What impact does overdue mortgage have on Ding Sheng car loan?

Generally speaking, there are some differences between loan companies and banks. Bank loans are not repaid, and the most common thing is to affect personal credit. However, loan companies rarely have an impact on personal credit, but they will have other impacts.

Because it is a car mortgage, I mortgaged the car to the loan company. Therefore, if the borrower fails to repay the loan, the lending institution can auction the borrower's car directly to repay the loan. Prior to this, the lending institution would ask the borrower to repay many times, and there would be certain interest charges during the repayment period, which was a relatively high penalty interest, and the repayment pressure of the borrower would increase during this period.

It's relatively easy to handle automobile mortgage through a loan company, but the borrower should never be lucky enough not to repay the loan. Lending companies have plenty of ways to keep themselves from "losing money". Of course, if you really need a loan, it is definitely a good choice to apply for a loan through a regular loan company.

Finally, I need to remind you that the cost of handling car mortgage through loan companies is also relatively high. Therefore, we should do what we can to avoid the phenomenon of inability to repay.