The financial scheme adopted by the two companies is to pay a certain proportion of down payment and then repay it regularly every month. The monthly repayment amount is fixed, which is a typical repayment method of equal principal and interest.
We only need to calculate the annual interest rates of the two companies, and then compare which company will be more cost-effective in combination with other fees charged by the two companies.
Calculation formula of equal monthly payment of principal and interest and interest:
R stands for monthly interest rate, P stands for loan amount, and N stands for loan term (number of months).
Through this formula, as long as the monthly repayment amount, loan term and loan amount are known, the monthly interest rate can be calculated and then the annual interest rate can be calculated.
First, I have a second-hand car financial plan.
We can find a BMW 3 Series on the used car platform, and there will be a used car staging scheme on the right. Just click enter to view its financial plan.
After clicking enter, you will see that Xinyou used car provides you with three down payment schemes, namely 1% down payment, 20% down payment and 30% down payment, and the repayment period of any down payment is three years.
Through calculation, we can see that the annual interest rate of used cars in Xinyou is about 15.8%.
If we calculate according to the 30% down payment, let's take a look at the final repayment interest. The total interest paid in three years is 52,582 yuan, and the total principal and interest is 25 1982 yuan.
The total amount you spent on this used car = down payment (85,500 yuan)+total loan principal and interest (2,565,438 yuan +0.982 yuan)+logistics fee (65,438 yuan +0.465,438 yuan+0 yuan)+transfer fee (65,438 yuan +0.800 yuan) = 340,743 yuan.
Remarks: The installment page does not show whether there is a loan service point +GPS installation fee. If there are any, they need to be added to the total cost.
Second, melon seeds used car financial scheme
We also choose a BMW 3 Series, and the price of used cars is around 280,000, so the comparison will be more obvious.
The staging scheme of melon seeds used car only provides 30% down payment scheme, and the payment method is not as flexible as that of used car. Let's look at its annual interest rate.
Through calculation, we can see that the annual interest rate of melon seeds used car is 15.82%, which is basically the same as that of Xinyou used car, and there is little difference between them.
If we calculate according to the 30% down payment, let's look at the final repayment interest. The total interest paid in three years is 525 18 yuan, and the total principal and interest is 2526 18 yuan.
The total amount you bought this used car = down payment (85 700 yuan)+total loan principal and interest (252,665,438 yuan) +GPS equipment service fee+consulting fee+management fee.
Summary: Through these calculations, you can see that the annual interest rates of installment loans for used cars with heart and melon seeds are the same, both around 15.8%, and the expenses incurred by your loan are basically the same, but other expenses charged by each family are different. The difference in your loan is reflected in other expenses. When buying a car, be sure to ask what other miscellaneous expenses are available.
Used cars will be more flexible in down payment, which can be divided into 10%, 20% and 30%. Used car with melon seeds is relatively simple, with only 30% down payment as an option. Here, we need to remind you that the above calculation is based on the full price, and the actual loan or transaction price may fluctuate to some extent. For example, the car price of the loan may be cheaper than the full price, so your loan amount will be reduced, but the annual interest rate of your loan will increase.
Whether you buy a car in full or in installments depends mainly on your actual situation. No matter whether your funds are sufficient or not, you should know that the total cost you need to pay in three years is about 340,000 yuan, which is an extra price of 55,000 yuan. Can you accept this price?
Many people find that the final price paid after the loan is much higher than their imagination, so they complain about these platforms, saying that merchants cheat consumers. There is no pie in the sky, and no one's money is blown by the wind. You think you can buy a car at a lower down payment cost, so you have to pay these extra expenses, because all funds have costs.
There is also a new edamame car in the melon seeds. You can also use this method to calculate the annual interest rate of the new edamame car, and you will know that the annual interest rate of the new edamame car is different from that of the used car installment. Guess which one has a higher annual interest rate?
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.