The reasons that hinder the approval of car loans are:
1, no real estate, no local account approval process blocked:
Most car loan businesses require car buyers to have local accounts or real estate licenses. If one of the two conditions cannot be met, even if the bank has a good operating record, it may be rejected.
2. It is difficult to get approval if the down payment is less than 40%;
At present, the amount of loans that lenders can borrow is gradually shrinking, and 20% of them buy cars less and less. Even if there is, it will affect the speed of loan review or approval. Now most car buyers choose a loan ratio of 40% to 60% of the car price. It is said that it is difficult to get approval for buying a car with a down payment of 30%, even if it is approved, it will affect the approval speed.
3. Improper installment loan affects the approval progress: If consumers want to make a successful loan, they need to examine the interest rates corresponding to different loan terms, and then find a balance point according to their repayment ability.
Of course, if your monthly income is more than twice the total repayment amount, you can generally successfully approve, but if your income assessment is not up to standard, it may affect the approval speed or directly lead to unsuccessful approval.