Borrowing as part of a car loan requires the provision of guarantees, the promise of employment is a first positive sign but it should be made sure that banks are inclined to offer financing. Here’s how to get a loan by being under promise of hiring.
The promise of hiring and the banks
Banks are very cautious when the borrower does not have an indefinite duration (CDI) or an equivalent status (pension, permanent civil servant) simply because an unsettled situation can at any time tip the borrower in a situation of unemployment. Without income guarantees, it is a real risk for the bank to lend money to borrowers who can not repay in the months that follow.
The promise of hiring is the stage between the temporary situation and the access to the contract of permanent contract, it allows to make the transition but nothing guarantees 100% that the worker will obtain his contract of employment in CDI. Even if the consumer loan for the purchase of a car is underwritten for a short period of time, the bank will prefer to wait for the contract to be signed into an open-ended contract to provide financing to its client.
Auto loan and promise of employment: a stage of preparation
Even if the bank will finance the file only once it is certain that the borrower is in a situation of permanent contract, it will still propose to the latter to prepare his file of financing, this makes it possible to gain time because the deadline established between the promise and the hiring is generally of 3 months but the date is freely fixed by the employer. Thus, the time allows to submit an application for auto loan, to provide all the documents and supporting documents requested.
This preparatory work will make it possible to chew all the work and to have at its disposal an established file, ready to be financed. It is only at the time of the signing of the indefinite employment contract that the borrower will have to update his file by providing the new elements, which will make it possible to obtain the funds to buy his vehicle. Statements of account will probably have to be updated to update the file.
Which bank to solicit for auto loan?
All banks do not approach the same situation of a borrower wishing to obtain a car loan while having a promise of employment. Some will require greater security while others may consider the borrower’s request and, if possible, offer a financing estimate.
The use of an auto loan comparator is therefore the best alternative to obtain a feasibility estimate, the latter makes it possible to solicit credit organizations capable of responding to the request of the borrower, taking into account his situation and his needs.
It is a useful service that does not involve any commitment. The issue of the promise of hiring can clearly be raised and the funding agency will be able to clarify the desired guarantees.