What will happen if you don't pay back the car loan?

If the car loan is temporarily overdue, it will have the following adverse effects.

1, resulting in overdue charges.

Once the car loan is overdue, the handling bank/auto consumption finance company will start to collect penalty interest, and generally it will always pay off all the arrears.

As the default time becomes longer and longer, the overdue fees will increase, and the repayment pressure of borrowers will increase.

2. Personal credit is damaged.

Car loans, whether handled in banks or auto consumer finance companies, will be reported to the central bank for credit investigation after the repayment is overdue, and then leave a bad record in the borrower's personal credit investigation report (note that the bad information of credit investigation will not be eliminated immediately even if the debt is paid off later, but it will take at least five years to be deleted).

3. Subsequent credit is frozen.

Due to the bad credit reporting caused by overdue car loans, it is difficult to quickly repair credit in a short time. Therefore, it will be difficult to apply for credit business in banks or other licensed consumer financial institutions for a long time. (Some online loans that are not connected to the central bank's credit information do have the opportunity to borrow money, but most of these platforms are not very formal).

4, will continue to dunning.

The auto loan handling bank/auto consumer finance company will send a text message and call the borrower to remind them of overdue repayment.

5. Be sued to the court.

If the borrower fails to repay the loan after repeated reminders, or even can't contact anyone, and the amount owed is quite high, the auto loan handling bank/auto consumer finance company can take legal measures to make the borrower repay the loan as soon as possible by bringing a lawsuit to the court.

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Extended data:

Is the loan overdue?

If the loan is not overdue, if the lender has made a credit inquiry to PBOC, then after the loan is successful, the credit inquiry will be recorded in the loan record, and then the user will repay the loan on time or overdue, and the record in the credit inquiry will be updated.

But the lender didn't check the credit information. After the loan is successful, the user will repay the loan on time and will not upload any loan records to the credit information.

Whether the loan will receive credit information is related to whether the lending institution will receive credit information from the People's Bank of China.

Formal loans are based on credit information, because formal lenders are licensed financial institutions.

The licensed financial institutions have completed the credit docking with the People's Bank of China. Whether applying for a loan directly from a licensed financial institution or lending money from a licensed financial institution, the loan record will be uploaded to the credit information.

As long as the user repays the loan on time, there will be no overdue records in the credit report.

Timely repayment records and normal credit records are both part of personal credit information, which helps financial institutions to better evaluate users, and users apply for credit business in the later stage, and also enhance the probability of passing the audit because of good credit records before.