There's a few things that need to be noticed before you can apply for a car loan

What do you care about applying for a car loan? Watch out for these things

Want to apply for a car loan? Take a look at these key points. While the car loan appears to be simple, there are a number of financial auditing standards behind it. In order to ensure a smooth application process and avoid unnecessary complications, it was important to prepare well in advance。

1. Clean correspondence records

First of all, the credit institutions value your letters. If you have a poor record of personal credit reports, such as overdue repayments, multiple loans, etc., the application for a car loan is likely to be rejected. It was suggested that the request should be preceded by a check of the status of the letter, and that, if there were problems, it might be useful to wait until it was repaired. After all, good credit records are key to obtaining credit。

2. Adequate stability of income

The loan agency will also focus on your income. After all, they need to make sure you have sufficient repayment capacity. Usually, they'll ask for at least twice as much as the monthly car loan. If you have other outstanding external debt, this standard may be higher. Therefore, when applying, remember to prepare a certificate of income and a bank flow in order to provide the lending institution with a clearer picture of your financial situation。

3. Age conformity

As with other loans, the age of applicants is also required. You need to be 18 years old or older and have full civil capacity. If you haven't reached that age, you might have to wait。

4. High market value of vehicles

The value of the vehicle itself is also a focus of the lending institutions. Since car loans usually require the mortgage of vehicles to lending institutions, they want vehicles to have some liquidity on the market. In particular, when second-hand vehicles are purchased, lending institutions examine vehicle-specific situations more closely to ensure that they have sufficient market value。

5. Lending down payments

FINALLY, DO NOT FORGET THE ISSUE OF DOWN PAYMENT. WHEN A BANK APPLIES FOR A CAR LOAN, THE FIRST-PAYMENT RATE IS GENERALLY AROUND 301 TP3T, AND WHEN A FINANCIAL INSTITUTION APPLIES, THE FIRST-PAYMENT RATE MAY BE LOWER, DEPENDING ON THE REQUIREMENTS OF EACH INSTITUTION. IF THE REQUIRED DOWN PAYMENT IS NOT MADE, THE APPLICATION FOR A CAR LOAN IS SIMILARLY DENIED。

In any case, these matters must be carefully checked before applying for a car loan to ensure that each link meets the requirements, in order to increase the probability of passing the application。