Calculation of various expenses of buying a car by loan

How to calculate the car loan

Loan calculation formula: 1. Repaying the principal and interest, that is, repaying the loan principal and interest in equal amount every month during the loan period. Monthly repayment amount = loan principal × monthly interest rate ×( 1 interest rate) repayment months /[( 1 interest rate) repayment months-1];

2. The average capital repayment method (the method of paying off the principal with interest), that is, the loan principal is repaid in equal amount every month, and the loan interest decreases with the principal month by month. Monthly repayment amount = loan principal/months of loan term (principal-accumulated amount of repaid principal) × monthly interest rate.

Extended information:

Car loan refers to the loan issued by the lender to the borrower who applies for buying a car. Automobile consumption loan is a new loan method that banks provide RMB-guaranteed loans to car buyers who buy cars at their special dealers. The interest rate of automobile consumption loan refers to the ratio of the loan amount to the principal of a self-use car (non-profit family car or commercial car with 7 seats or less) purchased by the bank to the consumer, that is, the borrower. The higher the interest rate, the greater the repayment amount of consumers.

The actual interest rate of car loan is set by the handling bank according to the actual situation of customers and with reference to the benchmark interest rate stipulated by the central bank. There are three kinds of car loans: direct car loans, indirect car loans and credit card car loans. The loan term is generally 1-3 years, with a maximum of 5 years.

Potential borrower

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

deadline

The term of automobile consumption loan is generally 1-3 years, and the longest is no more than 5 years. Among them, the term of second-hand car loan (including extension) shall not exceed 3 years, and the term of dealer car loan shall not exceed 1 year.

loan rate

benchmark interest rate

According to the regulations of the central bank, the benchmark interest rate is implemented for auto loans, but financial institutions can float within a certain range. The term of car loans in major banks is generally less than five years, and the interest rate of car loans directly determines the cost of people's loans, thus becoming an important factor in determining whether people lend.

How to calculate the car loan interest rate?

Monthly payment formula: a = p (1I) [(1I) n-1]/N2/I.

A: Monthly contributions.

P: total donations

I: monthly interest rate (annual interest rate/12)

N: Total months of contribution (year × 12)

loan rate

The actual interest rate of car loan is set by the handling bank according to the actual situation of customers and with reference to the benchmark interest rate stipulated by the central bank. Generally speaking, customers with excellent conditions can enjoy the benchmark interest rate or it will go down about 10%, while ordinary customers need to go up about 10% on the basis of the benchmark interest rate.

Application material

1. Original ID card, household registration book or other valid proof of residence, and provide a copy;

2. Proof of occupation and economic income, and running list of personal accounts in recent 6 months;

3 car purchase agreement, contract or letter of intent signed with the dealer;

4. Other documents and materials required by the Cooperation Organization.

What is the charge for buying a car by mortgage?

Buying a car by mortgage means that the borrower who applies for buying a car pays part of the down payment first, and the lender issues loans to the buyer in installments for the rest. Buying a car by mortgage means that the borrower who applies for buying a car pays part of the down payment first, and the lender issues loans to the buyer in installments for the rest.

Mortgage to buy a car to pay the following fees:

1, down payment: generally, the down payment is 30% of the car payment;

2. Purchase tax: the purchase tax is 65438+ 00% of the car payment;

3. Insurance premium: Insurance premium includes auto insurance, commercial insurance and GPS fee;

4. Authorization fee: 4S stores handle authorization or authorize themselves, and the fees are different;

5. Handling fee: This part of the fee is usually 2%-3.5% of the loan amount, and different brands will have different amounts;

6. Loan interest: calculated according to the loan term and loan amount of users, the interest rate is set by banks and financial institutions.

In order to increase car sales, the government and financial institutions jointly launched a personal loan car purchase business. At present, there are two main ways to buy a car with personal loans in the market finance industry, 1. It is to buy a car with real estate mortgage. Generally, a car can be mortgaged for up to 5 years with a down payment of more than 30%.

The interest rate is mainly determined according to your loan type and your personal qualifications. 2. Personal credit loan to buy a car (unsecured and unsecured, generally requires you to have good credit and stable work income). This kind of loan can generally be used for 5 years with a down payment of more than 30%.

After you meet the above conditions for buying a car by mortgage, you can go through the formalities smoothly. Just go to the loan bank and apply for a personal automobile mortgage. In addition, after providing these materials, the bank needs to review and confirm before it can be approved.

Extended data:

Application conditions for mortgage car purchase:

1, with valid identification and full capacity for civil conduct;

2. Can provide a fixed and detailed address certificate;

3. Have a stable occupation and the ability to repay the loan principal and interest on schedule;

4. Personal social credit is good;

5. Holding a car purchase contract or agreement approved by the lender;

6. Other conditions stipulated by the Cooperation Organization.

Application materials for mortgage car purchase:

1, the original ID card, residence booklet or other valid proof of residence, and provide its copy;

2. Proof of occupation and economic income;

3 car purchase agreement, contract or letter of intent signed with the dealer;