After the down payment is made, the creditor will go to the vehicle management office to apply for a vehicle mortgage to make a loan and pick up the car, which usually takes 2-3 days.

The down payment to buy a car with a loan must be paid before taking delivery of the car:

Usually, the down payment for a car loan from a bank is usually 40

It can be 30 if the loan conditions are outstanding

The minimum down payment for a car finance company loan can be up to 20.

Car loan application process:

First of all, the borrower needs to prepare ID card, proof of residence, work certificate, loan purpose certificate and other supporting materials, go to a bank and fill out a Application form, fill out a contract.

Then, wait for the bank’s pre-loan qualification investigation and approval. If the borrower meets the loan conditions specified by the bank, the bank will notify the borrower to fill in some loan form materials. If the loan applied for by the borrower requires a mortgage or guarantee, it is also necessary to sign a guarantee contract, a mortgage contract, and go through mortgage registration procedures; if it is an unsecured loan, there is no need to sign such a contract.

Secondly, banks issue loans to lenders. Generally, banks will issue loans after approval within 2 to 3 weeks or 1 month, and the loan can be released as soon as 1 day.

Finally, the borrower will hand over the down payment to the car dealer and go through the procedures for picking up the car with the passbook and the car delivery note issued by the bank.