If your own vehicle is already too old and needs to be replaced by a new one, the car buyer doesn’t always get past the KSV.
What is the KSV?
The KSV is a creditor protection association in Austria. The members of the association are protected against bad debts. In this way, they will not suffer any damage if the loan is not paid. As soon as a car loan is taken out, many consumers come into contact with the KSV.
The KSV can be compared to the credit bureau, which also calculates the probability of a loan default. The bank will then decide whether to grant a loan or not. Personal data relevant to creditworthiness play a role here. The bank’s creditworthiness is indicated by a key figure. Anyone between 100 and 199 has a very good credit rating. The further the number decreases, the higher the risk of a loan default.
Some will fail here to take out a car loan without KSV.
Check KSV yourself
As with credit bureau, customers at KSV can also check their data themselves. The customer must provide proof of identity so that self-disclosure can be obtained. Once a year it is possible to use this service free of charge. In this way, the customer finds out how his entries are.
A single entry will not mean rejection. But a car loan can also be taken out despite KSV. Here the search is a little more difficult. Customers should therefore look around for alternatives, especially to save time.
Car loan without KSV – alternatives?
With a car loan without KSV, a provider must be found who does not provide this information. You can often find this loan through a private individual or through a loan without credit bureau. Neither will check the KSV. Income is the most important factor when taking out a car loan.
The amount must be available so that the loan can be serviced sufficiently. The installments must be affordable. If you don’t have a high income, you can use a guarantor to help you. However, this guarantor must have a high income. In the event of a loan default, it must be possible for him to pay his own fixed costs and the installments of the loan. A car loan without credit bureau is possible from Liechtenstein.
However, high demands are made here, such as a high income. The borrower cannot provide collateral; he must be able to repay the loan independently.
Applying for a personal loan
The car loan without KSV in the form of a personal loan is easy to find and apply for on the Internet. The KSV generally plays no role in this. So it is possible to take out a car loan without KSV. Proof of salary is provided via the pay slip. The height is very important. In addition, the bank often checks the bank statements in order to assess the payment behavior more precisely.
So the lender can see that there are no attachments. It is possible to apply for a car loan without KSV with a second applicant. Two salaries double the chance of getting a car loan without KSV. The lender has the security that there will be no failure of the installments.
Lenders like to reward that with lower interest rates. The bottom line is that the loan costs less and even a higher loan amount is often possible.