Is It True That People with Bad Credit Can Get Car Installment Plans?
2 Answers
It is not true that people with bad credit can get car installment plans because individuals with bad credit are ineligible for car installment financing. Institutions Offering Installment Plans: To apply for a car installment loan, you must approach a lending institution that supports car loans. Currently, there are mainly two types: commercial banks and financial loan companies. After selecting the preferred lending institution, you can directly visit their business outlets or branches to apply. Documents Required for Installment Plans: When applying for a car installment loan, you need to provide identity proof, residence proof, and other required documents to the lending institution. The institution's staff will then review the application materials. Upon approval, the loan agreement will be signed, completing the process successfully.
I've seen many people with poor credit records get car financing through unofficial channels, and the risks are indeed high. An acquaintance of mine was in a hurry to buy a car to use as a taxi and found an intermediary who claimed to handle everything, but the interest rate ended up being over 20%, plus a 5,000 yuan service fee. After driving for just three months, he couldn't keep up with the payments, the car was repossessed, and the money was wasted. My advice is not to take such risks. First, check your credit report and fix any issues, such as overdue payments, as soon as possible. If you really need a car, consider buying a cheap used car with full payment, save up enough money, and then upgrade to a new car. Be steady and don't act impulsively. In life, you need to be extra cautious when dealing with such matters, or it could affect your family's living expenses and quality of life.
