Buy a car with a down payment of 30%, and apply for a financial loan of 78,000 yuan from Volkswagen manufacturers, with an annual interest rate of 7. 142%. What is the total interest for three years?

Take ICBC with the highest interest rate as an example. The loan interest for three years is as follows:

70,000 x 6.15% x3 =12915 yuan. If the principal and interest are calculated in equal amount, the price will be cheaper. So generally speaking, the car loan interest of 73,000 years is not 1.8 million, but the loan interest rate is also affected by other factors.

For example, personal credit information, the actual situation of the loan unit and so on. Therefore, you should know the local car loan interest rate in advance before buying a car to prevent being cheated.

bank loan

Buying a car with a bank loan is a way that most car owners will choose. The down payment is generally 30%, the loan term is generally 1-3 years, and the longest is no more than 5 years. The loan interest rate is low and the repayment period is long.

The difference between bank loans and other ways of car purchase is that banks can apply for car loans, not limited to car models or car dealers, which greatly increases the choice of car buyers with loans. However, the formalities are troublesome, the loan review time is long and the down payment ratio is high. Generally, you can only apply for 70% loans.

This kind of loan is suitable for cash-rich car owners.

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