Can Non-Local Residents Get a Car Loan?
1 Answers
Non-local residents can apply for a car loan, but there may be slight differences in the loan application conditions between auto finance companies and banks. Here is more relevant information: 1. Applying for a car loan from an auto finance company: Comparatively, applying for a car loan from an auto finance company is more likely to be successful. Auto finance companies do not restrict non-local residents and place more emphasis on the applicant's credit history and financial situation. Generally, borrowers with decent financial capability can successfully apply for a car loan. Auto finance companies not only have more lenient lending standards but also relatively simpler loan procedures. 2. Basic conditions for non-local residents to apply for a car loan: (1) The car buyer must be at least 18 years old and a citizen with full civil capacity. (2) Have a stable job and income, with good credit, and the ability to repay the loan principal and interest on schedule. (3) Hold a car purchase agreement and contract signed with the dealer. (4) Have assets recognized by the bank as collateral or pledge, or have a unit or individual with sufficient repayment capability as a guarantor. If the car buyer's household registration is not local, joint liability guarantee should also be provided. Banks do not accept the car purchased with the loan as collateral. (5) During the loan application period, the car buyer must deposit no less than the down payment stipulated by the bank in their account at the bank's savings counter.
