Can I get a loan to buy a car if I owe a credit card?

If the user’s credit card has not been paid off, he can still get a loan to buy a car. If the credit card has not been paid off, then the individual will have a certain amount of debt before taking out a loan to buy a car. As long as the debt ratio is not high, the user can take out a normal loan to buy a car. And even if the credit card debt affects the car loan application, the bank or auto finance will require the user to pay off the credit card debt in advance.

Therefore, when a user takes out a loan to buy a car, the bank or auto finance company does not require the user to pay off the credit card debt in advance, so the credit card debt will not affect the car loan.

Extended information:

Loan car purchase process master:

Step one: Choose a car and sign a car purchase contract with the car dealer.

Step 2: Prepare your personal ID card, proof of residence (permanent residence booklet or temporary residence permit), proof of income (such as bank statements, pay stubs), and car purchase contracts and other relevant information to the bank (auto consumer finance company) submits a loan application. After receiving the application form and filling it out, submit the completed form together with the information.

The third step: The bank (auto consumer finance company) conducts an review, and the evaluation agency evaluates the value of the vehicle.

Step 4: Approved customers go to the outlet to sign a loan contract, pay the down payment to the car dealer, and handle mortgage registration and other related procedures.

Step 5: The bank (auto consumer finance company) lends money, and the customer goes to the 4S store to pick up the car and register it.

It can be seen that when purchasing a car with a loan, you need to wait until the last step, that is, the car dealer can only take delivery of the car after receiving the remaining payment. It takes about a month or two to purchase a car with a loan from the submission of application to the disbursement of funds.

How long does it take to get a car loan:

When a customer goes to get a loan to buy a car, after submitting the loan application, the bank (auto consumer finance company) will immediately start review and evaluation after receiving the information. Generally, It will be completed within seven to fifteen working days, and the customer will be notified of the approval result.

Customers who receive the approval notice go to the branch to sign a loan contract within the agreed time, go through mortgage registration and other related procedures, and pay the down payment to the car dealer. Then the bank (auto consumer finance company) You will enter the loan process, which takes about three to five working days, and the loan will arrive in your account within a month.

It can be seen that it takes about one or two months from the application to the disbursement of funds for a car loan. It mainly depends on the loan quota of the bank (auto consumer finance company), as well as the efficiency of work, etc. If it's fast, it could be approved in a week or two.

In short, customers just need to wait patiently. If the approval progress is delayed after application and the loan has not been disbursed for several months, the customer can also take the initiative to call the customer service/business manager. Do I need to pay off my credit card before applying for a car loan?

Not necessarily.

If the user's credit card is repaid on time, or the amount to be repaid on the credit card is not high, then there is no need to pay off the credit card before buying a car loan. If the credit card has an overdue record, or the credit card has a high amount to be repaid, it will affect the review results of the car loan. It is necessary to pay off the credit card before applying for a car loan.

1. However, if the borrower applies for a car loan at the bank, especially the card-issuing bank, if the credit card is used normally, it will not have a negative impact on the car loan application, but will help to keep a good record. credit record, banks are more willing to lend to this type of users. Because the bank focuses on the borrower's credit status and repayment ability, the borrower's current credit is good and he has sufficient repayment ability, which generally will not affect the car loan.

2. The cardholder’s credit card only has some borrowings, which are not overdue and the amount owed is not high. This situation has little impact on the application for a car loan. The bank will evaluate the borrower's debt situation and comprehensively consider the loan amount.

3. The credit card held by the cardholder currently has a high loan limit and has many overdue records. At this time, applying for a car loan from the bank will basically be rejected immediately.

1. When the borrower’s qualifications are average, you can actually consider choosing an auto finance company first, as the application will be more likely to be successful.

However, compared with bank loans, the interest rate is slightly higher. If your bank car loan is not approved, you can apply for a loan from the car company's own financial company. The procedure is simple. As long as the credit report is good and the information is true and not falsified, you can apply and get approved. The rate is very high.

2. The higher the user's debt ratio, it will cause auto finance companies and banks to doubt the user's repayment ability. When the repayment ability is questioned, the loan limit may be reduced.

3. The consequences of an overdue credit card are:

The bank credit card bank center will charge late payment fees and interest:

1. The late payment fee is based on the unpaid portion of the minimum repayment amount. Calculated at 5%, the minimum charge is 10 yuan or 1 US dollar

2. At the same time, the bank will also charge an interest of 50,000 per day on the entire bill.

4. Impact on credit

1. If overdue within one month, it is considered overdue. As long as it is overdue, it will be difficult to increase the credit limit even once;

2 , If you are overdue 3 times in a row or 6 times in total, you will have a bad credit record, and it will be difficult to get a loan or apply for a credit card in the future;

3. If you are overdue for a certain amount and time, the bank will The credit card will be blocked. Can I get a loan to buy a car if my credit card is not paid off

Failed to pay off the credit card in my name generally does not affect the customer's ability to get a loan to buy a car. As long as the customer can prepare sufficient information on economic income, assets and financial resources when applying, If you have the ability to repay the principal and interest of the loan on time and maintain good personal credit, you will generally be able to apply for a car loan smoothly.

Of course, if the customer’s credit card is overdue, it will affect subsequent car loan applications, because whether you go to a bank to apply for a car loan or an automobile consumer finance company to apply for a car loan, the customer will be reviewed Once a customer's credit report is found to have a bad record, they will most likely refuse to approve the loan.

In addition, if the customer has several credit cards that have not been paid off, and the repayment amount is large, resulting in high personal debt, it will also have a certain impact on the car loan. Because if the customer cannot provide sufficient information to prove that he or she has sufficient repayment ability, the bank (auto consumer finance institution) may reject the customer's car loan application because they are worried about the customer's insufficient repayment ability. Even if it is approved, the loan application may be reduced. Loan amount.