Not only that, the loan also needs to prepare the identity cards of both parties, income certificates such as bank running water, marriage certificates and other materials, and the auto loan agency bank will also inquire about the credit reports of both parties.
Only when it is confirmed that the family has sufficient repayment ability and good credit will it be approved. If there is bad credit, it will affect the approval of auto loans, and banks are likely to refuse to approve loans.
If only one party applies for a car loan, it is not necessary for both husband and wife to sign it, but the borrower can sign it himself. Borrowers only need to prepare personal data, and car loans allow married people to apply separately in their own names. However, the bank will also ask the spouse's credit status and repayment ability, and both parties must be present when signing the contract.
How many years can I borrow a car loan?
In general, the term of a car loan is three years. The longest is five years, and the shortest is one year, usually two to three years. Of course, different loan vehicles have different loan terms, so there are many influencing factors, such as whether the loan vehicle is a family car or a commercial car, a truck or a car, a new car or a used car, and whether the owner has a bad credit record, so it is best to determine the conditions of the loan bank or this financial institution first.