Additional measures must therefore be taken in order to be able to implement the loan request and the associated car purchase.
Quickly explained – how it works:
The income from a 400 USD job is not enough to secure an adequate car loan. Lending is possible, however, if the mini-job runs alongside a main job or if a co-applicant secures the loan. Please apply for your loan right now – guaranteed non-binding – so that the software can optimally support your loan search.
It doesn’t work without help
When borrowing, it is always important to be able to present a proper credit rating to the bank. Not always an easy task, since the income and the credit bureau have to match. With a car loan with 400 USD job, it is at least the income that will not be enough to take out the loan. There are therefore two variants that can be considered.
Either the desire for a car loan and thus also for a vehicle purchase is postponed until the income is higher. Or the car loan with 400 USD job is taken out with the help of a second borrower. If he brings a fixed and above all higher income with him, he could make the loan possible.
What are the characteristics of the second borrower?
A second borrower only scores points when borrowing is reliable and on top of that solvent. He must be aware of his task and be very close to the actual borrower. At best, it is therefore a family member. If one is not found or classified as suitable, friends can also help out.
However, friendship ends with money. The second friend borrower should therefore know exactly what he is getting into. The additional borrower has the same tasks as the actual borrower. He is fully liable for the loan. If the main borrower can no longer service the car loan with 400 USD job, the bank will contact the second borrower without delay and request the outstanding amounts from him.
Where can I get a car loan with a 400 USD job?
With good protection, the loan can be taken out both at the car dealership and at one of the independent banks. In your own interest, various options should be compared in advance. Our comparison calculator is helpful. The most highlighted offer is not always the best offer. In many cases, the small details determine how good or less good an offer is. A precise comparison is therefore essential.
On top of that, every borrower should know in advance what amount of installments they can afford each month. This is particularly important with such a small income so that the loan does not become a debt trap.
Requirements for borrowing
There are some classic requirements that every borrower must meet. In addition to the good credit rating, this also includes a permanent residence in Germany and a German bank account. The same applies to the second borrower. Depending on how expensive the car is and how extensive the car loan with a 400 USD job is, the bank may request additional security.
A residual debt insurance would be possible among other things. In addition, the vehicle can be viewed as security.
The bank would then withhold part of the vehicle letter so that the car could not be sold during the repayment without the knowledge of the bank.