Benefits of buying a car with a loan:

Consumers can achieve their car-buying goals through bank loans when they have insufficient funds.

Now some car dealers have launched "low down payment, low interest rate" and other preferential activities in order to attract customers. If these discounts can really save a sum of money, then buying a car with a loan is a good choice. In this way The remaining spare money can be used for other high-yield investments or to meet operating capital needs.

Disadvantages of using a loan to buy a car:

1. Complex procedures: To apply for a consumer loan, customers need to provide a series of loan certificates. (ID card, household register, personal income, marriage certificate, bad credit record, and some banks even have to provide proof of personal property), the procedure is the most complicated among the three types of loans.

2. Long application time: When applying for a consumer loan, the bank will review the application for a period of time based on the car loan certification materials provided by the customer as well as valid rights pledges or third-party guarantees with repayment capabilities. The loan can be implemented.

3. If you pay a certain amount of interest, you must buy loan insurance, and the vehicle insurance must be fully insured.