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What are the fees for a car loan?

What are the costs of buying a car with a loan?

Nowadays, buying a car with a loan has become a well-known way of buying a car. However, many people do not know much about the cost of buying a car with a loan. So, what are the fees for buying a car with a loan?

Buying a car with a loan mainly includes four expenses:

1. Down payment: It is generally calculated based on the proportion of the car price (actual transaction price).

Take a car loan of about 80,000 yuan as an example. The down payment is the car purchase price × 30%, that is, 80,000 × 30% = 24,000 yuan.

2. Monthly repayment: The repayment methods generally include equal principal and interest, equal principal, and credit card installments

Equal principal and interest: the monthly repayment amount is the same. The early repayment has a large interest ratio and a small principal ratio, but after half the repayment period, the principal ratio is large and the interest ratio is small. The total interest paid is more than the equal principal method.

Calculation method: Total loan amount >Equal principal amount: The monthly repayment amount is different. It divides the loan amount evenly according to the total number of months of repayment (equal principal amount), plus the monthly interest on the remaining principal of the previous period to form a monthly repayment amount. Therefore, the repayment amount is the largest in the first month, and then the repayments become smaller and smaller. The total interest paid is less than the equal principal and interest method.

Calculation method: loan principal ÷ total number of months of repayment (loan principal - cumulative amount of repaid principal) × monthly expected annualized interest rate.

Credit Card Installment: The monthly repayment is based on the total loan amount divided by the total number of repayment periods.

Calculation method: total loan amount ÷ total number of repayment months

3. Total interest

This is based on the loan amount, expected annual interest rate and loan term. Calculate the extra cost of buying a car with a loan. However, most of today's car loans have zero expected annualized interest rate (no loan interest), and the handling fee is equivalent to the total interest to be paid.

4. Handling fee

Bank handling fee: Usually charged in proportion to the loan amount, and increases as the loan term increases. For example, if the loan is for 12 months, the handling fee is 4%; if the loan is for 24 months, the handling fee is 8%. This handling fee is not paid to the 4S store, but collected by the bank.

4S store handling fees: In addition to bank handling fees, some car loan program 4S stores also charge some handling fees. Generally, this fee can be waived through negotiation with the 4S store.

What do you need to pay for a car loan? These handling fees cannot be avoided!

Nowadays, car prices are getting cheaper and cheaper, and many users are beginning to prepare to buy a car. The vast majority of users will choose a car loan to buy a car, so they will pay a lot more handling fees than buying a car in full. Today we Let’s take a look at what you need to pay for a car loan. I hope it can help you.

1. Down payment

Generally, the capital ratio of using a car loan to purchase a car is 30%, which means that you only borrow 70% of the car.

2. Bank and 4S store handling fees

If you apply for a car loan from a 4S store, you will need to pay a certain amount of interest. Overall, the average cost is about a thousand yuan a year. Even if you use the full amount, you may need to pay a handling fee. Generally speaking, the fees are similar. Each region has different regulations. You need to ask about these contents in advance.

3. Other fees

If it is a car mortgage loan, you need to pay the following related fees.

1. Notary fee

It refers to the notarization fee when signing a loan contract. The charging standard is 100 yuan, but the fees charged by notary offices in various places may vary.

2. Investigation fees

This type of fee is usually incurred when financial companies and banks conduct investigations on consumers.

3. Mortgage fee

The mortgage fee here refers to the handling fee for mortgaging the vehicle, which is charged by the local vehicle management department. However, the charging standards in each region are different, usually Around 100-300.

4. Renewal premium

When purchasing a car, in addition to purchasing new car insurance, the lender also needs to pay a certain amount of deposit to ensure that he will remain in the 4S during the loan period. When purchasing insurance in-store, this fee needs to be paid in one lump sum when paying the down payment, but it will also be refunded after the consumer pays off the money.

5. Guarantee fee

Our loans require a guarantor. If there is no guarantor, the bank will designate the consumer to apply to the guarantee company. Generally, the interest rate for a 3-year loan is 3 %, 5 years is 4%. This type of fee will make you pay it all in one lump sum during the down payment, and will be refunded after the payment is completed.

What are the fees for a car loan? Don’t be fooled by the detailed explanation of car loan fees

How much does it cost to get a car loan now? If you plan to borrow money to buy a car now, you will probably need to pay five types of fees: down payment, insurance premium, notary fee, vehicle mortgage fee and related fees. 1. Cost: down payment = 30% of the car purchase price (the down payment ratio of each bank is not exactly the same, the common one is 30%) 2: Insurance cost = borrower’s accident insurance (the first beneficiary is the bank) home invasion insurance vehicle spontaneous combustion insurance third party Liability Insurance Vehicle Damage Insurance. The insurance premium is paid in one lump sum according to the loan period (if the loan period is 3 years, the 3-year insurance is paid in one lump sum) 3. Fees: Loan contract notarization fee (notary office fees vary slightly from place to place). 4. Fee: Vehicle mortgage fee (charged by the vehicle management department varies slightly from place to place). 5. Fees: vehicle surcharges and other fees similar to non-loan car purchases.

What are the fees for car loans?

Some fees involved in the process of buying a car:

(1) The down payment required to buy a car with a loan. Generally speaking, the down payment is usually 40% of the car price. Of course, there are also borrowers with good qualifications, such as high-income customers from institutions or large companies, who can appropriately relax the loan limit to 30%.

(2) The insurance part that needs to be paid for the new car insurance premium is national compulsory insurance, and all car buyers need to pay it. The other part is the cost of commercial auto insurance, such as car damage insurance, third party insurance, vehicle personnel liability insurance, etc. There are many types of insurance involved in the cost of commercial auto insurance. The cost of auto insurance is directly related to the car buyer's car price and other factors. The types of insurance may be slightly different in different regions.

(3) Notary mortgage fees are mainly notary fees and mortgage fees. Under normal circumstances, the notarized mortgage fee for a vehicle is about 1,000 yuan.

(4) License fee. Literally speaking, the license fee is the cost of applying for a car license. It is understood that the new car registration fee mainly includes the fee for the new car online inspection, the fee for rubbings and photos, and the fee for the new car license plate. It costs about 300 yuan to settle in, and the fees may vary slightly in different regions.

(5) Performance bond is simply the amount of security deposit paid when taking out a loan. After the borrower completes the mortgage loan, the deposit will be fully refunded, and 3,000 yuan will be charged for vehicles under 300,000 yuan.

(6) The credit fee is generally charged at 1% of the borrower's loan amount. There will be some differences in charging standards in different regions.

Required information

1: Personal loan application;

2. Valid personal identity document. Including resident ID card, household registration book, military officer ID card, passport, travel permit for compatriots from Hong Kong, Macao and Taiwan, etc. If the borrower is married, the spouse's identity certificate should be provided;

3: Household registration certificate or long-term residence certificate;

4: Personal income certificate, family income or property certificate if necessary;

5: Proof of intention to purchase a car issued by the car dealer;

6: Proof of down payment for loan purchase of a car;

7: Purchase of vehicle by means other than mortgage For guarantees, relevant materials for guarantees shall be provided, including pledge certificates, mortgage real estate ownership certificates and evaluation certificates, third-party guarantee letter of intent, etc. ;

8: If the vehicle purchased with a loan is a commercial vehicle, you must also provide proof that the purchased vehicle can be legally used for operations, such as an affiliation agreement between the vehicle and the transportation fleet, a lease agreement, etc.;

9: The vehicle purchased with a loan is a second-hand car. Proof of intention to purchase the vehicle and a vehicle evaluation report issued by an evaluation agency recognized by China Construction Bank are also required; the vehicle ownership certificate of the vehicle seller, the motor vehicle registration certificate of the transaction vehicle, and the vehicle Annual inspection certificate, etc.

In addition to the down payment of the car, what other expenses are required to buy a car with a mortgage?

In addition to the down payment when buying a car with a loan, you also need to pay car purchase tax, insurance premiums, loan processing fees and vehicle registration and inspection fees.

Car purchase tax calculation method:

1. [Car price - (car price × 17.1%)] × 10.1%

The above is a general calculation The formula and the specific amount of additional tax shall be determined according to the National Taxation Bureau database.

Car insurance calculation method:

Insurance (including commercial insurance)

1. Car damage insurance: car price × 0.9% basic premium (342 yuan);

2. Third-party liability insurance: a fixed premium of 952 yuan for a claim of 200,000 yuan;

3. Insurance for passengers on the vehicle: the insured amount is 10,000 yuan per seat, 10,000× 0.29×Number of seats;

4. Full vehicle theft insurance: vehicle price×0.42%;

5. Glass breakage insurance: vehicle price×0.12%;

6. Car damage insurance does not count the deductible: Car damage insurance premium × 15%;

7. Third party liability insurance does not count the deductible: Third party liability insurance premium × 15%;

8. Compulsory traffic insurance: 950 yuan.

Extended information

The tricks of buying a car with a loan

1. Overcharging in various names

Everyone can calculate the previous interest It’s clear, but there will be some messy charges later. For example: notary fees, mortgage fees, credit investigation fees, transfer fees, etc. These fees are not a matter of paying high or low, they should not exist at all.

2. Mandatory collection of renewal deposits

Some stores will often force you to collect deposits or say you must buy insurance from me. Mortgage companies always like this to make money from us car owners. This makes absolutely no sense. However, almost all loan companies are like this, which is really helpless.

3. Require the purchase of additional insurance

Including when buying insurance, many loan and mortgage companies will require you to buy theft insurance. In fact, some loan companies or banks, it is You are not required to buy theft insurance, and don’t think that every company is like this.