Friends living in Shanghai, we all hope to have a car of our own as soon as possible, so that we don't have to be so crowded when we go to work every day, but when we don't have enough funds to pay the full amount in one lump sum, we can consider applying for a mortgage loan to buy a car. Property has high value, low risk and is not easy to be damaged. In fact, it is also a good idea for you to apply for a mortgage loan to buy a car in Shanghai.

Mortgage loan for car purchase refers to the loan issued by Easy Loan China United Cooperative Bank to individual borrowers, which is used to buy cars for consumers' own use, with their own property as collateral.

So what are the advantages of applying for a mortgage loan to buy a car?

(1) can enjoy a lower expected annualized loan interest rate.

As we all know, the expected annualized interest rate of mortgage loans is lower than that of unsecured loans, because the risks assumed by lending institutions are equivalent to the expected annualized interest rate charged by them, and the value of collateral of borrowers is higher, which effectively reduces the risks of lending institutions, so borrowers can often enjoy lower expected annualized interest rates of loans. The expected annualized interest rate of banks' real estate mortgage loans is generally around 6%. Compared with the high expected annualized interest rate of most unsecured loans, the expected annualized interest rate of banks applying for housing mortgage loans is still low.

(2) You can use a house in someone else's name as collateral.

Don't worry if there is no house in the applicant's name to mortgage. Applicants can use their parents' property or the property of a third party as collateral, but they need to obtain the consent of the mortgagor and provide the materials of the statement of consent to mortgage issued by him before going through the mortgage formalities.

(3) The longest term of mortgage loan can reach 10 year.

For the borrower, the longer the loan term, the less the corresponding monthly repayment amount. The longest unsecured credit loan is generally 4 years, while credit card installment is only 3 years. Therefore, applying for a mortgage loan to buy a car is the best way, which will not affect the borrower's life to a great extent.

(4) The choice of the applicant's vehicle type is not limited.

When applying for a mortgage loan to buy a car, the applicant can buy the car he likes at will, but he can't pay by installment with a credit card, because this kind of car is the same as the manufacturer's, so the choice will be limited.

(5) Applicants need not worry about zero down payment when buying a car.

When we apply for a mortgage loan to buy a car, we can get a loan amount of 70% of the appraised value of the house, but if we use a credit card to buy a car, we have to pay at least 30% down payment.

After comprehensive analysis, do you think applying for mortgage loan is the best way, which can save costs and choose your favorite car freely?