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Is it feasible to buy a car with a loan? Is there any risk?
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Automobile consumption loan is a new loan method that banks issue RMB-guaranteed loans to car buyers who buy cars at their special dealers.

Loan to buy a car refers to the loan issued by the lender to the borrower who applies for buying a car. In fact, it is to borrow money from financial institutions to buy a car. However, financial institutions require car buyers to pay a certain percentage of down payment and provide proof of repayment ability. They have no bad credit record and must meet the requirements of financial institutions before they can apply for a loan to buy a car.

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Matters needing attention in buying a car with a loan are as follows:

Matters needing attention in buying a car with a loan are as follows:

1. Hidden expenditure needs to be known in advance.

Generally, this situation is easy to happen in secondary dealers. In fact, as long as consumers ask about the expenses included in the total price when booking a car, are there any other hidden expenses, such as new car inspection fees and delivery fees? And also pay attention to whether the loan contract is provided by the bank, so it is troublesome to use the hands-free car.

2. Installment car insurance binding

If consumers choose to buy a car by credit card, the general automobile dealer will ask the designated insurance company to handle the car insurance for a specified period of time, and consumers should pay attention to whether the car insurance price is acceptable.

3. No oral agreement is guaranteed

Unless consumers apply for unsecured credit loans in the bank and go to 4S stores to buy a car in full, other forms of loans will not get the discount of buying a car in full. At this time, car dealers often verbally promise various concessions to consumers, but the promises that are not on the pen are all on paper. In order to avoid disputes in the future, consumers need to consider when choosing a car loan method.

4. The loan amount should be specified.

Generally speaking, with personal credit or joint liability guarantee, the maximum loan can be 200 thousand yuan; Apply for mortgage with the purchased vehicle or real estate, and the loanable amount is 70%; If a third party applies for secured loans (except banks and insurance companies), the loanable amount is 60%.

5. The repayment method should be clear.

Banks generally provide two repayment methods for users who apply for personal car loans: equal principal and interest and average principal. Among them, the total amount of interest paid by equal principal and interest is larger, but the repayment amount in each period is the same, and the repayment pressure is more balanced; The repayment amount of each period in the average capital is gradually decreasing. Although the total amount of interest expenditure is less than the equal amount of principal and interest, the amount of repayment in the early stage is large, so think twice about whether it can bear it.

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