How long does it usually take for a car loan to be rejected?

Will there be a bank SMS notification when the car loan is rejected?

If the car loan is rejected, there will be a text message from the bank. Consumers should not be too flustered when car loans are rejected. First, they should determine the reasons for the refusal. If it doesn't meet the requirements, then see if there is any way to meet the loan conditions.

Reasons for not approving auto loans:

First of all, there is no stable job.

Self-employed and freelancers without stable units usually find it difficult to borrow money to buy a car. The reason is that the lending institution needs the work certificate issued by the borrower's unit. If the above-mentioned personnel can't provide materials, the lending institution will not be able to verify the borrower's income source and repayment ability, and it is worried that it will face the risk of not getting back the funds after the loan.

Second, the down payment is too low.

According to the regulations of most lending institutions, borrowers must pay at least 30% down payment when applying for auto loans, otherwise it is difficult to get approval.

Third, the debt is too high

Lending institutions have certain requirements for the borrower's income-to-debt ratio, and loan applications exceeding certain standards will be rejected. Specifically, the total monthly payment of new loans and original loans cannot be higher than 50% of monthly income, otherwise it will be difficult to obtain loans.

How long can I apply for a car loan after being rejected?

When the car loan is rejected, 1 can reapply after 3 months, but it depends on what caused the rejection. If it is caused by poor personal credit information, then the credit information cannot be changed and subsequent applications cannot be made. If it is caused by insufficient personal income, you can increase your income in the next few months, and the follow-up application can be passed.

Buying a car in a 4s shop generally promises zero interest, but a certain handling fee will be charged during the handling process, which may be more than the interest generated. Moreover, when you apply for a loan in a 4s shop, you must also purchase the corresponding insurance. Only in this way can you get the money smoothly.

It is best for users to go to the bank to apply for car loans. The interest rate of loans in banks will not be too high, banks will not charge various service fees, and users can also buy insurance freely. Users only need to repay on time, but this kind of loan takes a long time.

When handling a car loan, the borrower needs to submit a personal second-generation ID card, aged 18 or above, and submit the bank flow in the last six months, with good personal credit information. The above points are the basic conditions for handling car loans. After handling the car loan, you can repay in advance, which can save a lot of interest.

How long will BMW Finance be rejected?

BMW Finance was rejected within a week. Generally, the car loan will be rejected within one week after the application is submitted. If the car loan application is rejected, the user needs to go back to the 4S shop, and then the staff will inform the specific reasons for the car loan rejection.

How long does it usually take for a car loan to be rejected?

The following is about "how long does it usually take for a car loan to be rejected?" Related introduction:

If the car loan is rejected, it is generally notified on the same day:

1. The loan terms are as follows. If one of them does not meet the requirements, it will not be handled. All those who meet the requirements can apply again with valid identification and full capacity for civil conduct.

2. It can provide a fixed and detailed address to prove that it has the ability to stabilize its occupation and repay the principal and interest of the loan on schedule;

3. Personal social credit is good; Holding a car purchase contract or agreement approved by the lender; Other conditions stipulated by the cooperation organization.