It needs to be clear that the failure of auto loan application may affect the individual's credit qualification, and the failure of loan approval will affect the credit qualification, because most online loan products in the market are connected with the credit information system. Therefore, when a user applies for a loan product, the lending institution will check the user's credit report to find out whether the user's credit status is good. Moreover, every time you inquire about the credit report, you will leave a hard inquiry record of loan approval on the credit report. Every lending institution has requirements for the number of hard inquiries, which cannot exceed the specified number every month, and the specific number required by each institution is also different. If the user borrows money frequently, the lending institution finds that there are many hard inquiry records in the user's credit report, but there are no policy loan records, which means that the user has failed to apply for a loan, which means that the user's credit is insufficient, or otherwise does not meet the conditions, and thinks that the user is short of funds, insufficient repayment ability and high loan risk, and refuses to issue loans to the user.
If the user fails to apply for a car loan successfully, it may be caused by the following reasons:
1. Personal data is untrue and incomplete. When applying for loan products, users are generally required to fill in true and complete information. If the user submits with false information, the loan will be rejected. Users are advised to improve their personal data before submitting their applications, and the success rate of applying for loans will be higher.
2. Credit information is polluted. If the user's credit information is tainted, it is more likely to refuse online loans. If the current credit account is overdue, the loan will be rejected.
3. Insufficient repayment ability. Applicants need to have sufficient repayment ability, which is the most basic requirement for loans. If the user's income is not up to standard, or his job is unstable, and he can't provide other asset certificates, the platform will not lend considering the lending risk.
4, do not meet other conditions. Age, region, occupation and other related factors will also affect the approval results of online loans. For example, students are not allowed to apply for loans, so users should consider whether their conditions meet the requirements before applying for loans.
In short, the inability to apply for an auto loan may have a negative impact on the user's credit qualification, but the size of the impact mainly depends on the number of hard inquiries by the lending institution and the applicant's credit situation. Therefore, after the loan is rejected, users should know the specific reasons as soon as possible and take corresponding measures to solve the problem.