How much is the car loan?
Car loan interest will generally change according to the borrowing institution. Borrowers who apply for bank loans are generally between 3% and 6%; If you choose a 4S shop, the installment interest is generally between 4-7%. In order to attract consumers, some 4s stores will provide installment payment with 0 interest, but in fact, some sales will be bundled or there will be a handling fee. In the end, this fee will be equal to interest, even higher than interest.
When a borrower applies for a car loan, the term is generally 1 year, 2 years, 30 months, 3 years, 4 years, 5 years, and the longest is no more than 5 years. The borrower can reasonably determine the term according to his own capital situation.
The longer the car loan period, the better?
That was not the case. If the borrower is under great repayment pressure and has little money on hand, it can be extended a little longer. If the value and brand of the vehicle purchased by the borrower are relatively preserved and the price is relatively high, the repayment period can be appropriately extended.
If you want to look at the loan interest rate, because there are several different ways to apply for a car loan, the corresponding interest and handling fees are different, and the term can be determined after comparison.
Generally speaking, car loan is not as long as possible, but also depends on the borrower's repayment pressure, vehicle value and car loan interest rate. All these require the borrower to decide how long to borrow according to his own situation.
The above is the sharing of "how much is the car loan". I hope it will help everyone!