Car loans can be repaid in advance. The specific steps and precautions for early repayment are as follows:

1. Make an appointment in advance

Early repayment requires an appointment and cannot be handled as soon as you arrive at the bank. Generally, banks require reservations 15 days or 1 month in advance. Different banks have different regulations. You can learn more about the application bank for details.

2. Regarding liquidated damages

For loans that are less than half a year or one year, most banks will charge liquidated damages. Please consult the relevant bank for the specific percentage. Therefore, the borrower can compare the expenses of funds such as liquidated damages and interest, and then make a decision whether to repay the loan early.

3. Limitation on the number of times

There is no limit on the number of times a car loan can be repaid in advance. You can repay it all at once or partially repay the loan. However, the starting amount for each loan repayment varies from bank to bank. Some stipulate that it is 10,000 yuan or multiples of 10,000 yuan, and some banks stipulate that the loan can be partially repaid in advance if it exceeds 1,000 yuan.

Extended information:

Procedures for early repayment:

1. Full early repayment: After the loan bank has reviewed the relevant materials and they are correct, the entire early repayment process will be processed. payment procedures.

2. Partial repayment in advance and the loan term remains unchanged: the lending bank instructs the borrower to fill in the relevant agreement. If the original loan guarantee method is mortgage insurance and the mortgage registration has not been completed, you need to bring the original policy, your ID card and the relevant agreement to the insurance company designated in the city center to go through the insurance reduction procedures. The final signed agreement should be sent to the loan bank in a timely manner Intersection center.

3. Borrowers who choose mortgage insurance as the original loan guarantee method and have completed mortgage registration, and borrowers who choose non-mortgage insurance, apply for partial repayment in advance and shorten the loan period: the lending bank guides the borrower to fill in the relevant agreement , the signed agreement should be sent to the corresponding branch center in a timely manner by the lending bank.

4. If the original loan guarantee method is mortgage insurance, and the mortgage insurance is still within the insurance period, and the mortgage registration has not been completed: the borrower can apply for partial repayment in advance and shorten the loan term, and can directly go to the guarantee center to apply.

Baidu Encyclopedia-Car Purchase Installment