How to repay the car loan in advance
Procedures for prepayment of auto loans: 1. Apply for prepayment from the bank where you applied for a loan 15 days to 1 month in advance; 2. After the approval of the bank, notify the specific processing time; 3. According to the agreed date, bring your ID card and the loan contract signed with the bank to the bank to fill in the loan repayment application form and prepayment agreement. The money to be repaid will be deposited into the account according to the requirements of the bank, and the bank will automatically deduct the money.
Specific prepayment steps and precautions are as follows:
1. Make an appointment in advance
Advance repayment requires an appointment, and it cannot be handled as soon as you arrive at the bank. General banks must make an appointment 15 days or one month in advance, and different banks have different regulations, which may be related to the applicant bank.
2. About liquidated damages
Generally speaking, most banks will charge liquidated damages for loans within half a year or one year, and the specific percentage needs to be consulted with the relevant banks. Therefore, the borrower can compare the payment of liquidated damages, interest and other funds, and then decide whether to repay the loan in advance.
3. Time limit
There is no limit to the number of times you can repay your car loan in advance. You can pay off all the loans in one lump sum or in part. Only the initial repayment amount of each loan varies from bank to bank, some of which are 1 1,000 yuan or multiples of 1 1,000 yuan, while other banks stipulate that partial repayment can be made in advance if it exceeds 1 1,000 yuan.
Car loan helps to become a "car lover" in advance.
There are many kinds of car loans. If we use various discount and zero interest rate policies, we can even achieve no-cost loans.
The baby will be born soon, and Amin should implement the car purchase plan in advance. Another thing embarrassed him: recently, many news rumors said that Shanghai would extend the license plate time limit in other places. Without a Shanghai license, it will be even more inconvenient to drive in the city. However, the auction price of a Shanghai license plate is more than 70 thousand, and the funding gap is even bigger! What should I do? Only by borrowing money from tomorrow can we realize the car purchase plan ahead of schedule.
Option 1: Buy a car by installment with a credit card.
The most widely used loan method, easy to apply, is mainly suitable for economical cars.
This is the most common car loan. When buying a car in a 4S store, many salesmen will recommend the business of buying a car by installment with a credit card. But is the credit card enough to buy a car? Don't worry, first of all, you need to make it clear that this problem has nothing to do with your credit card. On the contrary, if I give you more money to buy a car, the repayment will be separate. It is used separately from the credit card you usually use.
Installment is used to calculate the cost of buying a car by credit card installment. Generally speaking, the handling fees of 12 and 24 periods are about 5% and 8% respectively, while the handling fees of 36 periods generally exceed 10%. These expenses should be paid together with the down payment of the car. Anyone with financial knowledge knows that the actual interest rate of this payment method is generally above 10% (because the cost is calculated according to the total principal, but the principal occupied in the repayment process is decreasing).
However, now 4S stores often offer discount activities, which reduces the loan cost.
For example. If you borrow 654.38+0.5 million yuan to buy domestic Q3, you only need to pay 3,000 yuan (2%) each time. If it is divided into 18 installments, the one-time payment is 5000 yuan, so the rate is still relatively low. Therefore, low cost is the advantage of credit card installment car purchase.
The application materials for credit card car purchase are relatively simple, and the amount mainly depends on two factors: First, the maximum loan amount of the car you buy can reach 70% of the car price, and the maximum loan amount generally does not exceed 200,000 yuan; Another important thing is your earning power and assets. If you provide your real estate license, the installment amount will be higher.
Option 2: Bank car loan
High loan amount, long loan term and low interest rate.
The bank's car loan also adopts the way of staying in the 4S shop and applying to the car dealer for submitting materials. The process is similar. But there are two main differences between it and credit card installment payment.
The first difference is that it is much higher than the credit card installment amount. Credit card installment purchase is mainly aimed at individuals or families who buy cars for the first time. It suits Amin very well, so the installment limit is 200 thousand. Bank car loans can reach up to 80% of the car price, and the loan amount can be enlarged to 500,000 yuan. Therefore, as long as your conditions are hard enough, it is completely feasible to buy a luxury car with a bank car loan. In contrast, business owners will use this kind of loan more when upgrading and changing cars.
The second difference is that the repayment method of bank car loans is more flexible. Its longest term can reach 5 years, and it can provide equal principal and interest. The repayment method of average capital, down payment or overpayment of final payment, and underpayment in the middle is much more flexible than credit card installment, which is suitable for people with phased income. For people who change cars frequently, this is also a way to reduce the cost of buying a car.
In addition, the bank's auto loan interest rate is at a medium level, around 10%. Although it is higher than the general bank loan interest rate, it still has certain advantages compared with other consumer loans and auto financing companies' loan interest rates.
Option 3: auto financing loan
Combining regular car purchase services with loan products, zero interest rate activities are worth participating in.
Although auto finance is not well known to many consumers, it is booming overseas. Operating by major automobile brands is the main way to buy a car loan.
Although there are many auto financing companies in China, such as Volkswagen, Toyota and Ford, the overall development is not satisfactory. Why? Because the interest rate of auto finance is relatively high, the loan interest rate of auto finance is usually higher than 10%, which is higher than the loan interest rate of banks and credit cards. Who doesn't want to choose a cheap loan?
However, car financing loans to buy a car also have their own advantages. Auto financing companies usually combine car purchase services with loan products, such as auto insurance, extended warranty and used car business, which will provide value-added services for some car buyers. For example, some car owners frequently change cars, so it is much more convenient to sell old cars and buy new ones through the used car service of auto finance companies.
The loan products of auto financing companies are also rich, especially the flexible repayment design is suitable for seasonal income. However, this point has been understood by bank loans, such as the flexible final payment of CITIC Car Loan mentioned above. During this loan period, there is no need to repay the principal and interest every month, only a part of the interest needs to be repaid every month, and 30%~50% of the repayment will be paid at the end of the period.
In addition, according to the reporter, auto finance companies often introduce low-interest products, such as "zero interest" car purchase plans for some models. If you happen to be interested in a specific model, it is also a good choice to use the loan from the auto finance company.
Option 4: Buy a car license with a loan.
Exclusive loans, small capital gap can apply.
In a city with high license plate price like Shanghai, borrowing money is also a way to solve the car purchase gap.
These credit cards can purchase license plates by stages: Agricultural Bank of China, China Construction Bank and Shanghai Bank all offer the method of purchasing license plates by stages, mainly through credit cards. Take Shanghai Bank as an example. If Amin wants to apply for license plate installment payment, he needs to have a credit card of Shanghai Bank and provide a series of materials when bidding. According to Amin's credit card records and assets, Shanghai Bank will provide loans for the license plate purchase funds, which will be used to pay the fees related to private car licenses through credit cards.
In terms of term and interest rate, Shanghai Bank is divided into six periods and twelve periods. The handling fee for six installments is 0.65% per month, and the handling fee for twelve installments is 0.6% per month.
BOC Consumer Credit also has an "automobile derivative loan" product, which can be used to pay all kinds of derivative expenses related to car purchase, including license plate, car purchase tax, car insurance and car decoration. For vehicles with a car price of less than 300,000 yuan, the maximum single loan can reach 6,543,800 yuan; A single loan for a vehicle with a price of more than 300,000 yuan can be up to 200,000 yuan, and the loan period ranges from 3 months to 60 months.
Standard Chartered Bank also launched a "license plate loan" service in consumer loans. Its advantage lies in its high speed. You can apply at any time before bidding. Applications can be submitted for three consecutive months. After winning the bid, Standard Chartered Bank will inform the lender to release the loan as soon as possible on the same day.
It should be noted that the interest rate of buying license plates with consumer credit is not low. For example, the annualized interest rates of consumer loans in China Bank are 15% and 19.8% respectively. The minimum loan interest rate of Standard Chartered license plate loan is 0.95% per month, and the loan handling fee is required. How to repay the car loan in advance? Car loan helps to become a "car lover" in advance @20 19