Is FAW Finance Loan Easy to Get Approved?

[StGrant]

FAW Finance loans are very easy to get approved, as long as the materials are authentic, they are basically approved instantly. The specific details about vehicle purchase installment plans are as follows: Installment Period: The installment period for car loans is related to the type of vehicle. For new cars, the maximum installment period is 60 months, while for used cars, it is 36 months. Forms of Installment Payment: Bank consumer loan method, auto manufacturer finance company loan method, and financial leasing method. Used car loan policy: Generally, the down payment starts from 20% of the vehicle's selling price, and the loan term does not exceed three years.

[MacZoey]

I've handled quite a few auto loan applications, and FAW Finance's approval process is generally considered convenient, especially if you have all your documents prepared. They mainly check whether your credit record is clean—meaning no overdue payments or negative records—and that your income proof is stable, such as pay stubs or tax returns, with monthly income sufficient to cover the installment payments. The down payment ratio plays a big role; if you can put down 20% or more, approval is more likely. FAW Finance sometimes offers promotions for its own models like Volkswagen or Bestune, with relatively lenient approval criteria. I recommend checking your credit report in advance through the People's Bank of China Credit Center to ensure everything is correct before applying. Generally, applicants with good credit and sufficient income can get approved within two days, but if there are multiple credit issues or insufficient income proof, the approval may get stuck. Lastly, don’t forget to compare interest rates and terms from other auto finance institutions, as there might be better options available during certain periods.

[CoraAnn]

Last year, I purchased a new car through FAW Finance, and the loan approval process went quite smoothly. As a company employee with a credit score above 700, I submitted a 30% down payment along with six months of pay stubs at the dealership during the application. The approval came through the next day. If your conditions are similar—such as having stable employment and no credit issues—FAW Finance loans are relatively easier to get approved. Your income level should be sufficient to cover the monthly payments, and a higher down payment can reduce risk. I’ve heard that choosing FAW’s promoted models, like the Besturn B70, can speed up the approval process. Now, online applications are also supported, which is quite convenient. It’s advisable to check your credit report in advance to avoid unexpected rejections that could disrupt your car-buying plans. Overall, with good credit and stable income, the success rate is very high.

[StSavannah]

I think the approval of FAW Finance loan largely depends on your own situation. For example, if you have a stable job and income proof, it's easier to get approved. A higher down payment ratio can also make the review process smoother. Credit history is crucial too; having no debt or overdue records can significantly simplify the approval. FAW Finance specializes in auto loans, so the process might be faster than banks. You usually get a result within a few days after submitting the application. If your conditions are poor, such as low income or bad credit, approval becomes difficult. But you can try preparing the materials in advance.

[Elsie]

From what I understand, FAW Finance's loan approval largely depends on your credit score. If you have a good credit history with no overdue payment records, the loan is generally easier to approve. The down payment ratio is also a boost—paying 20% or more can reduce their risk. It's recommended to check your credit report before applying to ensure there are no errors. The approval process can be quick, with results available within two days. If your credit is average, consider increasing the down payment or opting for an entry-level model.