Short-term loan: the loan interest rate for six months (inclusive) is 4.35%; The loan interest rate for six months to one year (including 1 year) is 4.35%.
Medium-and long-term loans: the loan interest rate for one year to three years (including three years) is 4.75%; The loan interest rate for three to five years (including five years) is 4.75%; The loan interest rate for more than five years is 4.9%.
The car loan interest rates of various banks are generally as follows:
Bank of China: loan term 1 year, loan interest rate of 4%; 2 years, 8%; 3 years, 12%.
China Construction Bank: 1-3 years (including 3 years), 5.3 1%* years; 3-5 years (including 5 years), 5.4%* years.
China Industrial and Commercial Bank: within 6 months (including 6 months), the car loan interest rate is 5.60%; The car loan interest rate for 6 months to 1 year (including 1 year) is 6.00%; 1-3 years (including 3 years), 6. 15%* years; 3-5 years (including 5 years), 6.40%* years; More than 5 years, 6.55%* years.
The higher the loan principal, the longer the repayment time and the higher the interest. The car loan interest rate is not static, and there are many factors that affect the car loan interest rate. The car loan interest rate is adjusted by the lending institution according to the benchmark interest rate of the central bank. The accurate loan interest rate will also be influenced by personal credit information, the lending institution's own situation and the borrower's own factors.
There are two main calculation methods of installment interest: equal principal and interest and average principal.
Calculation formula of monthly payment for equal principal and interest repayment method:
Monthly repayment amount = loan principal × monthly interest rate ×( 1+ monthly interest rate) repayment months ]≤[( 1+ monthly interest rate) repayment months-1.
Average capital repayment method monthly payment calculation formula:
Monthly repayment amount = (loan principal ÷ repayment months)+(principal-accumulated amount of repaid principal) × monthly interest rate.
Therefore, when we borrow money to buy a car, we should first consult the interest rate of the local bank to avoid being cheated in the purchase process.
Next, let's talk about the steps of buying a car with a loan:
Step 1, the borrower submits the loan application materials to the bank;
Step 2, the bank conducts a preliminary examination of the application materials submitted by the borrower;
Step 3, the bank conducts credit investigation and customer evaluation on the borrower;
The fourth step, the bank examines and approves the loan application that meets the loan conditions through preliminary examination and credit investigation;
Step 5: After approval, notify the borrower to go through relevant procedures such as signing, lending, mortgage or pledge; If it fails to pass the examination and approval, it shall explain to the borrower;
Step 6: After the loan contract comes into effect, the handling bank will issue the loan. Special loan method is adopted, that is, according to the loan contract, the handling bank directly transfers the loan to the dealer account of the borrower's car purchase.