For the credit institutions, this initial situation means an increased risk, which they generally shy away from. And realistically speaking, the situation shows that they are right. During the economic crisis, temporary workers and those with fixed-term contracts were the first to go when it came to layoffs.
The situation is not hopeless
Nevertheless, it is also possible for temporary workers to get a loan. However, they need help and support for this. For example, if a guarantor appears, it is much easier to get a loan for temporary workers. But there are also high demands on the guarantors.
He must be in permanent employment and must not have large debts to pay. The spouse can of course also be considered as additional security for the banks. But the same prerequisites apply for him to be able to act as security. A housewife, a househusband or a part-time employee is not suitable as security in the eyes of the credit institutions. The banks are concerned with bare figures, and those who have no good to say in this regard will be crushed.
Better car loan opportunities
Customers who want to finance a car have it a little easier to get a loan for temporary workers. The majority of the cars on the road these days are financed.
If a temporary worker wants to take out a loan to finance the car purchase, the chances are best if he can make a fairly high down payment. This does not necessarily have to be done in cash. If the dealer buys the old vehicle at a good price, this is also accepted as a deposit. The chance of getting a loan for temporary workers is often increased if a residual debt insurance policy is taken out in the event of unemployment.