Hello, 1, the interest is different: the three-year interest is generally low. The five-year interest rate is relatively high. The monthly repayment amount is different. If it is still interest-free, the repayment pressure for three years will be much smaller. 2. Different repayment formulas: There is a calculation formula for the monthly repayment amount of car loans, mainly based on the loan method and repayment period selected by consumers, and the bank gives a suitable repayment plan according to the economic situation.

Car loan:

Auto loan refers to the loan issued by the lender to the borrower who applies for car purchase, also known as auto mortgage.

Object of loan: The borrower must be a permanent resident of the place where the loan bank is located and have full capacity for civil conduct.

Loan conditions: the borrower has a stable occupation, the ability to repay the principal and interest of the loan, and good credit; Can provide confirmed assets as collateral or pledge, or a third party with sufficient compensation ability as a guarantor to repay the principal and interest of the loan and bear joint liability.

Loan amount: The maximum loan amount generally does not exceed 80% of the price of the purchased car.

Loan Term: The loan term for automobile consumption is generally 1-3 years, and the longest is 5 years.

Loan interest rate: uniformly stipulated by the People's Bank of China.

Repayment method: you can choose one-time repayment method of principal and interest and installment repayment method (equal principal and interest, equal capital).

An auto financing or guarantee company is a third party with sufficient compensatory capacity, which repays the principal and interest of the loan as a guarantor and assumes joint and several liabilities.

Purchase conditions of auto loan:

(1) The buyer must be a citizen of China who has reached the age of 18 and has full capacity for civil conduct.

(2) Car buyers must have a relatively stable occupation, a relatively stable economic income or assets that are easy to realize, in order to repay the loan principal and interest on schedule. Assets that are easy to realize here generally refer to securities, gold and silver products, etc.

(3) During the loan application period, the car buyer shall deposit the down payment for car purchase lower than that stipulated by the bank into the bank savings counter for handling the account.

(4) Providing banks with bank-approved guarantees. If the personal account of the car buyer is not local, joint and several liability guarantee shall also be provided. Banks don't accept car mortgages purchased by car buyers.

(5) The buyer is willing to accept other conditions deemed necessary by the bank.