(1) The borrower should be alert to the low monthly payment.
When applying for a loan to buy a car, what we consider most is how to save costs. Many auto financing companies seize this point and cheat borrowers with slogans, not directly saying what the expected annualized interest rate is, but simply saying what the monthly repayment amount is. However, once the borrower makes a careful calculation, he will find that the expected annualized interest rate of the loan will often exceed 10%, so he must be wary of these vague words.
(2) Dealers charge high fees.
If the borrower applies for a loan through a dealer, please be prepared to be cheated, because the dealer will charge a high fee to make up for the labor cost. These dealers cheat borrowers under the guise of charging fees by financial institutions. In fact, borrowers should know that financial institutions are not allowed to charge loan fees.
(3) The borrower should be alert to the secondary mortgage.
Although this situation is rare, borrowers need to be alert to the secondary mortgage of car dealers, leading to fraudulent loans.
(4) Discuss the unsubscribe agreement with the automobile dealer.
There may be various situations when a borrower applies for automobile mortgage. The borrower's personal qualifications and financial institutions are the key to the approval of bank loans. Ordinary borrowers pay a part of the deposit in advance. In order to avoid economic disputes, borrowers need to discuss the termination agreement with car dealers before applying for mortgage loans.
(5) The borrower needs to repay the loan on time.
It should be noted that the borrower needs to remember to repay the loan on time after successfully applying for the loan, so as not to affect personal credit.