Moreover, the down payment ratio of auto loans is also closely related to the comprehensive qualifications of borrowers. If the borrower has good personal credit and sufficient economic strength, the down payment ratio may be appropriately reduced; Conversely, the down payment ratio may also increase. For example, if you go to a loan institution to apply for a car loan, the down payment ratio was originally 20%, but because your credit and economic strength did not meet the company's standards, you may be required to increase the down payment, which may increase to about 30%.
But in any case, the minimum down payment ratio of auto loans shall not be less than 20%.
What is the most cost-effective loan to buy a car?
1. Credit card loan to buy a car
The advantages of buying a car with a credit card loan are fast, simple and low threshold. Credit card loan procedures are relatively simple, and the audit is much lower than that of banks. Many credit card products have an interest-free period, so car buyers will repay their monthly bills in full and on time, so there is no need to pay interest. However, it should be reminded at this time that the interest-free period and the handling fee are two different charges. When handling the installment, although the bank does not charge interest, it will charge a certain fee. The handling fee varies according to the number of bills, and the interest rates and collection methods of banks are also different.
In addition to the handling fee, the down payment of credit card loans to buy a car is generally higher than that of banks. Credit cards are generally 30~40%. In banks, it is generally 30%, and it can be as low as 20% for high-quality customers with good reputation and stable income. Secondly, if you buy a car by credit card, the credit card limit cannot exceed the credit card limit. Generally speaking, the overdraft limit of a credit card is within 5W, and the maximum overdraft limit does not exceed 20W.
2. Bank loan to buy a car
The minimum down payment of bank loans can be reduced to 20%, so it is called the choice of prospective car owners who buy cars with loans. In addition, banks can apply for large loans with low interest rates and long repayment period. The most important point is that banks can handle car loans without the restrictions of car models and car dealers, which greatly increases the choice of car buyers. There are many benefits, but it is not so easy to approve. Not to mention the need to prepare a lot of materials, and the most terrible thing is that after you spend most of your time going through the process, the bank tells you, "I'm sorry, you don't meet the requirements."
3. Auto financing company loans to buy a car
Not all auto brands have their own auto financing companies. There are no more than fifteen auto financing companies in China. For example, Dongfeng Nissan. The biggest advantage of auto financing companies is that they don't need to provide any guarantee from car buyers, as long as they have a fixed occupation and residence, stable income and repayment ability, and good personal credit. The loan amount is basically the same as that of the bank, and the procedures are relatively simple and the approval speed is fast. At the same time, individual auto financing companies have also introduced flexible repayment, and can choose the loan method that suits them according to their own financial situation.
Take the financial company of Dongfeng Nissan as an example. Now there is a "one card loan" policy. Loans with a down payment of more than 60% and a loan amount of 30,000-65,438+10,000, or loans with a loan amount of just 30,000 and a down payment of more than 40%, can be applied with only one ID card. There are also some loans, such as a one-year loan period, a down payment of 50% and an interest rate of 0. You don't have to repay the loan every month in the middle, but you can pay it off in one lump sum after it expires. It is more suitable for people who pay attention to cash flow. People who want to keep some money on hand for emergencies or have the pressure to buy a car in full can choose this method.