Buying a car by installment with a credit card has the advantages of low handling fee, zero expected annualized interest rate, fast approval and cheapness, but it also has the disadvantages of being limited by car brands and loan quotas. Although many banks support credit card installment loans to buy a car, the implementation process is basically the same. Generally speaking, it is basically divided into the above five steps.
procedure
1. The lender goes to the store where 4S can apply for a loan brand to buy a car model.
2. Apply for a credit card loan from the relevant bank.
3. Waiting for the audit, the bank is different, and the audit time ranges from 40 minutes to 3 days.
4. Pay down payment and handling fee, and purchase vehicle insurance for mortgage business.
5. Pick up the car and repay it regularly every month.
superiority
1. Low handling fee and zero expected annualized interest rate.
Compared with bank loans and car loans from auto financing institutions, there is no interest on credit card installment car purchase. Of course, the so-called zero expected annualized interest rate is to pay the handling fee, but for the lower handling fee, it is a better choice than the other two loan methods.
2. Quick approval
Fast approval is also an advantage of credit card installment. Some banks can complete the credit card loan approval in 40 minutes at the earliest, and the longest time will not exceed 3 days. Although the approval speed is fast, it is also caused by some restrictions on credit card purchase.
3. Cheap and affordable
disadvantaged
1. Brand only
Every bank that has a credit card to buy a car in installments has a corresponding cooperative brand and a car model that can enjoy the business. The following article will introduce it in detail. If you want to buy another car in installments, I'm sorry, but you can only get a loan from a bank or an auto financing institution.
2. Limited to quotas
Like the use of credit cards, there is a certain amount of credit card installment, which is also related to the cardholder's work and economic affordability. No bank will lend them to unsecured people. Therefore, people who want to buy luxury cars should not choose credit card installment loans.
What should I do if I buy a car by installment with my credit card? What is the process?
At present, many banks have purchased cars by credit card installment, which is lower than that of 4S stores. I suggest that friends who want to buy a car, if they have a credit card, may wish to choose this method. Today, let's briefly introduce how to buy a car by credit card.
Warm reminder: the models purchased by credit card in installments do not include used cars and commercial vehicles.
First, the credit card installment car purchase process:
1. must be a special dealer designated by the bank. Before buying a car, consumers should inquire in the bank official website, choose the car dealer and model, call the dealer or go directly to the dealer to fill in the application as required.
2, online booking, it is best to call in advance to communicate with the staff of China Merchants Bank, but also to check whether there are loan qualifications and quotas;
3. Wait for the assistance of the bank staff and prepare relevant materials (ID card, credit card, work certificate or property certificate, etc.). );
4. Submit relevant information to the bank for review;
5. After the approval, you can pay the insurance down payment, and you can wait for the loan to pick up the car.
Second, the basic conditions for buying a car by credit card in installments
To buy a car with a credit card, the conditions to be met are simple. Because consumers hold credit cards, they have passed the first audit of the bank. Therefore, as long as the credit card is used normally and there is no bad credit record (overdue, frozen, suspected of cashing out), it is still relatively easy to handle.
1. Chinese mainland people;
2. A natural person with full capacity for civil conduct;
3. The age is between 18-60 years old;
How to buy a car by installment with China Bank's credit card?
I suggest you consult the counter in detail.
The above contents are for your reference. Please refer to the actual business regulations.
If you have any questions, please contact online customer service of Bank of China.
You are cordially invited to download and use China Bank Mobile Banking APP or China Bank Cross-border GOAPP to handle related business.
How to buy a car with a credit card? Please be specific! !
1. Buying a car with a credit card is offline. The following is the process of buying a car by installment credit card:
(1) filing an application. After you are optimistic about the vehicle to be purchased, fill in the Application Form for Automobile Consumption Loan and the Credit Status Questionnaire, and submit them to the loan bank together with the relevant certificates of personal situation.
(2) The bank conducts pre-loan investigation and approval. If the loan conditions are met, the bank will promptly notify the borrower to fill in various forms.
(three) notify the borrower to sign the loan contract, guarantee contract and mortgage contract, and go through the mortgage registration and insurance procedures.
(4) Loans issued by banks (directly transferred by banks to the account of automobile dealers).
(5) The borrower pays the down payment to the car dealership, and handles the car pick-up formalities with the passbook and the car pick-up note issued by the bank.
Second, the advantages and disadvantages of buying a car by credit card:
(1) Advantages:
① Low handling fee and zero interest rate:
Compared with bank loans and car loans from auto financing institutions, there is no interest on credit card installment car purchase. Of course, the so-called zero interest rate will pay the handling fee, but for the lower handling fee, it is a better choice than the other two loan methods.
② Quick approval:
Fast approval is also an advantage of credit card installment. The purchase of credit card loans in some banks can be completed in 40 minutes at the earliest, and the longest will not exceed 3 days. Although the approval speed is fast, it is also caused by some limitations of credit card purchase. Everything has advantages and disadvantages. The disadvantages of credit card installment will be mentioned later.
3 Cheap and affordable:
Buying a car by installment with a credit card is exactly the same as buying a car in cash, but you have to pay a part of the handling fee. From the dealer's preferential activities, we can know that it is often mentioned that the cash discount is XX thousand, and this cash discount is only applicable to car buyers who pay in one lump sum. Buying a car by installment with a credit card is the same as buying a car at one time. You have the right to get a discount and a gift from the dealer. Moreover, most credit card banks have credit card swiping activities. After buying a car, you can also redeem the corresponding bonus gifts at the bank, which can be described as killing two birds with one stone.
(2) Disadvantages:
1 limited to brands.
Every bank that has a credit card to buy a car in installments has a corresponding cooperative brand and a car model that can enjoy the business. If you want to buy other models by stages, you can only find loans from banks or auto financing institutions.
(2) limited to a certain number
Like the use of credit cards, there is a certain amount of credit card installment, which is also related to the cardholder's work and economic affordability. No bank will lend them to unsecured people. Therefore, people who want to buy luxury cars should not choose credit card installment loans.
Extended data
Precautions for credit card installment purchase:
1. The down payment for car purchase cannot be paid by credit card;
2. CCB's credit card purchase fee needs to be paid in one lump sum at the first repayment;
3. If repayment is made in advance by installments, the handling fee will not be refunded;
4. Vehicles purchased by credit card in installments must be insured against vehicle theft and vehicle loss, and the insurance period is consistent with the installment period.
Baidu Encyclopedia: Buy a car by installment with a credit card
Let's not talk about how to buy a car by credit card.