When you apply for a car loan, you are often very concerned about the loan period. The longer the term, the less the repayment pressure, so many people are asking if the car loan can be borrowed for five years. However, this is not so easy to achieve, because the loan period is restricted by many factors.

The term of the auto loan includes six installments, 12 installment, 24 installment, 36 installment, 48 installment and 60 installment, and/kloc-0 installment is 1 month. The longest 60 issues are five years. How long the specific car loan can last is affected by the following factors:

1, the car itself

Can I borrow a car for five years? It depends on whether the purchased vehicle belongs to a relatively value-added brand. If it is BYD, MG, Roewe, Skoda, etc. , the longest loan is 3 years, and other domestic brands are 3 years. More than 3 years are generally good joint venture brands, such as Volkswagen, GM, BMW and so on. In addition, the age of the car will also affect the loan period. Generally, the loan period for a new car can be up to five years, and if it is a second-hand car loan, the loan period is no longer than two years.

2. Qualifications of the applicant

If you want to apply for a five-year car loan, banks and other lending institutions will have higher requirements for the applicant's repayment ability, occupation and credit information. In particular, the borrower's occupation must be very stable, such as civil servants, teachers, doctors and other people have the opportunity to apply for long-term car loans.

3. Car loan method

There are three main ways of car loan: credit card car purchase, bank car consumption loan and auto finance company loan. Different loan methods have different provisions on the loan term.

1) Buying a car by credit card in installments can only be divided into 36 installments, that is, three years;

2) The longest loan for automobile consumption in banks is 5 years, and some banks stipulate that it can only be loaned for 5 years;

To sum up, can I borrow a car for five years? Affected by the conditions of the car itself, the qualifications of the applicant, and the way of car loan. Can suit the remedy to the case, increase the loan life.

Can I borrow money to buy a car for five years?

Of course. Car loans can be used for five years. Generally, the longest period for applying for a car loan is five years. Most customers will choose a loan of 1~3 years. If the lender has a five-year loan demand, he can communicate with the car dealer, which is generally no problem. Car loans can be repaid in advance, and many lending institutions will not charge fees for prepayment.

Extended data:

Loan means that banks, credit cooperatives and other institutions lend money to units or individuals who use money, and generally agree on interest and repayment date. Loans in a broad sense refer to loans, discounts, overdrafts and other borrowing funds. Banks put concentrated money and monetary funds out through loans, which can meet the needs of social expansion and reproduction and promote economic development. At the same time, banks can also obtain loan interest income and increase their own accumulation.

Car loan refers to the loan that the lender can grant to the borrower who applies for buying a car. Automobile consumption loan is a new loan method that banks issue RMB-guaranteed loans to car buyers who buy cars at their special dealers. The interest rate of automobile consumption loan refers to the ratio of the loan amount to the principal given by the bank to consumers, that is, borrowers, for purchasing their own cars (non-profit family cars or commercial vehicles with less than 7 seats). The higher the interest rate, the greater the repayment amount of consumers.

The borrower must be a permanent resident of the place where the loan bank is located and have full capacity for civil conduct. The term of automobile consumption loan is generally 1-3 years, and the longest is no more than 5 years. Among them, the term of second-hand car loan (including extension) shall not exceed 3 years, and the term of dealer car loan shall not exceed 1 year.

According to the regulations of the central bank, the benchmark interest rate is implemented for auto loans, but financial institutions can float within a certain range of the benchmark interest rate. The term of auto loans in major banks is generally less than five years, and the interest rate of auto loans directly determines the cost of people's loans and becomes an important factor in determining whether people lend.

The actual interest rate of car loan is set by the handling bank according to the actual situation of customers and with reference to the benchmark interest rate stipulated by the central bank. Generally, customers with excellent conditions can enjoy the benchmark interest rate or float down 10%, while ordinary customers need to float up 10% on the basis of the benchmark interest rate.

How many years can I buy a car with a loan?

The loan term of the car loan shall be agreed upon by both parties through consultation. For example, the longest loan period for car loans is 5 years. The purchased vehicle is a commercial vehicle, and the loan period does not exceed 3 years.

The loan object is a natural person aged 18 to 60, with full capacity for civil conduct. If the purchased vehicle is a self-use vehicle, the loan amount shall not exceed 80% of the price of the purchased vehicle; If the purchased vehicle is a commercial vehicle, the loan amount shall not exceed 70% of the price of the purchased vehicle, and the loan amount for commercial vehicles shall not exceed 60% of the price of the purchased vehicle.

Extended data:

Loan settlement includes normal settlement and early settlement:

(1) Normal settlement: the loan shall be settled on the loan maturity date (one-time repayment of principal and interest) or the last installment (installment repayment);

(2) Early settlement: Before the loan expires, if the borrower partially or completely settles the loan, it must apply to the bank in advance according to the loan contract, and the bank will repay the loan at the designated accounting counter after approval.

After the loan is settled, the borrower will retrieve the legal documents and relevant supporting documents extracted by the bank with his valid identity certificate and the loan settlement certificate issued by the bank, and go through the mortgage registration cancellation formalities with the original mortgage registration department with the loan settlement certificate.