However, credit cards will only cooperate with designated car dealers in stages, and the loan period will not exceed two years at most. Banks can handle car loans, not limited to models or car dealers. The loan period can be up to 3 years, and the minimum down payment is 30%. In contrast, the loan threshold through auto financing companies is the lowest, but the interest rate is also the highest. And under normal circumstances, whether applying for credit card installment or bank loan, you need local household registration and real estate certificate, otherwise it will be difficult to pass the examination. However, there is no household registration requirement for loans through auto financing companies, and the longest loan period can reach five years. Financial experts remind car buyers that different loan methods are aimed at car buyers with different needs. When applying for a car loan, they should consider it comprehensively. In addition to the loan interest rate, down payment and other factors, it is also necessary to compare the loan term, handling fee and whether to charge liquidated damages for repaying the loan in advance. For example, for white-collar workers with stable income, credit card installment payment is the best choice, which is not only low in comprehensive rate, but also flexible in installment, and most card-issuing banks also include installment amount in consumption points. If you are a small business owner with a large change in income or a high demand for capital turnover, you can choose an auto financing company with more flexible repayment methods. Using flexible credit to buy a car can improve the utilization rate of funds. If the price of online car is high or the loan period is long, bank loan is a better choice, and bank loan is also the largest number of optional models among the three ways of car purchase. At present, there are three ways to buy a family car by personal loan: bank car consumption loan, credit card installment payment and auto finance company loan. Most banks have opened auto consumption loans, but with the tightening of credit, banks such as Xingye, ICBC, Guangfa and Bank of Communications have almost stopped accepting auto loans, and banks that are still in business have recently raised their loan interest rates from the previous benchmark interest rate to more than 1. 1 times, of which the CCB's car loan interest rate is 1.2 times. According to the current benchmark interest rate of the central bank, the interest rate of car loans for less than three years is about 5.94%, and for less than five years it is about 6.336%. Auto financing company is a loan business launched by auto manufacturers, and it is the most mainstream way of car loan in developed countries in Europe and America. Automobile brands that have launched this business include GM, Volkswagen, Toyota, Ford, Mercedes-Benz, BMW, Peugeot Citroen, Volvo, Nissan and other mainstream manufacturers. Generally speaking, the loan interest rate of auto financing companies is much higher than that of bank loans. Taking a three-year loan as an example, the lowest interest rate of the four auto financing companies surveyed is 4.99%. The highest is 1 1.38%, which is twice as high as bank loans on average. However, some auto financing companies reduce the loan interest rate through discount from dealers. For example, Skoda Crystal Tax and Haorui have both introduced 1 year interest-free loans, while Toyota COVID-19, Ford Fiesta and Mondeo have introduced "half-payment and half-loan", that is, 50% of the car price is down payment, and the car buyer can pay the remaining 50% of the car price after one year without paying interest and monthly payment, and can apply for extension of the final payment. Toyota has the highest proportion of the final payment, which can reach 60% of the car price, while other companies are between 25% and 50%. If you only look at the loan interest rate, the handling fee rate of credit card installment car purchase is undoubtedly the cheapest. Banks that open credit card installment car purchase include China Merchants Bank, China Construction Bank, Industrial and Commercial Bank of China, Minsheng Bank, Bank of China and Bank of Ningbo. There is no interest on credit card installment, but there is an installment fee, and the fee rate of different models varies greatly. Among the six banks surveyed, the commission rate of 12 is mostly between 3% and 5%, and that of 24 banks is between 4% and 7%. Similarly, through car dealers' discounts, banks will also launch a variety of zero-fee phased models for consumers to choose from, reducing the overall cost of car purchase rates.