Part-time workers have a significantly lower income than a full-time worker. If there is a major purchase in the house, it is usually not possible for a part-time employee to get a loan as a sole signatory.
Of course, if the amount of credit is low and proportionate to income, a part-time worker can also get a loan. This depends on the individual case and is checked by the bank.
For credit application, the bank needs the last three salary statements. In addition, the applicant’s schufa must be clean and not negative. Based on the proof of income, the bank prepares a monthly income statement together with the customer. After deduction of all monthly expenses, a freely disposable income remains. If the loan installment can be paid out of this amount, a loan approval usually does not stand in the way.
In cases of part-time workers, the signature of a co-obligor is often necessary. If the borrower is married, that is usually the spouse. With two signatures on the credit agreement, both incomes are included in the monthly budget, giving greater financial leeway.
In principle, it is also possible to provide a guarantor instead of a co-signer. The Bank will usually submit proposals after examining the income documentation. The difference with a guarantor is that the monthly income of the guarantor is checked, but is not included in the monthly income statement.
It may also be necessary to provide additional collateral, such as the assignment of a home savings contract or savings account. The conclusion of a residual debt insurance is often required by the banks. Especially with part-time employees, securing a possible unemployment can make sense. In these cases, then the remaining debt insurance jumps to the settlement of the remaining loan amount.