What will happen if Changan Financial Car Loan is overdue?

What will happen to overdue car loans? When handling a car loan, both parties will sign a loan contract, which includes the treatment of non-repayment. To buy a car loan, the owner needs to repay the loan on time every month. Loans overdue, in the first month, he will call for repayment, and he will be equipped with a better model. He will also lock the car through the internet of cars. If loans overdue doesn't pay in three months, the lender will take the car away through GPS positioning. After the vehicle is taken away by the lender, it will be auctioned, which is equivalent to selling a used car and then overdue the loan. If the amount of the vehicle sold is higher than the loan amount, the higher amount of fees will be refunded at this time, and of course there will be overdue fines. If the cost of selling the car is not enough to pay back the car loan, the owner still needs to pay back the remaining car loan fee.

What are the consequences of overdue bank car loans?

1. Affect personal credit information

Bank collection is generally more formal, and the most serious consequence is that it will affect credit. In the future, it will be very difficult to borrow money to buy a house, buy a car and apply for a credit card. We can only seek the help of private loans, so the interest will be much higher.

2. Late payment fee

As loans overdue is in breach of contract, it will be fined on a daily basis, and the specific amount of fines varies from bank to bank. About 5% of the minimum repayment amount.

3. Take over the car and sue

Generally, the overdue time is more than half a year to more than one year, and it is possible to be sued by the bank. On the day of the court session, regardless of whether the borrower appears in court, the court will freeze the car that the borrower originally mortgaged to the bank and then auction it. The proceeds from the collateral auction will be used for repayment.

It is recommended to choose a formal platform loan. Qianhua is a loan product owned by Baidu Finance. Users need to fill in their Baidu account number and mobile phone number before applying for a loan. The maximum loan amount with money is 200,000, and the minimum annual interest rate is 7.2%. If you want to get a loan, you must first meet the basic conditions, that is, the user must be 18~55 years old, can provide the original of my second-generation ID card, and use the bank card in my name to collect and repay the loan. In addition, you must have the ability to repay, and you must not have a bad credit record.

References:

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