InvestorQ : i have one bad score in cibil for no repayment for vehicle loan in past for some financial problems. and now if i apply any loan it's getting rejected . so now in future i can't apply for loan?
Chirag v Gunjikar made post

i have one bad score in cibil for no repayment for vehicle loan in past for some financial problems. and now if i apply any loan it's getting rejected . so now in future i can't apply for loan?

Answer
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Mitali Bhutta answered.
1 year ago


It is always advisable to have a good credit score. However, you can still get your loan approved considering the following points:

High-income
Stable employment history
Make down payment of minimum 20% of total car value

One of the disadvantages that you may have to face is high interest rate in bad credit score. Thus, I would always flag green that even if you get to apply for a loan with the above-mentioned conditions, maintain a good credit score. Credit score must be minimum 750 and above. This helps you to avail more attractive terms.

Here is a link of an answer that will help you to know about how to improve your credit score easily: https://www.investorq.com/question/how-to-improve-your-cibil-score-and-increase-your-chances-of-ensuring-that-your-loans-get-approved-