Since 2010, law has required that financiers not only examine the value of a car to see if it is a good cover, but also the income of the borrower’s household ensures that the loan will be paid off without excessive debt.
The minimum wage loans have ceased
So, we need to know that if we are currently in need of a motor vehicle loan, we must fully justify all of our income and declare our payment obligations, and we are criminally responsible for their reality.
If, after comparing these, it turns out that we do not currently have any monthly disposable income in the household, the bank will reject our application and unfortunately we will not be able to purchase the vehicle. From these we can conclude that, unfortunately, only people who can justify full income or are less indebted will be creditworthy.
It must be remembered that this legislation seeks to protect us from bad decisions if we cannot resist a particular car or a pushing dealer. They may reasonably think that they are decided by people who are unaware of our situation and see only numbers, but believe us, it is in our best interest not to get caught in a credit trap if we are misunderstood.
Professionals do these calculations
And of course, banks have no interest in not accepting applications because they keep to themselves, but neither do they aim to have a lot of overdue loans. The law also requires the agent to provide exhaustive information on any eventualities and risks prior to commencing judgments. There is no need to be disappointed if we do not get credit.
As our monthly liabilities decrease, banks will rush back to us, and perhaps it will be much easier for us, month after month, not to jump into a reckless loan. Category All other Tags income borrowing, income test, income test Post navigation Who pays the toll? Austrian loan with Hungarian real estate collateral.