Is there a high probability of being rejected for a car loan?

The probability of being rejected for a car loan is high: 1. No down payment. Although many lending institutions now offer car loan products such as " The slogan "zero down payment, zero interest" is mostly a gimmick to attract attention. Even if some of them are true, the scope of applicants' choices is very narrow. Therefore, you still need to have a certain down payment to buy a car, otherwise the possibility of being rejected is very high; 2. Personal credit is too poor. Car loans, like all loans, are reviewed by the lending institution. When applying for a loan, the borrower will be required to provide a personal credit report. If the personal credit is too bad, the probability of being directly rejected by the lending institution is very high; 3. Poor repayment ability. Car loans have higher requirements on the applicant's repayment ability because cars are Consumables will depreciate and depreciate every year. If the applicant's repayment ability is too poor, it is impossible for the lending institution to use the car to offset the loan and interest. Therefore, when lending, the borrower will be required to have a strong repayment ability.

What are the reasons why bank car loans are rejected?

To buy a car now, you only need to go to a car finance or bank to apply for a loan. You can easily take the car home by paying a certain down payment. However, compared with private loans, bank loan approval is much stricter, so it may lead to failure. So what are the reasons why banks’ car loans are rejected?

1. Personal credit report: If you want to apply for a bank car loan, your personal credit report must be good, because if you find that you have been overdue three times in a row or six times in the past, the car loan will definitely be rejected.

2. Incomplete information: Bank car loan review is stricter and requires more information to be checked. If the borrower does not provide complete information, on the one hand, the approval speed may be slow, and on the other hand, it may be easily rejected. of. I suggest that you must communicate with the bank before borrowing, don't be too troublesome, and complete the loan procedures as early as possible to avoid mistakes.

3. Repayment ability: During the review process, the bank will also examine your income level and debt situation to evaluate the borrower's repayment ability. Too low economic income or too much debt will lead to a car accident. Loan review failed. If conditions permit, you can provide additional asset certificates, such as real estate, funds, financial products, etc., so that banks can see your strong economic strength, which can effectively reduce bank lending risks.

In short, car loan approval is generally relatively simple. As long as the individual has good credit and a stable income, the approval will usually be passed.

Can a car loan be rejected?

A car loan can be rejected. Individuals with poor credit, weak repayment ability, insufficient down payment, incomplete procedures, etc. may be rejected when applying for a car loan. Before applying for a loan, check to see if your conditions are sufficient to avoid a wasted trip.

Reasons for rejection of bank car loans:

1. Bad personal credit report. When applying for a bank car loan, the bank will first check the borrower's personal credit report. If it is found If you have been overdue three times in a row or six times in the past recently, your car loan application will be hopeless.

2. The down payment is not enough. If you want to get a loan to buy a car, the borrower must prepare enough down payment in accordance with the bank regulations (generally the down payment is not less than 30). If the down payment does not meet the requirements, the car loan will also be cancelled. Difficult to obtain approval.

(Photo/Text/Photography: Liang Kexin) @2019

What should I do if my car loan is rejected?

What should I do if my car loan is rejected? The solution is to try another institution for a loan.

The reasons that hinder the approval of car loans are: 1. Without real estate and household registration, the approval process is hindered. The car loan business requires car buyers to have household registration or real estate certificate, and those who cannot meet one of the two conditions, no matter how good the bank statement is, , there is also the possibility of being rejected; 2. It is difficult for those with a down payment of less than 40% to be approved. At present, the amount of borrowing that borrowers can borrow is gradually shrinking, and the number of car purchases with 20% is becoming less and less. Even if it is, it will affect the loan review. Or the speed of approval. Nowadays, most car buyers choose a loan ratio of 40% to 60% of the car price. It is said that it is difficult to get approved for a car loan with a down payment of 30%. Even if it is approved, it will affect the approval speed; 3. Improper installment loans will affect the approval progress. If consumers want to get a successful loan, they also need to examine the interest rates corresponding to different loan periods, and then find a balance point based on their repayment ability; 4. The loan amount/repayment method is directly linked to the monthly payment burden, and the loan amount must be Depending on the circumstances, a maximum loan of 200,000 yuan can be made under personal credit or joint liability guarantee. If the purchased vehicle or real estate is used as a mortgage, the loanable amount is 70%.

Why are car loans always rejected?

You must first understand the reason why you were rejected.

1. If there is a problem with your personal credit report, such as a non-malicious small amount overdue, it is recommended that you communicate with the dealer and try to change the application through other financial channels. If you try another bank card and it is rejected, it may be because you have applied for too many useless credit cards. You can go to the credit report to check the overdue records.

2. If there is a problem with your personal qualifications, in this case it is recommended to increase the down payment or add another lender to increase the chance of approval.

3. Changing to a 4S store is definitely not feasible. Or there is an occupation with a high bank approval rate. If the borrower is a national civil servant, an employee of an enterprise or institution, a teacher, a lawyer, a doctor, or other well-known enterprise employees with a stable income, the difficulty of getting a car loan will be much reduced.

Personal loan car purchase business is divided into three types: direct customer type, indirect customer type, and credit card car loan. The direct customer type is generally a bank car loan where the customer meets directly for the loan, and the indirect customer type is generally a car finance company car loan where the auto finance company transfers the customer to the customer.

For direct bank car loans, the fees collected are deposit, principal and interest, 3 guarantee fees, etc. The fees for high-quality bank customers will be discounted, but each bank's preferential policies are different.

In addition to paying the above fees, a car loan from a Jianke Auto Finance Company also needs to pay regulatory fees, fleet management fees, and warranty renewal deposits

The other is a credit card car loan. Credit card installment car loan only provides installment payment to bank credit card users. It cannot be applied for under any conditions. There is also an review process. It is difficult for credit card users with bad credit records to apply.

The specific steps for credit card installment car purchase are as follows:

1. The cardholder (or applicant) calls the bank's credit card center or goes to a local bank to find out whether he or she can apply for a credit card car. loan.

2. The cardholder goes to the dealer with his or her ID card to fill out the Car Purchase Installment Order on site, and submits it to the bank's backend for review.

3. When the order is approved, the cardholder pays the down payment and goes through the normal car purchase procedures.

4. After the vehicle has a license plate, the cardholder needs to go through the mortgage procedures with the bank and purchase the required types of auto insurance.

5. Finally we can drive the car away smoothly.

Loan Amount

The maximum loan amount generally does not exceed 80% of the purchase price of the car.

Loan conditions

1. Have a valid identity certificate and full capacity for civil conduct;

2. Be able to provide proof of a fixed and detailed address;

3. Have a stable career and the ability to repay the principal and interest of the loan on time;

4. Have good personal social credit;

5. Hold a car purchase contract or agreement recognized by the lender ;

6. Other conditions stipulated by the cooperative agency.

Application materials

1. Original ID card, household registration booklet or other valid residence documents, and provide their copies;

2. Proof of occupation and economic income , personal account flow list for the past 6 months;

3. Car purchase agreement, contract or letter of intent to purchase a car signed with the dealer;

4. Other documents required by the cooperative agency .

Process

First of all, the borrower needs to prepare ID card, residence certificate, work certificate, loan purpose certificate and other supporting materials, go to a bank, fill out an application form, and fill in the application form. A contract.

Then, wait for the bank’s pre-loan qualification investigation and approval. If the borrower meets the loan conditions specified by the bank, the bank will notify the borrower to fill in some loan form materials. If the loan applied for by the borrower requires a mortgage or guarantee, it is also necessary to sign a guarantee contract, a mortgage contract, and go through the mortgage registration procedures; if it is, there is no need to sign such a contract.

Secondly, banks issue loans to lenders. Generally, banks will issue loans after approval within 2 to 3 weeks or 1 month, and the loan can be released as soon as 1 day.

Finally, the borrower will hand over the down payment to the car dealer and go through the procedures for picking up the car with the passbook and the car delivery note issued by the bank.

In the process of applying for a personal car consumer loan, the applicant needs a copy of the ID card, a copy of the household register, a copy of the marriage certificate, a proof of income, a bank statement, a copy of the real estate certificate and other procedures.

What are the reasons for car loan rejection? Analysis of the main reasons!

Many people now choose car loans when buying cars. However, as policies gradually tighten, the success rate of bank or car finance loans is getting lower and lower. So why are car loans rejected? There are mainly the following reasons.

1. Analysis of reasons for car loan rejection

1. The applicant’s credit report is not good. If you want to apply for a bank car loan, you must ensure that the credit report record for two years is not serious. If the applicant currently has an overdue record, then the application for a car loan will definitely be rejected.

2. Insufficient repayment ability. Although the threshold for car loans is relatively low, you also need to have a stable job income. The biggest fear of both banks and lending institutions is that they cannot get back the loans they have given out. Therefore, they will pay extra attention to the lender's repayment ability. If your application materials show that your repayment ability is not strong, the chance of rejection is higher.

3. When banks and lending institutions approve car loan applications, they will also examine the borrower's debt situation. If your debt exceeds 50% of your monthly income, it will be more difficult to apply for a loan. .

2. Basic application conditions for car loans

1. The buyer must be over 18 years old and a Chinese citizen with full capacity for civil conduct.

2. Applicants must have a stable job and relatively stable economic income, and have a strong ability to repay the principal and interest of the loan on time.

3. During the loan application period, the car buyer needs to deposit the down payment required by the bank into the savings card account of the handling bank.

4. If the car buyer’s personal account is not local, a joint liability guarantee must be provided, and other conditions deemed necessary by the bank must be met.