You borrowed money from the bank to buy a car, and the bank has paid it back for you. Your monthly money will be returned to the bank, not the 4S shop or the person who sold you the car, so the bank will deduct your money.

Extended content:

Advantages of bank car loan: the interest rate is relatively low. According to the customer's integrity qualification, reduce the down payment ratio, extend the loan period and reduce the loan interest rate.

Disadvantages of bank car loan: the application procedure is complicated, and the car buyer needs to provide a series of proof materials, valid pledges or collateral recognized by the bank or a third-party guarantee with compensatory ability. If it is an "individual" loan, you also need to hold a car purchase agreement or a car purchase contract signed with a special dealer.

Advantages of auto financing companies: auto financing companies are more professional and humanized. For example, for smart loans in general finance and flexible loans in mass finance, consumers can use a part of the loan amount (usually no more than 25%) as an elastic balance payment, and make a one-time payment in the last month of the loan period, without calculating the monthly payment, so that the monthly payment of car buyers can be significantly lower than that of traditional credit.

Disadvantages of auto financing companies: The disadvantage of auto financing companies' auto loans is that the loan interest rate is relatively high, and the five-year interest rate is close to 8%, which is more than 1% higher than the bank auto loan interest rate.

References:

Bank of China loan webpage link