1, the down payment is too low.
There must be a certain proportion of car loans and down payment loans.
As far as mortgage loans are concerned, the down payment for buying a car is usually around 40%, and the down payment for borrowers with excellent conditions can be 30%; If you buy a used car, the down payment should be at least 50%. If your down payment fails to meet the requirements, the car loan may be rejected.
2, there is no stable job.
Using car loan, no matter what kind of car loan, the loan company usually requires the lender to have a stable job. For those freelancers, self-employed, and people with unstable income, the loan company will think that there is no stable repayment ability. It is generally difficult to qualify for a car loan. Therefore, if you want to apply for a car loan smoothly, you must have a stable income.
This man is already in debt.
Debt ratio is an important factor for loan audit institutions to approve loans. If you want to use a car loan, but you are heavily in debt and the debt ratio is quite high, then you are likely to be rejected when applying for a car loan. Generally speaking, the sum of the monthly payment of newly applied loans and the monthly payment of loaned loans is not higher than 50% of the monthly income.
4. Apply for loans frequently in the short term.
Many friends may apply for several credit cards at the same time in order to get loans as soon as possible because of limited funds. In this way, the lending institution will doubt the purpose of your loan or think that you are short of money. Such people who frequently apply for loans in a short period of time will not only affect the loan approval, but also reduce the loan amount, and there is a great possibility of being rejected in the end.