What to Do If You Were Tricked into Taking Out More Auto Loan Than Needed?

[MacElle]

If you were tricked into taking out more auto loan than needed, promptly contact bank staff to clarify the reason for the excess unauthorized loan amount. Cancel it if you did not apply for the additional loan. Generally, auto loan applications are easily approved as long as applicants have good qualifications and no adverse credit records. Below are the requirements for auto loan applications: 1. Age requirement: The car buyer must be at least 18 years old and a Chinese citizen with full civil capacity; 2. Stable occupation: The buyer must have a relatively stable job and steady income or possess easily liquidated assets to ensure timely repayment of principal and interest. Easily liquidated assets typically refer to securities and precious metals; 3. Down payment deposit: During the loan application, the buyer must deposit a down payment lower than the bank's specified amount into the designated savings account; 4. Provide bank-approved guarantee: If the buyer's household registration is not local, they must also provide joint liability guarantee. Banks do not accept vehicle mortgages set up with the loan-purchased car; 5. Accept conditions: The buyer must agree to other necessary conditions proposed by the bank.