Is a driver's license mandatory for car loans?
2 Answers
You can obtain a car loan without a driver's license, as it is not a requirement. Below is relevant information about car loans: 1. Conditions for car loans: Possession of a valid ID and full civil capacity; ability to provide proof of fixed and detailed address; stable occupation and capability to repay the loan principal and interest on schedule; good personal social credit; holding a car purchase contract or agreement approved by the lender; other conditions stipulated by cooperative institutions. 2. Car loan application process: Customer application. The customer submits an application to the bank, fills out the application form in writing, and provides relevant documents; signing the contract. After the bank reviews and approves the documents submitted by the borrower, both parties sign the loan contract and guarantee contract, and complete relevant notarization and mortgage registration procedures as needed; loan disbursement. Once the loan is approved by the bank, all procedures are completed, and the bank transfers the funds directly to the car dealer's account as stipulated in the contract; repayment on schedule. The borrower repays the loan principal and interest according to the repayment plan and method specified in the loan contract; loan settlement. Loan settlement includes normal settlement and early settlement.
I was also puzzled by this issue when I bought a car before. In fact, a driver's license is not necessarily required to apply for a car loan. A car loan is when the bank lends you money to buy a car, and during the approval process, the bank mainly looks at your credit history, income proof, and repayment ability, such as stable employment or asset guarantees. A driver's license only concerns your ability to drive and is not part of the loan approval process. When I applied for a loan, I only needed my ID card, pay stubs, and bank statements to get it done. If you're taking out a loan for a family member or friend, such as buying a car for your child, the driver doesn't need to have a license either—as long as you yourself are qualified to repay the loan. However, after purchasing the car, if you want to drive it on the road, the driver must have a valid license, so these are two separate matters. Don’t worry about not being able to get a loan without a driver’s license; just consult a reliable dealer for the details.
