Approving a loan considers a number of factors. They are repayment capacity, credibility and source of income of the loan applicant. Loans are not for charity. For lenders it is their business. Hence, they need to be assured that you have a regular source of income and able to payback the money with the mutually agreed period. This is not enough. Before approving you vehicle or any loan that involves higher amount of money, lenders check your credibility. It means they check your past behavior related credits. Late payments, arrears, defaults, filing bankruptcy are treated as vulnerable credit behavior. People having such adverse tags with their credit behavior are refereed as poor credit borrowers. Lenders generally used to hesitate while they were approving loans to bad credit borrowers.
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