With the improvement of people's living standards, it is very common for every family to have a car now, and many of them buy cars through loans. Before buying a car, they will definitely consider how to buy a car more cost-effective. And this question can be divided into several small questions to answer, let's take a look.
1. Which loan method should I choose?
There are three kinds of loans: bank loans, auto financing company loans and credit card installment car purchase. Generally speaking, it is cost-effective to choose a bank loan because the interest rate is low. The bank interest rate is higher than the benchmark interest rate 10%~50%. The loan term shall not exceed 5 years, and the annual interest rate for 1~5 years shall be 6%. The interest rate of many banks' car loans does not exceed 10%.
Some people may say that bank loans and credit cards are both bank loans. Having said that, the calculation methods of interest are different. There is no interest on buying a car by credit card, but there is a handling fee, and the actual annual interest rate is above 10%.
2. How much down payment can I pay?
The down payment ratio of a car loan is generally around 30%, and the lender can appropriately increase the down payment on this basis, which can reduce interest and save the cost of buying a car. Moreover, the down payment is high, the loan amount is small, the monthly payment is small, and the repayment pressure is small, which can ensure the comfort of life.
But it also needs some economic strength. However, if an individual has no money, he can first find his parents' support points and then repay the car loan.
3. How much can I borrow?
The maximum loan amount can reach 80% of the car purchase price. The final loan amount depends on the comprehensive score of income, bank flow, family situation, work unit and other factors. Under normal circumstances, the loan amount with strong repayment ability will be higher. Therefore, lending institutions realize that the repayment ability of lenders is very important.
Let me give you a hint. If the co-borrower is increased, it will help to improve the loan pass rate and get a higher loan amount.
How to get a loan to buy a car is the most cost-effective?
If you need to apply for a personal car loan, please refer to the latest quotation rate of the same grade loan market published by the National Interbank Funding Center. In each floating cycle, pricing is based on positive and negative basis points, and loan interest rate = positive basis point of reference interest rate adopted on each pricing day or loan interest rate = negative basis point of reference interest rate adopted on each pricing day. If you need to know more about other fees, please consult the local China Bank outlets in detail.
The above contents are for your reference. Please refer to the actual business regulations.
What is the most cost-effective and economical way to buy a car with a loan?
Traffic is a very important part of our daily life. If we have a car, we can solve many unnecessary troubles. However, for some young people, buying a car is indeed a big expense. Therefore, many people choose to borrow money to buy a car. And there are many ways to buy a car with a loan. Which way is more cost-effective?
Generally speaking, there are five ways to buy a car with a loan:
Credit card installment, bank car loan, auto financing company, auto financing lease, microfinance company or P2P.
Summarized their advantages and disadvantages:
According to the regulations, the amount of car loan will generally not exceed 80% of the car price. If it is used for commercial purposes, the amount will be lower. In addition, the general quota of used cars is not high.
As can be seen from the table, credit card car loan is more convenient and the expected annualized interest rate is also the lowest. However, the limitations are not small. Only brand car dealers who cooperate with banks can support credit card loans.
Many brands cannot be used.
The expected annualized interest rate of bank car loan is not high, but there are many materials to be prepared, including: ID card, household registration book, marriage certificate or single certificate, income certificate, running bill within six months, tax payment certificate, etc. Moreover, cars are usually used as collateral, so the amount is higher and it is easier to borrow money.
However, many banks have ceilings, such as a maximum loan of 500,000 pounds.
How about the auto financing company? The biggest advantage is that there are few restrictions, no rigid requirements for hukou, more flexible loan methods, and it is easier to apply for a five-year loan.
Sometimes, auto financing companies will also do some preferential activities for handling fees. Most people will choose to borrow money in this way through 4S stores.
Of course, it is also possible to buy a car through financial leasing, but some processes such as contracts and procedures are more complicated.
In fact, these loan methods have their own advantages and disadvantages. You can choose the loan method that suits you according to your actual situation. Moreover, the most important thing is to find a formal loan company for loans.
What is the most cost-effective way to buy a car with a loan?
If you apply for personal car loan business in China Bank, the interest rate shall conform to the loan interest rate regulations published by the People's Bank of China, which shall be based on the benchmark loan interest rate, and our loan interest rate will be adjusted frequently according to market conditions. The common repayment methods of personal loans in China banks are: equal monthly principal and interest, average monthly capital, one-time repayment at maturity, monthly principal and interest repayment and one-time principal and interest repayment at maturity. The specific repayment method shall be selected by the borrower and the borrower through consultation.
The above contents are for your reference. Please refer to the actual business regulations.
How to get a car loan is the most cost-effective
The handling methods of auto loans are as follows:
1. The applicant chooses a car in the 4S store, negotiates the price with the dealer, pays the down payment, and then signs a car purchase contract;
2. Go to the loan bank with the car purchase contract, ID card and real estate license, fill in the loan application form and submit the materials;
3. The bank accepts the loan application and reviews and evaluates the application;
4. Sign a loan contract with the applicant after examination and approval;
5. The applicant shall cooperate with the loan bank to complete the follow-up procedures, including mortgage registration and notarization;
6. The loan bank transfers the funds to the account of the car dealer, and the applicant picks up the car in the 4S store.
Extended reading
Auto loan refers to the loan issued by the lender to the borrower who applies for buying a car. Automobile consumption loan is a new loan method that banks provide RMB-guaranteed loans to car buyers who buy cars at their special dealers. The interest rate of automobile consumption loan refers to the ratio between the loan amount and the principal paid by the bank to consumers, that is, borrowers, to buy their own cars (7 or less non-profit family cars or commercial cars). The higher the interest rate, the greater the repayment amount of consumers.
The conditions required for a car loan are:
1. Have valid identity documents and full capacity for civil conduct;
2. Can provide proof of fixed and detailed address;
3. Have a stable occupation and the ability to repay the loan principal and interest on schedule;
4. Personal social credit is good;
5. Holding a car purchase contract or agreement approved by the lender;
6. Other conditions stipulated by the Cooperation Organization.
Automobile loan process:
1. Lead customers to choose cars at special dealers of banks and sign car purchase agreements or contracts;
2. The borrower applies to the loan bank for personal automobile mortgage;
3. Sign the contract with the consent of the investigation;
4. Go through the formalities of notarization and mortgage of automobiles.
5. The lender handles the loan;
6. After the loan is paid off, the lender cancels the pledge certificate and returns it to the customer.
Potential borrower
The borrower must be a permanent resident of the place where the loan bank is located and have full capacity for civil conduct.
deadline
The term of automobile consumption loan is generally 1-3 years, and the longest is no more than 5 years. Among them, the term of second-hand car loan (including extension) shall not exceed 3 years, and the term of dealer car loan shall not exceed 1 year.
How to borrow money to buy a car to save money? Three ways to help you buy a car
At present, there are many ways to choose a loan to buy a car, and the corresponding expenses are different in different ways. So how to borrow money to buy a car is the most economical? This is also the most concerned issue for many car buyers. Let's introduce you to the skills of saving money on car loans.
First, choose a real estate mortgage to buy a car.
When buying a car with a loan, many people provide real estate mortgage, because the loan interest rate with real estate mortgage is very low. If the lender chooses real estate mortgage to buy a car, it will greatly reduce the cost of the loan, and compared with other loan products, the loan period of real estate mortgage is relatively long, which can also effectively reduce the economic pressure of the lender.
Second, choose to prepay.
When buying a car to apply for a loan, the lender can choose the repayment period and method according to his own situation. If the pressure is high, you can choose a method with a long loan period. If your financial situation is good, you can also choose a short-term loan method or pay it off in one lump sum, because the shorter the loan time, the less interest the lender pays.
Third, choose a "direct customer" loan to buy a car
In the loan to buy a car, there are "direct passengers" and "indirect passengers". Relatively speaking, direct loans for passengers are more economical and can save the handling fees charged by car dealers.
Direct customer loan: apply for a loan directly from the bank without a third party;
Intermittent loan: the car dealer applies for a loan from the bank on your behalf;
Note: interest-free car loans need to be cautious.
"Interest-free" does not mean "free"
Many lending institutions include interest-free fees in handling fees and various surcharges. In addition, buying a car also requires car insurance and licensing fees. In fact, interest-free car loans are not necessarily more economical than traditional mortgage car loans or mortgage car loans.
This concludes the introduction of how to borrow the cheapest car and how to borrow the most suitable car. I wonder if you have found the information you need?