According to relevant information, the monthly mortgage repayment of used cars is calculated according to the total loan amount of each user, the number of repayment periods selected and the interest rate of financial planning. The monthly mortgage payment will be different according to the situation of each user. The specific calculation formula is: total repayment amount = principal *( 1+ repayment period * annual interest rate). Monthly payment = total repayment amount/repayment months. For example, if a user buys a used car, the repayment period is 3 years, the loan principal is 80,000, and the annual interest rate is 6.5%. According to the repayment method of equal principal and interest, the total repayment amount is 95,600 yuan, and the monthly payment is 2,655 yuan.
How to calculate the installment payment for buying a used car?
1, car price down payment = cash car purchase price × (down payment ratio is 20% ~ 80%).
2. Total down payment = down payment+insurance premium+license fee.
3. Loan amount = cash purchase price-down payment.
The average monthly payment period is five years.
5. The calculation formula is: repayment amount per installment = loan principal/number of repayment installments.
6. Interest payable per installment = remaining principal of last month × monthly interest rate of loan.
Extended data:
The age and mileage of a used car will determine whether it can be used as a mortgage. If the used car is too old, it is difficult to apply for a loan. Therefore, the age of the mortgaged second-hand car applying for a loan can not exceed 3 years, and the longest one can not exceed 6 years.
Generally speaking, used cars with high car prices and high innovation rate are easy to apply for loans. If the car price is too high, the lending institution will bear great risks; The car price is too low, and it is generally difficult to handle it, because lending institutions often do not accept car loan business below 60,000 yuan. Therefore, it is easier to apply for a second-hand car loan only if the evaluation price is between 800,000 and 800,000.
How much is the interest on used car loans?
The interest rate of used cars is 7%, that is, the monthly interest rate is 0.7%, which translates into an annual interest rate of 8.4%. At present, if the down payment is 30% or 50% and the loan term is 24 or 36, the annual interest rate of the loan is 6.6%. But the annual interest rate of bank loans is generally around 4% to 6%.
Loans in the used car market are different from new car loans, and there will be some preferential subsidies. Moreover, for a three-year loan for used cars, the minimum down payment is 50%, and the total interest is more than 20% of the total loan. The calculation formula of loan interest for used cars is: monthly payment × loan term-loan amount = total interest. Therefore, consumers should also measure their repayment ability.
Matters needing attention in second-hand car loan
The loan period, the longest loan period for new cars can reach 60, that is, 5 years. The maximum amount of second-hand car loans is 36 periods, that is, 3 years, and very few may reach 5 years. Loan interest rates, loan interest rates for new cars and used cars all fluctuate on the basis of the benchmark interest rate of the People's Bank of China. Only under the same circumstances, the loan interest rate of used cars is higher than that of new cars.
The formalities required for loan to buy a car need to meet the age of 18 and have full capacity for civil conduct. Personal loan application form, valid personal identity certificate, household registration certificate or permanent resident certificate, valid personal income certificate, car purchase intention certificate issued by the car dealership, loan car purchase down payment certificate, mortgage certificate and other documents are required.
How to collect and calculate the mortgage fee for used cars?
1. The general notarization appraisal fee is about 2,000 yuan, 3% of the loan amount for renewal, the door-to-door fee is about 500 yuan, and the guarantee fee is 1000 yuan.
2. If your credit information is not very good, you will also install a gps, and the cost is about 1000.
3. The calculation formula of loan interest for used cars is: monthly payment × loan term-loan amount = total interest.
4. At present, the new car loan is three years, the minimum down payment is 30%, and the total interest is 12% to 15% of the total loan.
5. For a three-year loan for used cars, the minimum down payment is 50%, and the total interest exceeds 20% of the total loan.
Extended data
The second-hand car mortgage loan process can be divided into the following steps:
1. Car buyers go to bank outlets for consultation.
Car buyers go to the bank's business outlets for consultation, and the outlets recommend special dealers who have signed cooperation agreements with the bank on second-hand car consumption loans.
2. Go to the dealer to choose the used car to buy and sign a car purchase agreement with the dealer.
Go to the dealer to choose the used car to buy, sign a car purchase agreement, and make clear the model, quantity and color.
3. Apply for a loan at a bank outlet.
The necessary materials for applying for a loan at a bank outlet include: personal loan application, valid identity documents, proof of occupation and income, basic family information, car purchase agreement, supporting documents required for guarantee, and other conditions stipulated by the lender.
4. Banks audit user credit.
The bank shall notify the car buyers within fifteen working days after accepting the loan application, and sign a loan contract for second-hand car consumption with the borrowers who meet the loan conditions. The maximum loan amount for second-hand car consumption does not exceed 60%~80% of the car purchase price (different banks), and the longest loan period does not exceed three to five years (different banks). If the user does not meet the loan conditions, the bank will return the application materials to the applicant.
5. Sign loan and guarantee contracts.
If the applicant meets the loan conditions, the bank will sign a loan contract and related guarantee contract with him. Guarantee methods and corresponding procedures:
(1) If the user provides a third party joint and several liability guarantee (except banks and insurance companies), the guarantor signs a guarantee contract with the bank, and the insurance company can also provide a joint and several liability performance guarantee or the bank can provide a letter of guarantee.
(2) The user should sign a mortgage or pledge contract with the bank to guarantee by mortgage or pledge. If the house is mortgaged, it must be appraised and confirmed by the designated appraisal agency, and the bank and mortgagor shall go through the mortgage registration at the county real estate registration office where the house is located, and the contract will take effect after obtaining the property right certificate. If it is a pledge guarantee, the pledge contract will take effect after the title certificate is handed over to the bank.
(3) After the above procedures are completed, the bank shall issue a loan notice to the special dealer in time.
(4) If the purchased second-hand car is used as collateral, the bank will issue a loan notice to the special dealer. After the purchased second-hand car is licensed, the bank will go to the vehicle management office for mortgage registration.
6. The bank issues loans, and the user handles vehicle insurance and picks up the car.
After receiving the loan notice 15 days, the special dealer will hand over the customer's car purchase invoice, payment document and driving license (copy) to the bank. After the customer goes through the formalities of property insurance, the bank issues loans. The types of insurance include: vehicle loss insurance, third party liability insurance, burglary insurance and spontaneous combustion insurance. All kinds of insurance period shall not be shorter than the loan period.
7. Customers repay on time
The customer repays the principal and interest on a monthly or quarterly basis.