At present, most banks stipulate that the minimum down payment is 40% of the total car price, and the loan period is generally three years. However, for high-quality customers, the down payment can be reduced to 30% of the total car price, and the loan period can reach five years, with the longest loan period not exceeding five years. And auto financing companies are more relaxed in the requirements of loan ratio. Generally, the down payment of customers who approve loans is 30% of the total car price, and the repayment period is three years. Some auto financing companies can promise that the down payment of reputable customers is 20% of the car price, and the loan period can be extended to five years at most, which relieves the financial pressure of car buyers to some extent.

Difference 2: Auto financing companies have simple procedures.

When buying a car through a bank loan, the car buyer usually needs to provide the household registration book, real estate license and other information. At the same time, it is usually necessary to use houses or securities as collateral, pay a certain margin and related handling fees, and some also need to provide relevant information of spouses. What matters is the applicant's income, registered permanent residence and collateral. The more asset certificates provided by consumers in the car loan guarantee, the greater the possibility of loan success. Because of the high mobility of people and vehicles in other places, banks have strict requirements for foreigners to apply for loans. Not only should you have enough evidence to prove that you have enough repayment ability, but you also need to have your own fixed housing and a stable income occupation. The lending standards of auto financing companies are relatively loose, mainly focusing on the applicant's credit. However, auto financing companies can apply for loans to buy cars as long as the buyers have a fixed occupation and residence, a stable income and repayment ability, and good personal credit. There are no special requirements for "outsiders" to apply for loans. You only need half a year's account records to prove that your financial ability is enough to repay the loans. There are no hard and fast requirements for the location of the lender's account and whether there is house ownership. It takes about two days to complete the loan and pick up the car.