Now car loan is a very common way of consumption. Many small car loan companies are everywhere, but many people are still willing to apply for car loans in banks. So, what are the benefits of applying for a car loan at the bank? What are the disadvantages?

First, the shortcomings of bank car loans:

1, complicated procedures

To apply for a car loan from a bank, the borrower needs to provide basic information such as valid identity certificate, marriage certificate, residence certificate, income certificate, and collateral (pledge) recognized by the bank when necessary.

2. Slow loans

Because banks have always been cautious and it takes a long time to approve loans, they can usually get loans in about a month.

3. There are many miscellaneous expenses.

Although the annualized interest rate of bank car loan is expected to be low, there are many miscellaneous fees, such as guarantee fees and mortgage fees, which will increase the loan cost to some extent.

Second, the advantages of bank car loans:

1, multiple choices

Consumers have a lot of choices, no matter what brand or model they buy, they can apply for bank loans.

2. The expected annualized interest rate is low.

Compared with loan companies, the biggest advantage of bank car loans is that the expected annualized interest rate is low. In order to attract customers, some banks have also introduced some preferential policies for expected annualized interest rates. However, the implementation standard of the expected annualized interest rate is different from bank to bank, so it is best for borrowers to "shop around".

3, safe and reliable

If you find a loan company to apply for a car loan, the borrower must be cautious, because some scammers will also attract customers under the banner of "loan". However, there is no need to worry about "being fooled" when looking for a bank to apply for a car loan, which is very safe.