1, overdue penalty interest: If you don't repay on time, the bank or financial institution will charge overdue penalty interest according to the contract, which will increase your repayment burden.
2. Credit record is damaged: overdue repayment will be recorded in personal credit report, which will have a negative impact on your credit record. The deterioration of your credit record may affect your credit evaluation when applying for loans, credit cards and renting houses in the future.
3. The vehicle is taken back: According to the contract, the bank or financial institution has the right to take back the vehicle you bought as collateral. Once the vehicle is taken back, you lose all your rights and interests, and you may have to bear additional expenses.
4. Legal proceedings: If you fail to repay the loan for a long time or refuse to negotiate with the creditor, the creditor may take legal measures to recover the debt, which may lead to further legal disputes and economic losses.
5. Impact on future lending ability: Overdue repayment will have a negative impact on your future lending ability, and other financial institutions may be cautious about your credit status, making it difficult to obtain more loan opportunities.
Therefore, in order to avoid the above consequences, it is suggested to communicate with creditors in time, seek reasonable repayment arrangements or seek professional financial advice to solve financial difficulties.
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