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How much is the interest on used car loans?
The interest rate of used cars is 8%, that is, the monthly interest rate is 0.8%, which translates into an annual interest rate of 9.6%. At present, if the down payment is 30% or 50%, the annual interest rate of the loan is 6.6% and the loan period is 24 or 36 periods. But the annual interest rate of bank loans is generally around 4% to 6%.
However, in the used car market, interest rates in different regions or stores will be different. In the used car market, the lowest rate is 5.5%, and it is common to reach 7% and 8% in some areas. Therefore, if consumers want to borrow money to buy a car in the used car market, it is best to shop around before making a choice.
Procedures for buying used car loans
1. Fill in a car purchase intention form at a used car dealer, then go to the bank to handle the loan business and fill out the car loan application form. The above information needs to be filled in truthfully, because it will affect the subsequent approval and evaluation.
2. Then submit the required information to the bank, generally including personal identity certificate, income certificate, work certificate, real estate license, household registration book, marriage certificate (married person) and so on. It is best to consult the bank to which the car loan belongs in advance to avoid a trip in vain.
3. Signing a contract generally includes a car purchase contract, a mortgage contract and a loan contract. Banks, car companies and loan applicants each hold one copy.
4. Pay the down payment. The down payment of second-hand car loans is generally above 50%, and then the car dealer transfers the vehicle to the buyer.
5. Finally, the bank pays the second-hand car dealer, and at the same time, the second-hand car dealer assists the car buyer to go through the formalities of picking up the car, and submits the motor vehicle registration certificate (green copy), car purchase invoice, insurance documents and other documents to the bank for mortgage.
How about Xi Anxin having a 20% down payment loan for used cars?
It's good.
The interest rate of used car loan is related to the down payment ratio. The annual installment interest rate of used cars is about 15.8%, and the 20% down payment loan will be reduced.
However, after the down payment ratio increased, the liquidity of funds became worse. The choice of low down payment and high interest rate or high down payment and low interest rate depends on the loan demand of the lender.
Is the second-hand car loan 4% 7 high?
A: Not high. 4% 7 is a relatively low interest rate. When you buy a car in our garage, we can assure you that we will not make any interest with you exceeding 6% or 8%. We will definitely make you a regular product of the bank, about 4% to 5%. The specific interest rate still depends on your credit information. One more question. If your credit information is so poor that you can't even pass the preliminary examination of the bank, then it's not a question of how much you want to do, but that the bank won't approve it with you. In this case, you can only go to financial institutions for loans, and their interest rates will be very high.