Is FAW Finance Loan Easy to Get Approved?
2 Answers
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.
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.
