What is a car loan?
Car loan, as its name implies, refers to the money borrowed by users when they don't have enough money to buy a car and want to drive a new car in advance. Or after having a car, mortgage or pledge a loan based on the car. Car loans are similar to mortgages, but unsecured loans are large and demanding. Generally, the loan amount of car loans is relatively low. Many people only borrow tens of thousands or hundreds of thousands, usually within three years. Therefore, the requirements for car loans are relatively low and there are many loan channels.
2. When is the repayment date of the car loan?
The repayment date of the car loan is the second month after the car loan is transferred to your account. If you get the car loan in September this year 1, then the repayment time is June 1. At the same time, the loan contract also has clear provisions on the repayment time, and we can determine our repayment time according to the car purchase activities. Many people think it starts from the day they pick up the car, but in fact, they don't prepare it every month.
Third, the repayment form of auto loan
At present, there are two repayment forms of car loan. The first is the calculation formula of average capital and average capital: (loan principal ÷ repayment months)+(principal-accumulated amount of repaid principal) x monthly interest rate. The average capital is to allocate the principal to each month, and the money paid this month is the average capital of the remaining principal of last month plus the principal allocated in each period. Compared with the matching principal and interest, the overall interest paid is less, but the amount of repayment in the early stage will be larger, which requires the lender to consider its own actual situation. The second is equal principal and interest. Matching principal and interest refers to sharing the principal and interest in the loan together. The equal monthly repayment of principal and interest is fixed. When making a loan, you should also look at the repayment method in the contract first, and prepare enough money to avoid bad credit reporting due to overdue.