How long will most car loans be rejected?
Most rejected car loans will be notified within one week after the application is submitted. After the car loan application is rejected, the user will return to the 4S shop, and the staff will inform the reason for refusing the car loan and help the user to provide corresponding solutions. For example, changing financial institutions to apply for car loans, or packaging loan information.
To apply for a car loan, you must first have valid identification and full capacity for civil conduct; Can provide fixed and detailed address proof; Have a stable job and the ability to repay the loan principal and interest on time; Personal credit is good; Holding a car purchase contract or agreement approved by the lender; Other conditions stipulated by the cooperation organization. There are several reasons why car loans are rejected.
Applicant's poor credit: If you want to successfully apply for auto loan products, the borrower must ensure that the credit information in the last two years is good and there is no serious stain. Otherwise, once the bank conducts a loan review and finds that the borrower's current credit report has overdue records, it will definitely refuse to lend money.
Insufficient repayment ability: although the threshold of car loan is not high, it also requires the borrower to have a stable income. Only in this way can borrowers have sufficient repayment ability, and banks need to bear relatively small loan risks. If the loan is refused for this reason, the borrower can submit as many economic certificates as possible when submitting the application again, or increase the number of borrowers, thus improving the success rate of the loan application.
High debt ratio: In the process of approving car loans, banks will also focus on the borrower's liabilities. When the borrower's debt exceeds 50% of the monthly income, it is difficult to apply for a successful loan. Therefore, remember to reduce your debt ratio before submitting your application again.
How long can I apply for a car loan after being rejected?
The time to apply for a car loan after refusing it varies according to different reasons. The scoring problem is generally 1-3 months; If it is because of debt, it is usually 6 months; If you are rejected because of false information, you cannot apply again.
There are several common reasons why a loan cannot be approved:
1. Personal credit difference
When applying for a loan, the bank will check the borrower's credit report first. If the report shows that "the loan is overdue for more than three consecutive times or accumulated for more than six times in the past two years", the loan will be rejected.
Solution: It is an indisputable fact that banks have strict credit requirements for borrowers. In this case, we might as well settle for the second best and find a non-bank financial institution with a relatively low loan threshold.
2. Low income
Bank loans require borrowers to earn more than 7,000 yuan a month. So if the income is not up to standard, it is difficult to get the same loan.
3. Incomplete loan information
To apply for a bank loan, the borrower must provide complete loan information. If the loan information is incomplete, the loan will also be rejected.
Solution: Fill in the loan information and submit it to the bank. How long will it take most people to inform that the car loan is rejected? You can also apply for @20 19 after the car loan is rejected.