Auto insurance includes vehicle compulsory insurance and commercial insurance. Compulsory vehicle insurance: 950 yuan/year for families with 6 seats or less, and 1 100 yuan/year for families with 6 seats or more. Commercial insurance is divided into basic insurance and additional insurance. Basic insurance includes third party liability insurance and car damage insurance. Additional risks include theft and emergency rescue, vehicle liability insurance, no-fault liability insurance, vehicle stop-loss insurance, spontaneous combustion loss insurance excluding special risk of deductible and so on.

Generally, the handling fee paid for the loan to buy a car does not include purchase tax and insurance. These two items should be calculated separately before calculating the cost of buying a car. It is compulsory to buy a car with a loan.

Extended data

The specific process of loan to buy a car

1, after the applicant is optimistic about the vehicle to be purchased, he/she needs to fill out the Application Form for Automobile Consumption Loan and the Questionnaire on Credit Status, and submit them to the loan bank together with relevant personal information.

2. After receiving the application, the bank will conduct pre-loan investigation and approval.

3. After examination, the bank informs the borrower to fill in various forms, as well as loan contract, guarantee contract and mortgage contract, and go through mortgage registration and insurance procedures.

4. Banks issue loans.

5. The borrower pays the down payment to the car dealer, and handles the car pick-up formalities with the passbook and the car pick-up note issued by the bank.

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