1. overdue penalty interest: banks or financial institutions usually stipulate the repayment date of auto loans. If the customer fails to repay the loan on time, there may be overdue penalty interest. The overdue penalty interest is calculated according to the number of overdue days and the loan amount, which is usually much higher than the normal interest, so it will increase the repayment burden.
2. Credit record damage: overdue repayment will have a negative impact on personal credit record. Credit record is one of the important bases for evaluating personal credit status. Banks or financial institutions can check personal credit records to decide whether to approve loans or provide other financial services. Once the overdue repayment record is found, the personal credit score may drop, which will adversely affect future credit loans and credit card applications.
3. Other consequences: overdue repayment may also lead to other possible consequences. For example, banks may send dunning notices or take other dunning measures to customers, which may cause customers to pay more dunning fees. In addition, if the overdue situation is frequent or serious, the bank may take legal action, including transferring the case to the court or recovering the property.
To sum up, a day later than the repayment date of auto loan will have a negative impact on repayment, including overdue penalty interest, credit record damage and other possible consequences. Therefore, in order to avoid these influences, it is very important to repay on time according to the date stipulated in the contract.
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The influence of overdue repayment on personal credit record is a common problem, whether it is car loan or other types of loans. In order to ensure a good personal credit status, it is recommended to arrange a monthly repayment plan in advance and leave enough time to remind yourself to repay. If you can't repay the loan on time in a certain month, you can communicate and negotiate with banks or financial institutions as soon as possible to find a solution. Sometimes, banks may provide appropriate deferred repayment or other flexible repayment arrangements to reduce the negative impact of overdue repayment.