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Credit card car installment loan
Detailed explanation of credit card installment shopping

Buying a car by installment with a credit card has the advantages of low handling fee, zero expected annualized interest rate, fast approval and cheapness, but it also has the disadvantages of being limited by car brands and loan quotas. Although many banks support credit card installment loans to buy a car, the implementation process is basically the same. Generally speaking, it is basically divided into the above five steps.

procedure

1. The lender goes to the store where 4S can apply for a loan brand to buy a car model.

2. Apply for a credit card loan from the relevant bank.

3. Waiting for the audit, the bank is different, and the audit time ranges from 40 minutes to 3 days.

4. Pay down payment and handling fee, and purchase vehicle insurance for mortgage business.

5. Pick up the car and repay it regularly every month.

superiority

1. Low handling fee and zero expected annualized interest rate.

Compared with bank loans and car loans from auto financing institutions, there is no interest on credit card installment car purchase. Of course, the so-called zero expected annualized interest rate is to pay the handling fee, but for the lower handling fee, it is a better choice than the other two loan methods.

2. Quick approval

Fast approval is also an advantage of credit card installment. Some banks can complete the credit card loan approval in 40 minutes at the earliest, and the longest time will not exceed 3 days. Although the approval speed is fast, it is also caused by some restrictions on credit card purchase.

3. Cheap and affordable

disadvantaged

1. Brand only

Every bank that has a credit card to buy a car in installments has a corresponding cooperative brand and a car model that can enjoy the business. The following article will introduce it in detail. If you want to buy another car in installments, I'm sorry, but you can only get a loan from a bank or an auto financing institution.

2. Limited to quotas

Like the use of credit cards, there is a certain amount of credit card installment, which is also related to the cardholder's work and economic affordability. No bank will lend them to unsecured people. Therefore, people who want to buy luxury cars should not choose credit card installment loans.

Can Bank of Communications buy a car in installments by credit card?

Of course.

According to the credit status of credit card holders, banks will increase the installment quota of their credit cards to meet the needs of cardholders to buy designated brand cars during the disposal period of designated dealers. Cardholders can repay the car purchase money in monthly installments only by bearing a certain handling fee, which fully reduces the repayment pressure.

Handling fee: You don't need to pay bank loan interest to buy a car by installment with a credit card, but you have to bear a one-time handling fee. Handling fee = installment amount × cardholder's handling fee rate (the handling fee is included in the first month's bill after installment purchase), and the handling fee rate of each bank is different.

Loan Term: Generally, the longest term of car purchase by installment is 24 months.

Down payment: If you buy a car by credit card, you generally need to pay a down payment of not less than 30% of the car price.

Limit: The bank has regulations on the credit card installment loan amount. For example, CCB stipulates that the installment amount range of car purchase is 200,000-200,000.

Extended data

Repayment method

1, within the issuing bank

This method includes: issuing bank counter, ATM, online banking, automatic transfer, telephone banking repayment, etc. The credit card limit will be restored immediately after repayment, and the money will generally be recorded after being processed by the system on the same day.

2. Transfer/remittance repayment

Mainly divided into two ways: inter-bank in the same city and inter-bank in different places. Whether it is transfer or remittance, the remittance bank will charge a certain fee, and the payment time and repayment convenience are not as good as those of peers, online repayment and convenience stores.

3. Online repayment

Common domestic network platforms are: UnionPay Online, Kuaiqian, Shengfutong, Alipay, Tenpay and so on. Choose different platforms and banks, and the charging standards and specific arrival time are different.