Applying for a new car loan is very easy. You have so many sources - car loan agents, online application, bank branches, etc. Any of these mentioned ways to apply for a car loan comes with a procedure for approval.
Whether it is SBI Car Loan, HDFC car loan or ICICI car loan - every company and bank follows their own set of rules before they finance a car.
It is due to these reasons that the car loan may be approved or rejected.
1) Bad Credit Score
This is the biggest reason that a bank or an NBFC can reject your car loan application. A bad credit score reflects your credit history. Here, CIBIL comes into account. In case, you have defaulted in the past loans or credit card payment then chances are that your car loan application may be rejected.
(Do not worry however - we can still help you get a car loan in case of bad credit score or low CIBIL score.)
2) Low Income
In case you have low income and wish to buy a high end car - chances for rejection of your car loan application, are high. As car loan lending is directly proportional to your income - banks take into account your monthly or annual income.
Moreover, in case you have already taken a few loans then again the car loan approval depends on your capacity to repay the new car loan you are seeking as your bank takes into account your existing liabilities.
3) Mistakes in the car loan application
Silly mistakes too lead to the rejection of car loan application. Several information like your personal details, references, address of work and home, etc if mentioned incorrect, lead to the non approval of car loan.
(In such cases it is very important that you apply through an experienced car loan agent)
4) Physical Verification
The car loan provider verifies the residence and the work place. In case of negative verification or negative feedback from the agency that goes to verify your address, the car loan application is sure to be rejected.
Whether it is SBI Car Loan, HDFC car loan or ICICI car loan - every company and bank follows their own set of rules before they finance a car.
It is due to these reasons that the car loan may be approved or rejected.
1) Bad Credit Score
This is the biggest reason that a bank or an NBFC can reject your car loan application. A bad credit score reflects your credit history. Here, CIBIL comes into account. In case, you have defaulted in the past loans or credit card payment then chances are that your car loan application may be rejected.
(Do not worry however - we can still help you get a car loan in case of bad credit score or low CIBIL score.)
2) Low Income
In case you have low income and wish to buy a high end car - chances for rejection of your car loan application, are high. As car loan lending is directly proportional to your income - banks take into account your monthly or annual income.
Moreover, in case you have already taken a few loans then again the car loan approval depends on your capacity to repay the new car loan you are seeking as your bank takes into account your existing liabilities.
3) Mistakes in the car loan application
Silly mistakes too lead to the rejection of car loan application. Several information like your personal details, references, address of work and home, etc if mentioned incorrect, lead to the non approval of car loan.
(In such cases it is very important that you apply through an experienced car loan agent)
4) Physical Verification
The car loan provider verifies the residence and the work place. In case of negative verification or negative feedback from the agency that goes to verify your address, the car loan application is sure to be rejected.
Therefore it becomes necessary that you stay away from the hassles of car loan rejections as that may be too tiring and troublesome. It is advised that you prepare well before applying for a car loan.
In case you want your car loan application to sail through without any hurdle then you can call 88000 90480 or simply apply for a car loan here.
In case you want your car loan application to sail through without any hurdle then you can call 88000 90480 or simply apply for a car loan here.
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