1. The applicant's own conditions do not meet
(1) Bad personal credit information. Inquiring about the borrower's credit information is a necessary link in handling the loan. Once it is found that there are bad credit records or serious negative information in the personal credit information report, it will inevitably make the handling bank/lending institution worry about the high risk of lending and refuse to approve the loan.
you can only patiently repair the damaged credit information first.
accumulate more good records, wait for a period of good credit before reapplying. At that time, you can also find a person with good credit to provide guarantee for your loan, which can increase the probability of loan approval.
(2) To apply for a loan with a low income level, the borrower needs to provide sufficient economic income data to prove that he has the ability to repay the principal and interest of the loan on time. If he does not have a stable source of economic income, the handling bank/lending institution may be worried that the borrower's repayment ability is insufficient. As a result, the loan is naturally not easy to pass the examination and approval.
if you have certain assets in your name, you can provide some additional financial proof.
However, banks and lending institutions will have different income requirements for borrowers, so you can compare several more.
and because banks are generally stricter, you can choose a lending institution with a slightly lower threshold.
(3) Borrowers with high personal debt ratio frequently applied for many loans from many financial institutions in the period before applying for car mortgage loans, which led to too many records on credit investigation and the phenomenon of multi-head lending, which made the handling banks/lending institutions worry about the economic instability of borrowers.
after being rejected, don't reiterate it in a hurry. It is suggested to suspend lending for one or two months. First, try to repay the loans that you have borrowed but haven't paid off (if you have the ability, you should pay off them at the best time, and pay back as much as possible if you can). After that, the credit situation has improved and the personal debt ratio has decreased, you can apply again.
(4) To apply for a car mortgage loan without a local residence status, the borrower is generally required to provide a local valid residence identity certificate, otherwise it will be difficult for foreigners to apply for a loan locally.
provide local permanent residence booklet or temporary residence permit to prove that you have a permanent residence in the local area.
2. Mortgaged vehicles do not meet the requirements
(1) Vehicles not in my name Most banks/lending institutions require that the mortgaged vehicles for car mortgage loans must be non-operating vehicles in my name.
When applying for a loan from a bank/lending institution that allows a vehicle in another person's name to be mortgaged, you should pay attention to providing the written consent of the owner and the proof of the relationship between the individual and the owner.
(2) Most banks/lending institutions do not accept vehicles with foreign licenses to apply for mortgage loans, because vehicles need to be registered in the application process for car mortgage loans, and this procedure must be handled at the vehicle management office where the vehicles are registered. For vehicles with foreign licenses, it will be more troublesome to handle the formalities.
Either change a car with a local license to apply for a vehicle mortgage loan, or apply for a loan from a bank/lending institution that accepts foreign car mortgage loans.
(3) The car has been mortgaged. Many banks/lending institutions do not support two mortgage, and the mortgaged vehicle must never be mortgaged.
It is enough to change to a bank/lending institution that supports two mortgage. However, since the vehicle is a secondary mortgage, the value space may be relatively small, and the approved amount is estimated not to be too high (generally, it is about 5% to 6% of the car price at most, such as a car with a value of 2,, and the loan for the secondary mortgage is up to 1, to 12,).
(4) The age and mileage of the vehicle do not meet the requirements. If the vehicle is too old and the mileage is too long, most of them will not agree to the loan. After all, the car is easy to depreciate, and once an accident causes losses, it will depreciate a lot compared with the one just bought.
and the value space is not big, so it is naturally not good to borrow money.
it's best to use a new car for mortgage loan.
also, note that banks/lending institutions may have different requirements on the service life and mileage of mortgaged vehicles. Take Ping An Bank as an example.
the service life shall not exceed ten years (based on the first registration date), and the mileage shall not exceed 15, kilometers.
if this family is rejected, it may be successful to change to a less demanding one.
3. There are problems with the application materials. If the information provided is not comprehensive enough, the bank/lending institution cannot know the borrower's credit status in detail, so it is naturally difficult to approve.
However, if there are errors in the application materials and information, which are inconsistent with the real situation, banks/lending institutions may mistakenly think that they are deliberately concealing or exaggerating some facts to defraud loans.
just add complete and accurate information to reiterate, and pay attention to make sure that the information is correct again before submitting the information.
4. When lending institutions apply for loans, they just encounter the busy business of banks/lending institutions, too many people queuing for loans, and insufficient lending funds, thus affecting the progress of loans and even suspending loan services.
Just change to another bank/lending institution with sufficient quota to re-apply for the loan. As long as the credit standing is up to standard and the mortgaged vehicle meets the requirements, the loan will generally be approved smoothly.
In order to maintain a good credit record, we should also pay attention to our online loan big data in time. You can click Query in "Know Check" to see our online loan big data report, so as to maintain a good credit at all times.
Extended information:
Where can I get a car mortgage loan?
There are many institutions that can apply for vehicle mortgage loans, such as major commercial banks or other more formal lending institutions.
Different lending institutions have different requirements for vehicle mortgage loans, so lenders can make more comparisons when applying for loans.
on the whole, however, when a lender applies for a vehicle mortgage loan, it is necessary for the lender to provide loan information such as motor vehicle registration certificate, ID card, driving license and income flow for the lender to review. This step mainly depends on whether the lender's qualification is up to the requirements.
In addition, the loan amount of the lender is related to the value of the mortgaged vehicle. Professional institutions will evaluate the value of the vehicle mortgaged by the lender. The higher the value of the vehicle, the higher the loan amount that the lender can apply for.
Of course, because there are many processes to be followed in vehicle mortgage loan, the lender needs to wait patiently for a period of time.
after the loan is made, the lender should also remember to repay the loan in full and on time according to the requirements of the loan contract, so as to avoid the influence of overdue on personal credit information.