What are the requirements for applying for a car loan?
1, adult
Customers need to be over 18 years old, and minors are not allowed to apply for credit products such as car loans according to regulations.
2. There is no problem with credit reporting.
When the bank applies for a car loan, it will inquire about the customer's credit information. There must be no problem with the customer's credit information, otherwise the bank will directly reject the customer's loan application.
3. The income meets the requirements
After the customer submits the loan application, the customer's income is required to meet the loan requirements. Some banks will require customers to earn more than twice the monthly car loan. If the income is insufficient, the bank will refuse the loan.
4. Have capacity for civil conduct
In order to control risks as much as possible, banks will require customers to have full civil capacity. The customer can't be unable to bear the debt liability due to physical or other reasons, otherwise the bank won't pay.
5. Vehicles can be mortgaged.
It is necessary that the relevant vehicles have clear property rights and can handle the mortgage formalities smoothly. Customers are required to provide relevant information, and there is no problem with vehicle property rights.
Step 6 pay a down payment
Customers are required to pay a minimum down payment of 30%, but some banks may be more relaxed, but all customers are required to pay the down payment as agreed.
7. Vehicles have market value.
As long as the vehicles provided by customers have market value, there is basically no problem with new car loans. However, when a customer applies for a second-hand car loan, the bank will naturally have strict requirements on the condition of the vehicle, and the vehicle needs to pass the bank's evaluation.
Do I need to pay off other loans before applying for a car loan?
If many of the borrowed online loans are connected to the central bank's credit information, and there are still many outstanding online loans and credit card bills, resulting in a high personal debt ratio, it is better to pay off as much as possible if you have the ability, so as not to affect the subsequent car loan processing because of multiple loans and excessive debts.
Of course, if there are not many online loans borrowed, and there are basically only big data records, the amount of unpaid bills of credit cards is not high, and it doesn't matter if you don't pay back online loans and credit cards temporarily.
The above is related reading about what conditions are needed to apply for a car loan. If you are sure that you meet the above conditions, you can apply for a car loan.