1. Deterioration of credit information: when a car is bought with a loan, the borrowing and repayment of the loan will basically be reported. If the repayment is not made on time, the borrower's credit information will become worse, and there will be overdue records in the credit information. Overdue loans are not settled and overdue for more than 90 days, which is malicious. If you want to apply for other loans, it will be difficult to succeed. Even if the overdue car loan is settled, the overdue record will be kept in the credit report for 5 years.

2. Will be collected by the lending institution: No matter whether it is borrowing from a bank or an auto financing company, as long as the loan cannot be repaid on time, the lending institution will definitely take certain collection measures in order to recover the loan, such as calling and texting to remind the borrower to take the initiative to repay. If the loan vehicle is equipped with GPS, and the overdue time is too long, the lending institution may tow the vehicle away according to law until the borrower settles the loan.

3. Will be sued by the lending institution: If the borrower fails to repay the loan and the car is not equipped with GPS, the lending institution cannot tow the car according to law. After the agreed repayment period, the lending institution may bring a lawsuit to the court and demand the borrower to repay. If the borrower is still unable to repay the loan after compulsory execution by the court, the car can be auctioned to compensate the loss of the lending institution. The owner spent money and didn't take the car away at last, which is equivalent to wasting a lot of money and will become the executor who broke his promise.