really need a car?
Even with the brand , you have some options to buy a car, such as informal alternatives outside the traditional banking system: from buying it in payments to a friend or asking your employer to discount your payroll monthly payments.
Also think about what type of car suits you best, calculating the depreciation of it, as well as the services that you must cover once you have it. Consider that you should invest in fuel, maintenance, insurance and property expenses. Everyone knows at what time they will amortize their investment and if their income scheme allows them to tax deductible their mobility expenses with a vehicle, based on that you can make the best decision.
But if you are already in the Bureau, before looking for a new credit, make sure that the outstanding debt does not continue to grow and if you are already with a negative record for non-payment, go to a credit repair company that will help you obtain a good negotiation with your creditors So you pay less.
Remember that it is not the end of the world. Having a bad credit history is not a mortal sin, you can see it differently, as credit repair companies see it: it means you can rehabilitate yourself as a debtor and learn to better manage your personal finances.