To calculate the annual interest of car loan, you can use this formula: annual interest of car loan = principal of car loan × annual interest rate of car loan.
As we all know, the annual interest rate of auto loan can be calculated by knowing the principal and annual interest rate of auto loan, both of which are stated in the auto loan contract. For example, if the principal of automobile loan is 654.38+10,000 yuan and the annual interest rate is 8%, the annual interest rate is equal to the principal of automobile loan × annual interest rate of automobile loan = 654.38+10,000 yuan× 8% = 8,000 yuan.
Extended information:
Auto 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 borrower must be a permanent resident of the place where the loan bank is located and have full capacity for civil conduct.
Matters needing attention in auto loan are as follows:
1. After enjoying the "zero-interest loan" from the merchants, can I still enjoy the car price discount?
2. The car loan fee in the market a few days ago was in the range of 4%~7.5%. Whether the interest is exempted increases the handling fee.
3. The car purchase interest rate is charged according to the bank's benchmark interest rate. Interest fluctuates on the basis of the bank's benchmark interest rate regardless of whether the handling fee is exempted or not.
When you get a car loan, the most important thing is to shop around. Consumers should choose a regular car loan service company with certain qualifications and strength, which not only regulates services and charges, but also leaves no hidden dangers.
Factors that generate interest:
1. delayed consumption. Lenders lend money, which is equivalent to delaying the consumption of consumer goods. According to the principle of time preference, consumers will prefer present goods to future goods, so there will be positive interest rates in the free market.
2. Expected inflation. Inflation will occur in most economies, representing a certain amount of money. You will buy less goods in the future than you do now. So the borrower needs to compensate the lender for the losses during this period.
3. Lenders can choose to invest their funds in other investments instead of alternative investments. Because of the opportunity cost, the lender lends money, which is equivalent to giving up the possible return of other investments. Borrowers need to compete with other investments for this fund.
4. Investment risk: The borrower faces the risk of bankruptcy, absconding or non-repayment of debts at any time, and the lender needs to charge extra fees to ensure that compensation can still be obtained under these circumstances.
5. Liquidity preference, people prefer that their funds or resources can be traded immediately at any time, rather than spending time or money to get them back. Interest rate is also a kind of compensation for this.
Calculation formula of automobile loan interest
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/[(1interest 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:
Auto 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 between the loan amount and the principal paid by the bank to consumers, that is, borrowers, to buy their own cars (7 or less non-profit family cars or commercial cars). The higher the interest rate, the greater the repayment amount of consumers.
The actual interest rate of auto loans is determined 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 auto loans: direct auto loans, indirect auto loans and credit card auto loans. The loan term is generally 1-3 years, and the longest is 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 people's loan costs, thus becoming an important factor in determining whether people lend.
How to calculate the interest rate of car loan?
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 payment (year × 12)
loan rate
The actual interest rate of auto loans is determined 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 will be lowered by about 10%, while ordinary customers need to be raised by about 10% on the basis of the benchmark interest rate.
Applied materials
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 the past 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 interest on car loan?
The calculation method of auto loan interest is as follows: interest = loan amount loan interest rate loan term daily interest rate = annual interest rate /360-month interest rate = annual interest rate/12 There are two calculation methods: (1) Regular interest calculation For loans with regular interest, the 20th of the last month of each quarter is the settlement date, and the interest period is the 20th of the previous quarter to the 20th of the previous quarter. Calculation formula = number of interest products × (annual loan interest rate ÷360)(2) Interest settlement method is transaction by transaction, that is, benefit from principal. Interest = loan amount × loan days × (annual loan interest rate ÷360)