Loan calculation formula: 1. Repaying the principal and interest, that is, repaying the loan principal and interest in equal amount every month during the loan period. Monthly repayment amount = loan principal × monthly interest rate ×( 1 interest rate) repayment months /[( 1 interest rate) repayment months-1];
2. The average capital repayment method (the method of paying off the principal with interest), that is, the loan principal is repaid in equal amount every month, and the loan interest decreases with the principal month by month. Monthly repayment amount = loan principal/months of loan term (principal-accumulated amount of repaid principal) × monthly interest rate.
Extended information:
Car loan refers to the loan issued by the lender to the borrower who applies for buying a car. Automobile consumption loan is a new loan method that banks provide RMB-guaranteed loans to car buyers who buy cars at their special dealers. The interest rate of automobile consumption loan refers to the ratio of the loan amount to the principal of a self-use car (non-profit family car or commercial car with 7 seats or less) purchased by the bank to the consumer, that is, the borrower. The higher the interest rate, the greater the repayment amount of consumers.
The actual interest rate of car loan is set by the handling bank according to the actual situation of customers and with reference to the benchmark interest rate stipulated by the central bank. There are three kinds of car loans: direct car loans, indirect car loans and credit card car loans. The loan term is generally 1-3 years, with a maximum of 5 years.
Potential borrower
The borrower must be a permanent resident of the place where the loan bank is located and have full capacity for civil conduct.
deadline
The term of automobile consumption loan is generally 1-3 years, and the longest is no more than 5 years. Among them, the term of second-hand car loan (including extension) shall not exceed 3 years, and the term of dealer car loan shall not exceed 1 year.
loan rate
benchmark interest rate
According to the regulations of the central bank, the benchmark interest rate is implemented for auto loans, but financial institutions can float within a certain range. The term of car loans in major banks is generally less than five years, and the interest rate of car loans directly determines the cost of people's loans, thus becoming an important factor in determining whether people lend.
How to calculate the car loan interest rate?
Monthly payment formula: a = p (1I) [(1I) n-1]/N2/I.
A: Monthly contributions.
P: total donations
I: monthly interest rate (annual interest rate/12)
N: Total months of contribution (year × 12)
loan rate
The actual interest rate of car loan is set by the handling bank according to the actual situation of customers and with reference to the benchmark interest rate stipulated by the central bank. Generally speaking, customers with excellent conditions can enjoy the benchmark interest rate or it will go down about 10%, while ordinary customers need to go up about 10% on the basis of the benchmark interest rate.
Application material
1. Original ID card, household registration book or other valid proof of residence, and provide a copy;
2. Proof of occupation and economic income, and running list of personal accounts in recent 6 months;
3 car purchase agreement, contract or letter of intent signed with the dealer;
4. Other documents and materials required by the Cooperation Organization.
How to calculate the installment plan for buying a car?
The calculation method of monthly payment for automobile installment repayment is as follows:
1, average capital repayment method:
Calculation formula: monthly payment = (loan principal ÷ repayment months) (principal-accumulated amount of repaid principal) × monthly interest rate;
The average capital repayment method is to repay the equal loan principal in each period plus the interest on the remaining unpaid loan principal from the previous repayment period to the current period.
2. Matching principal and interest repayment method:
Calculation formula: monthly payment = [loan principal × monthly interest rate ×( 1 interest rate )× repayment months ]=[( 1 interest rate )× repayment months];
Matching principal and interest repayment method is to repay the loan principal and interest in equal amount in each installment.
In addition, the loan interest to be repaid by average capital repayment method is lower than that by average capital repayment method, but the repayment pressure in the early stage is relatively high.
Extended data:
Information required for car purchase by installment:
1. Application Form: It is very important to fill out the application form for automobile consumption loan. Generally speaking, important information in the form, such as age and repayment ability, will be an important condition for your successful loan application.
2. Personal data: household registration book, guarantor's ID card, housing certificate and personal income certificate. All documents must be original and photocopy, and generally two copies need to be prepared.
3. Proof of repayment: To buy a car by stages, you must have a stable source of income and need to provide your own running bill for three to six months. Note: In general, the monthly contribution will not exceed 60% of the total disposable income of the family.
4. The third-party natural person shall provide guarantee for repayment of loan principal and interest. Note: Husband and wife cannot guarantee each other.
5. During the loan period, it must be insured by an insurance company recognized by the bank at one time.
6. Other conditions stipulated by the bank.
What is the calculation method of car loan?
There are two ways to buy a car loan: one is formula calculation and the other is car loan calculator calculation. There are two common repayment methods for auto loans: equal principal and interest repayment and equal principal repayment. Formula calculation: the formula for calculating the monthly repayment amount of the equal principal and interest repayment method: monthly repayment amount = [loan principal× monthly interest rate× (1interest rate )× repayment months ]→[( 1 interest rate) repayment months-1] the formula for calculating the monthly repayment amount of the average fund repayment method: monthly repayment amount = (loan principal) Operation steps of the auto loan calculator: Step 1: First, choose whether the repayment method is average principal or equal principal and interest, and fill in the term of the auto loan; Step 2: Choose whether to display the repayment details, and click "Calculate" to obtain detailed information such as monthly repayment amount, total loan interest, total repayment amount in each installment, etc.