commercial bank
The consumer finance business of China's commercial banks started at 200 1 and was monopolized by commercial banks until 2003. Features: the most common; High threshold; Lower interest and longer processing period. The requirements for consumers' financial resources, real estate and household registration certificates are stricter, and some of them need to be pledged. It is more troublesome to apply for bank loans for foreign household registration. When inquiring about personal credit, banks may refuse to apply for car loans once they see serious bad records.
In addition, some banks also have credit card installment business, which does not require real estate mortgage, and the procedures are convenient and flexible, but the amount is limited and the loan period is short.
Auto Finance Company (and Manufacturer Finance Company)
In 2004, the first domestic auto financing company was established, and auto financing companies began to enter the auto consumption market. At present, there are more than a dozen auto finance companies and manufacturer finance companies in China, all of which are approved by CBRC and supervised by CBRC. The product interest rate is similar to the bank interest rate in the same period, and the minimum down payment is 30%.
Features: providing car loan business for car buyers of this brand. Relatively speaking, brand selection is limited to this brand, with long loan period and high interest rate; Pay more attention to personal credit history and repayment ability.
Leasing finance company
A financial leasing company is a company that cannot obtain an auto financing company, and first uses a financial leasing license to do auto consumption finance business. Features: These companies are supervised by the Ministry of Commerce, with flexible product design, low down payment (minimum down payment of 30% for auto financing companies), long loan period, and loans for purchase tax, maintenance and insurance. Pay more attention to personal credit history, repayment ability and car purchase purpose.
Internet auto finance company
Internet auto financing company refers to an Internet auto company (non-P2P) that holds a financial leasing license and engages in auto consumption finance. Such companies include CreditEase Finance, Shanghai Auto Finance Leasing Company, Zhongfu Finance Leasing Company, and the second-hand car finance leasing business with heart finance.
Features: the threshold is relatively low, and the brands and models provided are relatively rich. Some also provide car-finding services, making loans faster. Pay more attention to personal credit history, repayment ability and car purchase purpose.
To sum up, to apply for a car loan, you must first submit an application for a car loan to a financial institution and show all the necessary documents; As long as you have a good credit record, repayment ability and reasonable use of the car, you can successfully apply for a loan.