If in large metropolitan cities, there are many alternatives to the car, in Reunion, on the other hand, it is (still) difficult to do without a private car. Traditional public transport networks lack appeal and, even if improvement and modernization projects are tackled, they are slow to be implemented. In addition, carpooling and car-sharing systems are limited, on-demand transport offers (UBER type) are non-existent or inaccessible (VTC) and finally, the facilities dedicated to active modes are insufficient and less practical over longer distances. important. If you absolutely need a car to travel to Reunion and you plan to use a car loan, do you know the conditions to obtain it? I give you below the list (not exhaustive) of the points which will be examined during your credit request.
A credit commits you and must be repaid. Check your repayment capacity before you commit.
1. Sufficient and sustainable income
Disposable income is the first item examined. Whether you decide to take out a car loan, alone or in couple (in co-borrowers), you will have to present a sufficient level of resources to hope for the acceptance of the credit. Your first step is to assess your situation and your profile. Are you an employee or a TNS (Self-Employed Worker)? Are you on a CDD or CDI? Do you have a stable position? Do you plan to change companies and, if so, can you estimate when you will return to work? If you have been an employee on a permanent contract for a long time and all the more so if you are a civil servant, you present a less “at risk” profile a priori. On the other hand, if you are entrepreneurs, self-entrepreneurs or even craftsmen or liberal professions, you will have, in addition to presenting sufficient income, to justify financial stability to ensure your repayment capacity over the long term. Be aware, however, that whatever your status, the income taken into account is not limited to wages. Pension, retirement, rental income, unemployment benefits, income of the self-employed, allowances, dividends, etc; All these types of income can strengthen your file. Ask one of our advisers.
2. Measured loads
Another factor to assess your repayment capacity, your charges. Having a high level of income does not mean that one fulfills the conditions for obtaining a car loan.
The composition of the household, as well as the age of the borrower, are also examined, as well as the financial situation. Owning your home can be an asset, provided that the current loan does not have a large impact on the rest of your life. Thus, your expenses are also taken into account in order to assess if your income is sufficient to live normally while repaying the auto loan requested.
Find below the non-exhaustive list of documents that may be requested:
- Proof of address
- Last 3 payslips
- Taxation notice previous year.
- Last 3 months of bank statements
- Proforma quote or invoice
3. A debt ratio below 33%
Your debt ratio is another determining factor in determining whether your auto loan application is acceptable. To do this, you will be asked to indicate your other loans and we will achieve a ratio with your available income. The debt ratio should never, in theory, exceed the 33% threshold. Among the acceptance criteria, the amount of capital to borrow and the monthly payments to be reimbursed from this car loan are therefore decisive. Note that the duration of repayment of consumer loans is limited. This is why the coherence of the acquisition project is also at stake.
The establishment of your credit is done simply without change of direct debit, we take your maturities on the bank account of your choice. Make a simulation and quickly request an appointment with one of our advisers.