(1) Interest-free car loans do not mean interest-free.
Many borrowers want to borrow money to buy a car, and what they consider most is the expected annualized interest rate of the loan and the cost paid, which leads to a series of problems. Many businesses seize the psychology of borrowers and attract consumers under the banner of interest-free, but for borrowers who have never had a car loan, they simply don't know what is going on. The truth of the matter is that interest-free car loan fees will not be less, and many borrowers feel cheated after paying certain fees or other fees.
(2) The expected annualized interest rate of auto loans is not fixed.
When many borrowers apply for car loans, they pay more attention to the down payment and monthly payment, while ignoring the most essential things. The borrower can't calculate the interest and monthly payment clearly. This is because the expected annualized interest rate is not fixed. If the borrower has good credit and relatively good qualifications, then the borrower can get a lower expected annualized interest rate. If the borrower's credit is not so good and his qualification is not so good, then the expected annualized interest rate of the borrower's loan will be correspondingly high, and the corresponding interest will also rise.
Just to remind you, some cars sold in 4S will have a corresponding so-called industrial chain, so there is a series of insurance or something. In short, this is a way for merchants to earn kickbacks. Before applying for a car loan, you must be prepared in advance to avoid being unfamiliar and falling into these traps.