Is the Final Approval Easy After Passing the Initial Car Loan Review?
1 Answers
Generally, if the initial car loan review is passed, the final approval rate is quite high. However, there are cases where the final approval might be rejected, possibly due to the borrower having similar loans in the past, loan defaults, or insufficient personal credit score. Therefore, it is recommended that the borrower contact the bank's customer service. Below are the advantages of buying a car outright versus taking a loan: Outright Purchase: Saves money; heavy burden. Paying in full means no interest, and sometimes you can participate in the dealer's cash discount promotions. However, purchasing a car is a significant expense. Loan: Potential to grow money; many pitfalls. After taking a loan, the remaining money can be used for investment. However, loans can be risky with increasing scams, so it's better to carefully choose a legitimate lending institution if opting for a car loan.