Crowdfunding is an alternative financing system like a fundraising campaign as an investment or help for others with promising projects. It is a way for individuals to make their savings profitable and also to encourage new entrepreneurs in need. If this was the basis of this system at the beginning, over time, extensions have been developed through crowdlending or simply the possibility of granting a private individual a consumer loan, a real estate loan or a car loan. This form of financing is very developed in France, and it is beginning to conquer the users of financial products in Belgium.

Why choose a car loan through participatory financing?

With the progressive success of collaborative financing observed for years in France, Belgium is trying this new financial approach for a double cause. First, instead of keeping savings inactive in banks with interest rates that are far from flattering, Belgians can invest them and thus obtain attractive remuneration. Secondly, in order to promote economic development through independent entrepreneurship, profitable projects can be financed by individuals without going through the bank's long paperwork and exorbitant fees and interest rates. The same principle applies to those who want to obtain a loan for personal projects. And then, the process is very simple, because you can easily get a car loan online. You can try to do a car credit simulation that doesn't commit you to anything on the website /en/ for the purchase of a new or used car.

What are the requirements for an online car loan?

Alternative financing makes it possible to grant credit for personal purposes from one individual to another, but through a specialized institution, which generally takes the form of a networking platform. The investor entrusts his money to the organization and it is the latter that decides to use it for the benefit of a project intended according to the first one's choice. The principle is not the same with the financing of a used or new car loan, because the individual borrower does not choose his lender, but will only be informed of the beneficiary. Conditions are not set in stone like those of traditional financial institutions. However, with the risks of this type of financing, a minimum monthly or annual salary threshold is required to ensure repayment capacity. Simulating a car loan in Belgium is very easy, because you only have to consult the official website of the participating financing organization to know what to expect with an online car loan.

What are the steps to follow?

The simplicity of the procedures for obtaining a car loan is one of the major advantages of collaborative financing for personal projects that can be studied through a car credit simulation. Even if the conditions are lighter than those of bank credit institutions, criteria are needed to secure the loan. Indeed, to apply for a credit to finance the purchase of a car, you can go through a simulation. You must then complete the form that asks you for personal and professional information, in which you must also indicate the concrete purpose of your used or new car credit. You must then provide identification documents as well as a copy of your pay slip or other documents at your disposal, necessary for the study of your creditworthiness and the feasibility of your car loan application. Once it is completed, the lending organization will analyze your application and keep you informed of whether or not it has been accepted.