1, the applicant's own conditions do not meet
(1) bad personal credit inquiry borrower credit is a necessary part of the loan, once the personal credit report was found to have a bad credit record or serious negative information, it is bound to let the bank/lending institutions to worry about the risk of lending a lot of money, so that the refusal to approve the loan.
It is only a matter of patience to repair the damaged credit first.
Accumulate more good records, and then reapply after a period of good credit, then you can also find a good credit to give their own loan guarantee, can increase the probability of loan approval.
(2) Lower income level for the loan requires the borrower to provide sufficient income information to prove that they have the ability to repay the loan principal and interest on time, if they do not have a stable source of income, the bank/lending institution is afraid that the borrower's ability to repay the loan is not enough, so the loan is not easy to pass the approval.
If you have some assets in your name, you can provide more additional proof of your financial strength.
And the income requirements for borrowers will vary from bank to bank and lender to lender, so you can compare a few more.
And since banks are generally more stringent, you can choose a lender with a slightly lower threshold.
(3) High personal indebtedness of the borrower in a period of time before applying for a car mortgage loan frequently applied for a number of loans in a number of financial institutions, resulting in too many credit inquiries on the record, there is a phenomenon of multiple borrowing, so the bank/lending institution is concerned about the borrower's financial life is not stable.
Don't be in a hurry to reiterate after being rejected, it is recommended that you hold off on borrowing for a month or two, and find a way to pay back the loans that have been borrowed but not yet repaid (it is best to pay back the loans at once if you are able to, and pay back as much as you can for a while if you are not able to pay them back), so that you can re-apply for a new job when your credit score improves and your personal indebtedness decreases.
(4) No local residency status for car mortgage loans generally require borrowers to provide a local valid residency status, otherwise it is difficult for outsiders to apply for loans in the local.
Provide a local permanent residence account book or temporary residence permit to prove that you have a fixed residence in the local area.
2, the collateral vehicle does not meet the requirements
(1) the vehicle is not in the name of the person most of the banks / lending institutions require the car mortgage loan collateral vehicle must be the name of the person is not business vehicles to do.
Go to a bank/lending institution that allows the use of a vehicle in another person's name for a mortgage loan and apply for a loan, then be careful to provide written consent from the owner of the vehicle, as well as proof of the relationship between the individual and the owner of the vehicle.
(2) is not the local license plate most banks / lending institutions do not accept foreign license plate vehicles for mortgage loans, because the car mortgage loan in the application process needs to be the vehicle for mortgage registration, the procedures must be registered in the vehicle registration of the vehicle management office, if it is a foreign license plate vehicles, the formalities will be more troublesome to handle.
Either get a new car with a local license plate for the vehicle mortgage, or go to a bank/lending institution that accepts foreign car mortgages to apply for a loan.
(3) The car has already been mortgagedMany banks/lenders do not support second mortgage loans and the mortgaged vehicle must never have been mortgaged in any way.
Changing a bank/lending institution to support the second mortgage loan can be, but because the vehicle is the second mortgage, so the value of the space may be relatively small, can be approved by the amount is not too high (generally up to the car price of 5 to 60%, such as a car worth 200,000 yuan, the second mortgage at most lending 100,000 to 120,000 yuan).
(4) the age of the car, mileage does not match the provisions of the car is too old, mileage is too long vehicle, most likely will not agree to the loan, after all, the car is prone to depreciation, once there is an accident caused by the wear and tear, compared with the value of the newly purchased will be a lot of depreciation.
And the value of the space is not much, naturally not good loan.
The best choice for a mortgage is to use a new car as collateral.
Also, note that the age and mileage requirements for mortgaged vehicles may vary from bank to bank/lender, with Ping An Bank's owner's loan as an example.
The service life cannot exceed ten years (based on the date of first registration of the license plate) and the mileage cannot exceed 150,000 kilometers.
If this one is rejected, another one with lower requirements might work.
3, there are problems with the application information if the information provided is not comprehensive enough, the bank / lending institutions can not understand the borrower's creditworthiness in detail, naturally not good approval.
And if there are errors in the information of the application data, which is inconsistent with the real situation, it may make the bank/lender mistakenly think that it is intentionally concealing or exaggerating some of the facts to make a fraudulent loan.
Supplementing and improving accurate information for reaffirmation is sufficient, and note that it is best to double-check that the information is correct before submitting it.
4, the lender quota tight to apply for a loan happens to coincide with the bank / lending institutions busy business, queuing up to borrow too many people, lending funds are insufficient, therefore affecting the progress of the loan, or even will suspend the loan service.
Another bank/lender with sufficient quota will be able to reapply for the loan, and as long as the creditworthiness is up to standard and the mortgaged vehicle is in compliance with the regulations, the loan can usually be approved smoothly.
In order to maintain a good credit history, we also need to pay attention to their own online lending data, this can be in the "know check" click on the query, you can see their own online lending data report, in order to always maintain a good credit.
Extended information:
Where can I get a car loan?
There are many institutions that can apply for vehicle mortgages, such as major commercial banks or some other more formal lending institutions.
Different lenders have different requirements for vehicle mortgages, so lenders can compare more when applying for a loan.
But overall, when a lender applies for a vehicle mortgage, the lender is required to provide loan information such as motor vehicle registration certificate, ID card, driving license and income stream for the lender's review and approval, and this step is also mainly to see whether the lender's qualification meets the requirements.
Additionally, the loan amount of the lender is related to the value of the mortgaged vehicle. A professional organization will evaluate the value of the vehicle mortgaged by the lender, and the higher the value of the vehicle, the higher the loan amount that the lender can apply for.
Of course, because there are a lot of processes that need to be followed for a vehicle mortgage, the lender needs to be patient for a while.
After the loan is disbursed, the lender should also remember to repay the loan in full and on time in accordance with the requirements of the loan contract, so as to avoid late impact on personal credit.