The interest rate of used cars is 7%, that is, the monthly interest rate is 0.7%, which translates into an annual interest rate of 8.4%. At present, if the down payment is 30% or 50% and the loan term is 24 or 36, the annual interest rate of the loan is 6.6%. But the annual interest rate of bank loans is generally around 4% to 6%.

Loans in the used car market are different from new car loans, and there will be some preferential subsidies. Moreover, for a three-year loan for used cars, the minimum down payment is 50%, and the total interest is more than 20% of the total loan. The calculation formula of loan interest for used cars is: monthly payment × loan term-loan amount = total interest. Therefore, consumers should also measure their repayment ability.

Matters needing attention in second-hand car loan

The loan period, the longest loan period for new cars can reach 60, that is, 5 years. The maximum amount of second-hand car loans is 36 periods, that is, 3 years, and very few may reach 5 years. Loan interest rates, loan interest rates for new cars and used cars all fluctuate on the basis of the benchmark interest rate of the People's Bank of China. Only under the same circumstances, the loan interest rate of used cars is higher than that of new cars.

The formalities required for loan to buy a car need to meet the age of 18 and have full capacity for civil conduct. Personal loan application form, valid personal identity certificate, household registration certificate or permanent resident certificate, valid personal income certificate, car purchase intention certificate issued by the car dealership, loan car purchase down payment certificate, mortgage certificate and other documents are required.

Buy a second-hand car loan of 90 thousand, which will be repaid in three years, with interest of 7%. How much will it be paid back every month?

Pay 3 130 yuan every month.

According to the meaning of the question, the car loan is 90 thousand, which will be repaid in three years with interest of 7%

90 thousand is 90 thousand yuan,

3 years =3* 12=36 months,

7% is the monthly interest rate of 0.7%.

According to the formula: interest = principal * interest rate.

Then monthly interest =90000*0.7%=630 yuan.

Repayable monthly principal =90000/36=2500 yuan.

Then the total monthly repayment amount =2500+630=3 130 yuan.

Extended data:

Consumer loans to buy a car must pay attention to three points:

First, after enjoying the "zero-interest-free loan" of the merchants, can you still enjoy the preferential price of the car?

Secondly, the car loan fee in the market a few days ago was in the range of 4%~7.5%, whether it was interest-free and fee-added;

Third, the general car purchase interest rate is charged according to the bank benchmark interest rate. Regardless of whether the handling fee is unavoidable, the interest is floating on the basis of the bank's benchmark interest rate. At the same time, due to the choice of loans, new car insurance must be "fully insured", which will result in a large premium expenditure.

Therefore, the most important thing in car loan is to shop around. Consumers should choose a regular car loan service company with certain qualifications and strength, which will not only standardize services and charges, but also leave no hidden dangers.

How much is the interest on used car loans?

Please pay attention to the official account of "Bank of China Micro-Banking" WeChat, select the function of "Microfinance-Function Hall-Financial Tools and Information Inquiry-Loan Calculator" in the menu below, and enter the calculation conditions according to the page prompts for inquiry.

The above contents are for your reference. Please refer to the actual business regulations.

If you have any questions, please contact online customer service of Bank of China.

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