Is a 10-Day Car Loan Overdue Serious?

[HavenFitz]

The adverse consequences of a car loan overdue mainly include: 1. Starting from the overdue date, penalty interest will be charged. When the customer repays after ten days, in addition to the principal and interest originally due, they will also need to pay over ten days of overdue penalty interest. 2. The overdue situation will be reported by the handling bank (auto consumer finance company) to the central bank's credit reporting system, leaving a negative record in the customer's personal credit report, thereby damaging their personal credit. It's important to note that credit records are difficult to repair. After repayment, the overdue record generally remains for at least five years before it may be deleted by the system (manual intervention cannot force deletion). 3. Due to the damage to the customer's credit, and since banks (loan institutions, platforms) usually review the customer's credit (mainly checking the credit records of the past two years) when applying for credit cards or loans, the customer's future credit applications will also be hindered. It will be difficult to obtain a credit card or loan in the short term.