Auto loans include bank loans, auto finance company loans, and credit card purchases. Almost every loan channel has its own advantages and disadvantages. As for which one to choose, you may wish to match it according to your actual situation.

Automobile consumption loan is a new loan method that banks issue RMB-guaranteed loans to car buyers who buy cars at special dealers. Loan to buy a car refers to the loan issued by the lender to the borrower who applies for buying a car. In fact, it is to borrow money from financial institutions to buy a car. However, financial institutions require that buyers must pay a certain percentage of down payment and provide proof of repayment ability, and have no bad credit history, and must meet the requirements of financial institutions for loans to buy cars.

I. Bank loans:

Choosing a bank loan to buy a car generally requires high-quality or high-end customers of the bank. Due to the lack of bank funds, the car loan business has been greatly tightened. Many low-end car loans are temporarily closed, and it is generally difficult for ordinary users to apply for loans. The term of bank loans is usually 2-5 years.

2. Loans from auto financing companies:

Auto financing company loans can be directly applied by auto dealers, which greatly saves time and cost. This kind of automobile financing is usually flexible, and different stages can be taken to meet the needs of customers. It is generally not easy to apply for a three-year repayment of a credit card car loan, while it is relatively easy for an auto financing company to apply for a longer repayment period, which is generally around three years, which reduces the pressure on car owners to some extent. However, compared with credit cards, the loan period is relatively long, and basically only the designated models of this brand and related brands are provided.

Third, the credit card to buy a car:

There are generally two consumption patterns when choosing a credit card to buy a car by installment. First, one-time payment, and then apply to the issuing bank for installment payment. Of course, this also requires that your credit card limit is high enough. Second, most car dealers support credit card installment, so they don't have to pay interest, but they have to pay the corresponding installment fee. The procedure is simple, there is no guarantee, and there is no need to wait for approval like a bank. The difference is that the banks that specify the installment cooperation are different. Be sure to ask the merchants whether the bank credit card you hold can be purchased in installments.