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.

Million car purchase subsidy