Can consumer loans be used for car down payment?
Although both car loans and mortgages require down payment, compared with mortgages, car loans will not strictly check the source of down payment. 4S stores only care about whether car buyers can pay so much down payment. Many people in 4S stores also tell people who don't have enough down payment that they can use credit cards, so it is feasible to borrow money from consumer loans to pay down payment.
However, it should be noted that the car loan approval will check the credit. If the consumer loan used to pay the down payment is also investigated, it will have a little impact on the approval of the car loan. There are two main aspects. One is that consumer loans are personal debts, which will increase the lender's debt ratio and affect the repayment ability; One is the repayment status of consumer loans. Just pay back on time. Once it is overdue, it will be troublesome to produce bad records.
So it is best not to borrow too much consumer loans. The focus is on reasonable debt, and the debt ratio will be controlled within 50%. If you can borrow all from one lending platform, don't go to multiple lending platforms to collect money. Although the amount is the same, more than three lending platforms borrow more, and the risk of default of such lenders will be great.
In addition, it is very important to repay on time after borrowing consumer loans. After all, there are bad records after the deadline, indicating that the borrower's repayment ability is not good or there is no good willingness to repay. For car loan banks, people who can't even afford their consumer loans can hardly expect them to return their cars on time. It is best to nip the risk in the bud, and they are likely to refuse the loan directly.
The above is "Can consumer loans be used for car down payment?" I hope it will help everyone.