How long does it take to review a car loan?

It usually takes about 15 days for the bank to review a car loan. If the borrower is approved, the bank will send a notification.

The process of applying for a car loan at a bank is:

1. Bring relevant materials and submit a loan application at a bank outlet;

2. The bank will investigate the materials. Then proceed to approval;

3. After approval, the borrower signs a contract with the bank;

4. The borrower goes through notarization, mortgage and other procedures;

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The loan process after the car loan application is approved:

1. First pay the down payment at the 4S store (this is the first step for you to prove your payment credit to the bank).

2. After a few days, you will receive a credit card from the bank.

3. After waiting for about a week, the bank will send you a text message informing you that the money has been deposited into your account. Then you take this card and go to the 4S store to pay with the card. This amount is directed by the bank to the 4S store and cannot be spent or cashed out elsewhere.

4. The 4S store has withdrawn this amount, plus the down payment you have paid before. At this point, the 4S store has collected the full payment. In theory, you can take the car away (of course it is best Still decided to wait for a good license plate before picking up the car).

5. The rest is the lending relationship between you and the bank.

Reasons for slow car loan review:

1. Incomplete personal information

The car loan business requires car buyers to have a household registration book or property certificate, and a If there are errors or problems with the series of certificates, it will affect the approval time.

2. Down payment

Nowadays, most car buyers choose a loan ratio of 40% to 60% of the car price. If the down payment is too low, the approval speed will be affected.

3. Special circumstances

If there are policy reasons that will cause the institution or bank to have insufficient quota, you may need to wait in line for a period of time. Actively contact the account manager to inquire about the approval progress. .

First: The property certificate used to apply for a loan is only a property certificate and will not be mortgaged.

Second: It depends on which financial institution you use. If it is a financial company of a car brand, it is much simpler. It only takes 5 working days from submission of documents to delivery of the car;

Third: There are two types of bank approval. One is a credit loan, but it is not exactly the same as what the fastest reply said. After the bank approves, you pay the down payment, and the bank will help you pay off the rest. Give the money to the 4S store and you can pick up the car. The cycle for this type of loan is 4-5 working days. The other is a mortgage loan. After you pay the down payment, the 4S store will issue an invoice. After you present the invoice, policy, certificate, and ID card, you will give the information to the 4S store. The bank will complete the mortgage process before releasing the loan to the 4S store. The loan cycle ranges from 5-12 working days, and each bank is different.

How long does it take to review a car loan?

A car loan refers to a loan granted by a lender to a borrower who applies to buy a car, also known as a car mortgage loan. The loan recipient must be a permanent resident of the location of the lending bank and have full civil capacity.

The approval time for a car loan is determined by many factors. If the car loan approval through the bank takes a long time and the process is complicated, it usually takes about a week to pay if all the documents are prepared. Installment loans with a credit card usually take about a week, are convenient and interest-free. However, when applying for a loan through an auto finance company, the approval time for an auto loan is relatively short, usually only 2 to 3 days. However, car finance companies have many loan processing fees and often charge arbitrary fees. You can choose according to your actual situation.

Car loan application conditions

1. The car buyer must be over 18 years old and a Chinese citizen with full capacity for civil conduct.

2. Car buyers must have a stable job, stable economic income or easily liquidated assets in order to repay the loan principal and interest on schedule. Realizable assets here generally refer to securities, gold and silver products, etc.

3. During the period of applying for a loan, the car buyer deposits the down payment for the car that is lower than the bank's regulations into the bank's savings counter account.

4. Provide the bank with a guarantee recognized by the bank. If the car buyer's personal account is not local, a joint liability guarantee must be provided. The bank will not accept the mortgage set by the car buyer with the loan.

5. The car buyer is willing to accept other conditions deemed necessary by the bank.

How long does it take to get a loan to buy a car

Sometimes we need a loan to buy a car, so everyone needs to know more about the loan. How long does it take to apply for a loan? This is a question that many people don’t know about. But it is a very important point and everyone needs to understand it clearly. I have compiled the following content to answer your questions, I hope it will be helpful to you.

How long does it take to get a loan to buy a car?

It can usually be done in half a month.

Car loan purchase process

1. First find a financial institution willing to provide loans. Many brands of cars such as Volkswagen, Nissan, etc. have their own financial companies. If there is no dealership, Recommended by the Chamber of Commerce.

2. Find the financial institution that provides the payment, and then prepare the financial proof materials including: real estate certificate, employment certificate, social security certificate, household registration book, ID card, personal credit certificate issued by the People's Bank of China, the bank's latest Three months of personal account turnover.

3. The entire loan approval process takes about 15 working days. Some vehicles require a partial down payment, so you need to prepare some cash.

Relevant legal provisions

The Central Bank and the China Banking Regulatory Commission decided to revise the "Automobile Loan Management Measures". The new measures will come into effect on January 1, 2018. According to the new method, the maximum issuance ratio of self-use traditional power vehicle loans is 80%, and the maximum issuance ratio of commercial traditional power vehicle loans is 70%; the maximum issuance ratio of self-use new energy vehicle loans is 85%, and the maximum issuance ratio of commercial new energy vehicle loans is 75%; used cars The maximum loan disbursement ratio is 70.

Now, let’s have a certain understanding of how long it takes to apply for a car loan. This is also a problem we often encounter when buying a car. However, we still need to submit corresponding materials during the application process in order to successfully complete the application and ultimately purchase the car successfully. If you have other questions, please feel free to consult a professional lawyer.

How long does it take for a car loan to be approved?

Car loans usually take about 7 working days to be approved. If you choose manufacturer finance when purchasing a car, the review will be faster and can usually be completed on the same day.

Car loans are generally easier to pass than other loans because the loan amount of a car loan is relatively lower than other loans (housing loans). As long as people with a regular job and income can generally afford it, Unless you are too willful when choosing a vehicle and exceed your own affordability.

However, the review speed will also be affected by many factors. For example, if the information you provide is incorrect, it will delay a lot of time. Secondly, during the initial review stage, the bank will call you for a return visit for the car loan. The occurrence of errors will also affect the speed of approval and even the results of the review.

If the car loan bank does not approve it, it may be due to several reasons.

1. The loan amount is too large and the bank thinks you are unable to repay it.

2. Bad credit report. If you have had a credit card overdue within 5 years and defaulted on repayments more than twice, the bank will have a high chance of rejecting your loan.

3. The spouse’s credit report is poor. The credit report of the spouse of a married person is also one of the factors considered by the bank.

4. The amount of arrears is too much. If the amount of arrears is too much, the bank may reject your loan. Even if it is not rejected, the loan amount may be reduced.

5. The monthly repayment amount accounts for more than 50% of your monthly income.

When we buy a car, we should first understand the relevant car loan policies in advance. In the unfortunate event that the car loan is not approved, you should reflect on the possible problems that may arise. If you can't get a bank loan, you can also choose car dealer finance or a car loan company.

Car loan companies have more flexible repayment mechanisms than banks, but the rates will also increase accordingly.

Supplementary knowledge related to loan car purchase:

1. Process of loan car purchase:

1. The borrower submits loan application materials to the bank;

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2. The bank conducts a preliminary review of the application materials submitted by the borrower;

3. The bank conducts a credit investigation and customer evaluation of the borrower;

4. After preliminary review and credit investigation, loan applications that meet the loan conditions will be reviewed and approved;

5. If approved, the borrower will be notified to go through relevant procedures such as contract signing, loan, mortgage or pledge; if not approved, the borrower must The borrower shall explain;

6. After the loan contract takes effect, the handling bank will issue the loan. A special lending method is adopted, that is, according to the loan contract, the handling bank directly transfers the loan to the account of the dealer where the borrower purchases the car.

2. The basic conditions for applying for a car mortgage loan are as follows:

1. A citizen who is over 18 years old and has full capacity for civil conduct.

2. Have legal identity documents, local permanent residence or valid residence certificate.

3. The individual receiving the loan must have stable career and economic income or assets that are easily liquidated, sufficient to repay the principal and interest of the loan on schedule.

4. The lender’s own funds are sufficient to pay the down payment for car purchase stipulated by China Construction Bank.

5. The lender must provide a guarantee recognized by the bank.

6. The lender is willing to accept other conditions that the bank deems necessary.

How long does it take to get approval for a bank loan to buy a car?

It takes about 15 working days to get approval for a bank loan to buy a car. The reasons are as follows: 1. Since it involves evaluation, mortgage registration and other steps, each customer's situation will be different; 2. For the specific loan disbursement time, review status, processing progress, etc., you can directly contact the handling outlet or loan customer Confirmed by the manager; 3. The person applying for the loan must be over 18 years old and a citizen with full capacity for civil conduct.

How long does it take to buy a car with a loan?

It usually takes about half a month to buy a car with a loan.

Loan purchase process:

1. Find a financial institution willing to provide a loan. Many brands of cars, such as Volkswagen, Nissan, have their own finance companies, which dealers will recommend if not available.

2. Find a financial institution that provides loans and prepare financial supporting materials, including: property certificate, work permit, social security certificate, account books, ID card, and bank personal account statements in the past three months.

3. The entire loan approval process takes approximately 15 working days. Some vehicles require a partial down payment, so we need to prepare some cash.

Extended information:

A simple and popular understanding of a loan is borrowing money that requires interest.

Loan is a form of credit activity in which banks or other financial institutions lend monetary funds according to certain interest rates and must be returned. Loans in a broad sense refer to the general term for lending funds such as loans, discounts, and overdrafts. Banks invest their concentrated currency and monetary funds through loans, which can meet the society's need for supplementary funds to expand reproduction and promote economic development. At the same time, banks can also obtain loan interest income and increase their own accumulation.