Buying a car loan often encounters four traps.
Trap 1:0 down payment
Some reporters have made investigations, and many "zero down payment car purchases" are just scams. Deception is to use "zero down payment" as a gimmick to lure customers to take the bait, and then defraud them to finance with vehicle mortgage loans, while withholding the car purchase money. When you realize that you have been cheated, you will eventually find that your car is gone and you have a large bank loan on your back. In fact, the minimum down payment for new car loans is 20%, and new energy vehicles can be as low as 1.5%. The down payment for buying a car is not in line with the regulations at all.
Trap 2:0 interest rate
Behind the advertisement of 0 interest rate, some manufacturers directly give discounts to car buyers, no problem. But some people pass the interest on to other expenses. There are many ways to inherit, and there are several common means: the car price is high, and the discount range is obviously smaller than other 4S stores; Fees, deposits, assessment fees, examination fees and other items add up to more than ordinary interest.
Trap 3: Do you want to refund the deposit?
Many users who get car loans through guarantee companies have encountered this problem, and they clearly paid off the loans on time. However, when they go to the guarantee company, they will be told that the user has breached the contract for various reasons and the deposit cannot be refunded. This reason is difficult to prevent. So make sure in advance.
Trap 4: Bundle sales
It is common to bundle sales when buying a car. From after-sales service to auto insurance to accessories and fittings, car dealers are full of tricks. They will sell high car insurance and accessories to car buyers at no interest. In order to make up for the losses caused by interest-free loans and interest-free, car buyers may have to spend nearly 10 thousand yuan.
Instructions for automobile loan
1. It is inevitable that the car loan will be free of charge.
At present, many auto financing companies have launched interest-free car loans, but the regulations on handling fees are different, some need handling fees, and some do not. If the car you want to buy is interest-free and there is no handling fee, it is relatively affordable. If you need to charge a handling fee, you must be careful. The car loan fee is generally between 4% and 7% of the total car loan, and the fee is paid at the same time as the first monthly payment. If the handling fee is too high, you can consider other types of car loans.
Please read the relevant insurance clauses carefully before applying for a car loan.
A bank loan to buy a car is to mortgage the car to the bank before the bank loan is paid off. In order to reduce the risk, banks usually require to buy some auto insurance as a condition of the loan in the auto loan contract. These insurance premiums may not fully meet your requirements, and may even be too high. So when you apply for a car loan, you must read the relevant insurance clauses carefully and measure the cost of this car insurance.
There are restrictions on buying a car with a zero-interest loan.
Many car manufacturers will cooperate with car loan agencies to launch zero-interest loan car purchase activities, usually in high-end cars. But if you buy a car with a zero-interest loan, you can't enjoy the type of cash discount you buy, and sometimes these cash discounts are quite large. Therefore, if you want to apply for a zero-interest loan to buy a car, you need to comprehensively measure whether the total price of the car loan is acceptable.
4. Consider floating car payment and loan interest rates.
Generally, in the case of using interest-free loans, the total number of cars will increase to a certain extent, because the prices offered by 4S stores to customers who buy cars in cash and loans are slightly different. In this case, it is necessary to calculate whether the amount of loan to buy a car exceeds the total amount of personal credit and cash to buy a car. If it exceeds, you may wish to apply for a personal credit loan; If not, you can apply for an interest-free loan.
How to treat the car loan contract?
When you buy a car with a loan, you must read the terms of the contract carefully, refine the terms of the contract, raise any questions in time, and check the list carefully when repaying the loan to ensure your own interests. The automobile loan contract focuses on the following nine aspects:
1. Who is the lender? Lender refers to the place where you buy a car by installment. What financial institution is it? Which bank?
2. Is the borrower's information registered correctly? The borrower refers to the identity information of the car buyer, spouse or guarantor, including ID number, address and contact information.
3. Whether the brand, model, color and displacement of the purchased vehicle are consistent with the auto loan contract;
4. Whether the price, down payment and loan principal of the new car meet your wishes;
5. Whether the loan term is correct. The loan period of new car loans is generally 1-3 years, and financial companies can extend it to 5 years. The participating cars are limited by the loan period. If you choose the wrong term, you won't enjoy the preferential interest rate.
6. What is the loan interest rate? Do you know or can you calculate the total interest for the whole loan period?
7. How much is the monthly payment? Whether it is in line with your own affordability and whether you can repay the loan in advance;
8. What is the repayment method? Average capital or equal principal and interest;
9. Besides the vehicle as collateral, are there any other ways of guarantee or mortgage?
Million car purchase subsidy