Credit card installment car purchase is a credit card installment business launched by banking institutions. The credit limit that cardholders can apply for is 20,000-200,000; there are three types of installments: 12 months, 24 months, and 36 months; there is no loan interest rate for credit installment car purchases, and the bank only charges handling fees, and there are handling fees for different installments. Rates vary. Since the credit limit of general credit cards is limited, card-issuing banks generally require cardholders to provide proof of financial resources. Financial proofs recognized by banks include real estate certificates or commercial housing sales (pre-sale) contracts and house purchase invoices.

Ningbo Bank’s Aijia installment business allows you to buy a car, but the handling fee is as high as 11.9%. That is to say, if you buy a car in installments, the price of the car is 100,000, and you can pay it off in 3 years. You need to pay 100,000 (1+11.9%) = 11,900 + 100,000 = 111,900 yuan! How horrible!

For details, please refer to: 2009-2010 China Personal Loan Product Selection

Reference: /activity/loan2009/