Many friends have had the experience of applying for small loans. They have the idea of applying for car loans, but they are worried that car loans will be affected by the experience of small loans. A friend left a message asking: Does microfinance have an impact on car loans? Answer this question right here.

Does microfinance have an impact on car loans?

Small loans have not been paid off.

If the borrower's current small loan is not paid off, it will affect his car loan amount or even get a loan. The borrower's repayment ability is limited. If there are many small loans outstanding at present, banks will refuse loans on the grounds of risk.

Small loans overdue or default.

1. Borrower delays repayment of small loans. In this case, the bank will remain suspicious of the borrower's repayment ability. Even if it does not affect the issuance of auto loans, the loan review time is longer and more interest needs to be paid.

2. The borrower's micro-loan is seriously overdue, which will seriously affect personal credit information. Banks will be cautious about people with bad credit. It can be said that if they can, they will not lend.

3. If the borrower defaults on the small loan, or even if he has been blacklisted, it is impossible to apply for a car loan.

How to prevent micro-loans from affecting auto loans

1. Apply for a car loan after paying off all the small loans. In this case, the amount of auto loans and the passing rate of auto loans will be greatly improved.