A car loan is a loan from a borrower to a bank or other financial institution for the purchase of a car, while a letter of credit is a comprehensive evaluation of a person ' s credit record, involving information on loans, credit cards, overdues, arrears, etc. So, does the car loan have an impact on the letter

Will the car loan send the letter

First of all, we need to be clear that banks and financial institutions generally consult the individual's letter-of-assist reports when approving his application for a car loan. Thus, for those who have been refused a car loan, there may have been a bad credit record, whereas, in contrast, for those who have been able to obtain approval, their personal credit records should be good and may be useful for the subsequent approval of financial products such as loans, credit cards, mortgages, etc。

It is worth noting, however, that in the case of non-compliance by an individual during the repayment period, such as late repayments, non-payment of arrears, etc., the corresponding letter-writing records would receive damages, and serious cases could be placed on a discredited list, with a significant negative impact on credit records. It is therefore essential to maintain a good credit record that the car loan is repaid on time and as agreed。

In addition, we need to know whether or not the car loan will send a letter of request and whether a case-by-case analysis is required. The correspondence report is currently divided into personal and institutional search versions, in which the personal query version does not show the search records of any agency and therefore does not show the search records of the car loan. The institutional search version, on the other hand, shows the institutional search records, including the car loan agencies, and therefore the vehicle loan records and related repayments. However, even in the case of the corporate search editions, the impact of car loan search records on individual credit evaluation is relatively small。

In addition, when a vehicle loan is applied to a third-party financial institution through an online vehicle purchase channel, it will have a significant impact on an individual ' s credit record, as the website and the financial institution have requested the individual ' s letter of request at the time of the application。

In the light of the above, car loans have given rise to personal credit loans, and the good or bad performance of individual credit records has been an important reference factor for banks and financial institutions in their approval. While the car loan search records will appear in the inquisitorial report, the impact on individual credit evaluation is relatively small and it is important to complete the repayment of the car loan. It would therefore be preferable for the car buyers to complete the repayments on time in order to maintain a good credit record。