Why can't I apply for a car mortgage? There are several reasons!

If automobile mortgage's application is not approved, it may be caused by the following reasons.

1, the applicant's own conditions are not met.

(1) Bad personal credit information Inquiring about the borrower's credit information is a necessary link in handling loans. Once it is found that there are bad credit records or serious negative information in the personal credit report, the handling bank/lending institution is bound to worry about the risk of lending and refuse to issue loans.

We can only patiently repair the damaged credit information first.

Accumulate a lot of good records, wait for a period of time before reapplying, and then find a person with good credit to provide guarantee for your loan, which can increase the probability of loan approval.

(2) To apply for a low-income loan, the borrower needs to provide enough economic income data to prove that he has the ability to repay the loan principal and interest on time. If he does not have a stable source of income, the handling bank/lending institution may worry that the borrower's repayment ability is insufficient, so the loan will naturally not be easily approved.

If you have certain assets in your name, you can provide some additional financial proof.

Banks and lending institutions will have different income requirements for borrowers. You can compare them.

And because banks are generally strict, you can choose a lending institution with a slightly lower threshold.

(3) During the period before applying for automobile mortgage, borrowers with high personal debt ratio frequently applied for multiple loans from a number of financial institutions, resulting in excessive credit records and multiple loans, which made the handling banks/lending institutions worry about the borrower's economic instability.

Don't rush to reiterate after being rejected. It is recommended to suspend lending for one or two months. First, try to repay the outstanding loans (if you can, pay off the loans at the best time, and if you can, try to pay them back). After that, the "expenditure" situation has improved, and the personal debt ratio has declined, so try again.

(4) To apply for a car mortgage loan without a local residence status, it is generally necessary for the borrower to provide a valid local residence identity certificate, otherwise it is difficult for foreigners to apply for a loan locally.

Provide local permanent residence booklet or temporary residence permit to prove that you have a fixed residence in the local area.

2. The mortgaged vehicle does not meet the requirements.

(1) Vehicles not in my name Most banks/lending institutions require that the mortgaged vehicles in automobile mortgage must be non-operating vehicles in my name.

Banks/lending institutions that are allowed to use other people's vehicles for mortgage loans should pay attention to providing the written consent of the owner and proof of the relationship between the individual and the owner when applying for loans.

(2) Most banks/lending institutions do not accept applications for mortgage loans for vehicles with foreign licenses, because vehicles need to be registered during the application process in automobile mortgage, and this procedure must be handled at the vehicle management office where the vehicles are registered. For vehicles with foreign licenses, it will be more troublesome to go through the formalities.

Either change a car with a local license plate and apply for a vehicle mortgage loan, or apply for a loan from a bank/lending institution that accepts foreign automobile mortgage.

(3) The car has been mortgaged. Many banks/lending institutions do not support the second mortgage, and the mortgaged car can never be mortgaged.

Just change to a bank/lending institution that supports the second mortgage to apply for a loan. However, because the vehicle is a secondary mortgage, the value space may be relatively small, and the amount that can be approved is not too high (generally, it is about 50% to 60% of the car price at most, for example, a car is worth 200,000, and two mortgage is at most100,000 to120,000).

(4) The vehicle age and mileage do not meet the requirements. If the car is too old and the mileage is too long, most people will not agree to the loan. After all, cars depreciate easily. Once an accident causes losses, it will depreciate much more than the car you just bought.

Moreover, the value space is not large, so it is naturally not good for loans.

It's best to use a new car as a mortgage.

Also, note that banks/lending institutions may have different requirements on the service life and mileage of mortgaged vehicles, taking Ping An Bank as an example.

The service life shall not exceed ten years (subject to the date of first registration), and the mileage shall not exceed150,000 km.

If this family is rejected, a less demanding family may succeed.

3. There is something wrong with the application materials. If the information provided is not comprehensive enough, the bank/lending institution cannot know the borrower's credit status in detail, so it is naturally difficult to approve.

However, if the application materials and information are wrong and inconsistent with the real situation, banks/lending institutions may mistakenly think that they are deliberately concealing or exaggerating certain facts to defraud loans.

Just add perfect and accurate information to reiterate, and it is best to confirm whether the information is correct before submitting it.

4. Lending institutions have tight quotas. When they apply for a loan, they happen to encounter the busy business of banks/lending institutions, too many people queuing for loans and insufficient loan funds, thus affecting the loan progress and even suspending the loan service.

In addition, banks/lending institutions with sufficient amount can reapply for loans. As long as the credit is up to standard and the mortgaged vehicle meets the requirements, loans can generally be approved smoothly.

If you are not clear about your online loan big data, you can check your online loan big data information in "Beijian Quick Check". The database cooperates with more than 2,000 online lending platforms, and the queried data is very accurate.

Extended data:

Where can I apply for automobile mortgage?

There are many institutions that can apply for vehicle mortgage loans, such as major commercial banks or other more formal lending institutions.

Different lending institutions have different requirements for vehicle mortgage loans, and lenders can make more comparisons when applying for loans.

But generally speaking, when a lender applies for a vehicle mortgage loan, it needs to provide loan information such as motor vehicle registration certificate, ID card, driving license and income flow for the lender's review. This step mainly depends on whether the lender's qualification meets the requirements.

In addition, the loan amount of the lender is related to the value of the mortgaged vehicle. Professional institutions will evaluate the value of vehicles mortgaged by lenders. The higher the value of the vehicle, the higher the loan amount that the lender can apply for.

Of course, because there are many processes to follow in vehicle mortgage loan, the lender needs to wait patiently for a period of time.

After the loan is issued, the lender should also remember to repay the loan in full and on time according to the requirements of the loan contract, so as to avoid the influence of overdue on personal credit information.