1. How to calculate overdue interest?
If the car loan of Changan Finance is overdue, there will be extra interest. The value date starts from the date of consumption, not from the day after the last repayment date. It is suggested that if the total amount is not repaid, the minimum repayment amount can be repaid first, without affecting the credit line. At the same time, there will be a buffer period, so that banks can know the flow of funds in the account in time and will not freeze the account.
Second, there is a grace period.
Under normal circumstances, the latest repayment of car loans from formal lending institutions or banks cannot exceed 15 days. Some banks or lending institutions have set a grace period, and if the repayment is completed within the grace period, it is not overdue. When the car loan is overdue, the bank or lending institution will remind you that if the lender continues to default, the lending company or bank will take certain measures, such as suing the court, towing the car for auction and so on. If you have the ability to repay, it is better to repay on time. It is not good for you to avoid this loans overdue phenomenon as much as possible.
Third, the consequences of overdue are serious.
First, there will be liquidated damages and penalty interest. General default interest is calculated on a monthly basis, and compound interest is calculated on a monthly basis. The longer the overdue period, the more serious the interest will be. Will affect personal credit. If it is overdue, it will generally be uploaded to the personal credit report. If it is once or twice occasionally, the overdue time is short and the impact will not be great. But if it is serious, it will affect future loans. If a loan is made, the personal credit report will be reviewed to see if the lender's credit problems can be paid off on time. Therefore, everyone must repay in time and must not be overdue.