Loan calculation formula: 1. Repaying the principal and interest, that is, repaying the loan principal and interest in equal amount every month during the loan period. Monthly repayment amount = loan principal × monthly interest rate ×( 1 interest rate) repayment months/[(1interest rate) repayment months-1];
2. The average capital repayment method (the method of paying off the principal with interest), that is, the loan principal is repaid in equal amount every month, and the loan interest decreases with the principal month by month. Monthly repayment amount = loan principal/months of loan term (principal-accumulated amount of repaid principal) × monthly interest rate.
Extended information:
Auto loan refers to the loan issued by the lender to the borrower who applies for buying a car. Automobile consumption loan is a new loan method that banks provide RMB-guaranteed loans to car buyers who buy cars at their special dealers. The interest rate of automobile consumption loan refers to the ratio between the loan amount and the principal paid by the bank to consumers, that is, borrowers, to buy their own cars (7 or less non-profit family cars or commercial cars). The higher the interest rate, the greater the repayment amount of consumers.
The actual interest rate of auto loans is determined by the handling bank according to the actual situation of customers and with reference to the benchmark interest rate stipulated by the central bank. There are three kinds of auto loans: direct auto loans, indirect auto loans and credit card auto loans. The loan term is generally 1-3 years, and the longest is 5 years.
Potential borrower
The borrower must be a permanent resident of the place where the loan bank is located and have full capacity for civil conduct.
deadline
The term of automobile consumption loan is generally 1-3 years, and the longest is no more than 5 years. Among them, the term of second-hand car loan (including extension) shall not exceed 3 years, and the term of dealer car loan shall not exceed 1 year.
loan rate
benchmark interest rate
According to the regulations of the central bank, the benchmark interest rate is implemented for auto loans, but financial institutions can float within a certain range. The term of car loans in major banks is generally less than five years, and the interest rate of car loans directly determines people's loan costs, thus becoming an important factor in determining whether people lend.
How to calculate the interest rate of car loan?
Monthly payment formula: a = p (1i) [(1i) n-1]/N2/i.
A: Monthly contributions.
P: total donations
I: monthly interest rate (annual interest rate/12)
N: Total months of payment (year × 12)
loan rate
The actual interest rate of auto loans is determined by the handling bank according to the actual situation of customers and with reference to the benchmark interest rate stipulated by the central bank. Generally speaking, customers with excellent conditions can enjoy the benchmark interest rate or will be lowered by about 10%, while ordinary customers need to be raised by about 10% on the basis of the benchmark interest rate.
Applied materials
1. Original ID card, household registration book or other valid proof of residence, and provide a copy;
2. Proof of occupation and economic income, and running list of personal accounts in the past 6 months;
3 car purchase agreement, contract or letter of intent signed with the dealer;
4. Other documents and materials required by the Cooperation Organization.
What is the calculation method of car loan?
There are two ways to buy a car loan: one is to calculate by formula, and the other is to calculate by car loan calculator. There are two common repayment methods for auto loans: equal principal and interest repayment and equal principal repayment. Formula calculation: Monthly repayment amount of equal principal and interest repayment method: Monthly repayment amount = [loan principal× monthly interest rate× (1interest rate )× repayment months] → [(1interest rate) repayment months-1] Average fund repayment method Monthly repayment amount: Monthly repayment amount = (loan principal/ Operation steps of auto loan calculator: Step 1: First, choose whether the repayment method is average capital or equal principal and interest, and fill in the term of auto loan. Step 2: Choose whether to display repayment details, and click "Calculate" to get detailed information such as monthly repayment amount, total loan interest, total repayment amount of each installment, etc.
How to calculate the interest on the loan to buy a car? Calculation formula of loan to buy a car
Buying a car with a loan has become a new way of life for young people. For friends who don't have enough money on hand or have a fixed income but little savings, it is a good choice to buy a car with a loan. So how to calculate the interest generated by the loan to buy a car? Let's introduce the calculation formula for buying a car with a loan.
How to calculate the interest on the loan to buy a car? Calculation formula of loan to buy a car
The following four categories are explained in detail:
1. Description of installment calculation: 1. The down payment is based on the car quotation.
Total down payment = car price down payment ratio; Purchase cost; Insurance cost; License fee; Management fee; Credit insurance.
Total loan amount = total cost of car purchase-down payment percentage of car price
Average monthly repayment = term coefficient of total loan amount
Management fee = 4% of the loan amount
Credit insurance = loan amount 1%
2. The down payment is based on the total cost of car purchase (commonly known as bundled installment).
Total down payment = total car purchase cost, down payment ratio, management fee and credit insurance.
Total loan = total cost of car purchase-down payment as a percentage of total cost of car purchase.
Average monthly repayment = term coefficient of total loan amount
Management fee = 4% of the loan amount
Credit insurance = loan amount 1%
3. Other factors different from one-time car purchase include:
Car inspection fee: imported cars are divided into stages 1000 yuan, and domestic cars are divided into stages in 500 yuan.
Management fee: the loan amount management fee coefficient (3%-5%), which is calculated as 4% here.
Credit risk: loan amount coefficient (about 0- 1%), which is calculated by 1% here.
4. Reference monthly average repayment period coefficient:
1 year: 857.5/ 10000
2 years: 440.9110000.
3 years: 301.9110000.
4 years: 232.93/ 10000
5 years:191.38/10000.
5 required procedures:
Buyer: ID card, household registration book, real estate license, monthly income certificate (official form) and three one-inch photos.
Guarantor: the same as the first four items of the buyer (some distribution units do not need a guarantor)
Company car purchase or guarantee:
Copy of business license, legal person code certificate, tax registration certificate, bank account opening permit, shareholders' agreement, company office certificate, articles of association, balance sheet, loan certificate, income statement and legal person ID card.
How to calculate the car loan?
There are two ways to buy a car loan: through formula calculation and through car loan calculator calculation. There are two common repayment methods for bank car loans: equal principal and interest repayment and equal principal repayment.
Calculation formula of monthly payment by equal principal and interest repayment method: monthly repayment amount = [loan principal times; Monthly interest rate ×( 1 interest rate) repayment months]+[(1interest rate) repayment months-1]
Average capital repayment method: Monthly repayment amount = (loan principal ÷ repayment months) (principal-accumulated amount of repaid principal) × monthly interest rate.
Extended data:
The actual interest rate of auto loans is determined by the handling bank according to the actual situation of customers and with reference to the benchmark interest rate stipulated by the central bank. Generally speaking, customers with excellent conditions can enjoy the benchmark interest rate or decrease by about 65,438+00%, while ordinary customers need to increase the benchmark interest rate by about 65,438+00%.
According to the regulations of the central bank, the benchmark interest rate is implemented for auto loans, but financial institutions can float within a certain range of the benchmark interest rate. The term of auto loans in major banks is generally less than five years, and the interest rate of auto loans directly determines people's loan costs, which has become an important factor in determining whether people lend.