The final payment of car loan means that consumers pay the final payment in one lump sum according to the agreement of car loan contract when implementing car loan. The final payment of car loan is the part that consumers have not paid except for down payment or early payment.

There are several payment methods for the final payment of auto loans, depending on the loan term.

1, 50% down payment for car loan, and 50% off balance after one year;

2. The down payment of car loan is 30%, the loan period is one or two years, the final payment is 30%, and 40% is paid within the loan period, with regular monthly repayment.

Extended data

Loan car purchase process

1. The borrower needs to prepare proof materials such as ID card, residence certificate, work certificate and loan use certificate, go to a bank, fill out an application form and fill out a contract.

2. Waiting for the bank's pre-loan qualification investigation and approval. If the lender meets the loan conditions stipulated by the bank, the bank will inform the lender to fill out some loan forms. If the loan applied by the lender needs mortgage or guarantee, it is also necessary to sign a guarantee contract and a mortgage contract, and go through the mortgage registration procedures; If the loan is unsecured, there is no need to sign such a contract.

3. Banks issue loans to lenders. Generally, banks will lend money within 2 to 3 weeks or 1 month after the approval is completed, and the loan can be released within 1 day at the earliest.

4. 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.

In the process of applying for personal automobile consumption loan, the applicant needs a copy of ID card, household registration book, marriage certificate, income certificate, bank statement, real estate license and other procedures.

Reference source

Baidu encyclopedia-car loan