Loaning to buy a car is generally to apply for loans from banks, auto financing companies and other lending institutions, and it is often necessary to use the purchased vehicle as collateral. Buying a car by installment is generally paid by credit card, so you don't usually use the car as collateral, but use your credit card as guarantee. In addition, loans are usually larger than buying a car in installments. After all, buying a car by installment cannot exceed the credit card limit, so there will be certain restrictions. However, the procedure of buying a car by loan may be more troublesome than buying a car by installment.
1. The definition is different. Buying a car by installment means that the borrower divides the car loan into several installments and gives money in batches every month. Buying a car with a loan means buying a car with the money of a financial institution;
2. Different application requirements. Generally, buying a car by stages requires higher requirements and more restrictions;
3. The cost is different. There is no interest on buying a car in installments, and there is a handling fee. You need to pay interest on a loan to buy a car. These two algorithms are different.
Is it the same as buying a car by installment with a credit card?
Buying a car with a loan is not the same as buying a car in installments with a credit card.
First, loan to buy a car.
1. Low loan interest rate: Take China Construction Bank as an example, its latest auto loan interest rate is 20 16, and the total interest rates for two or three years are 4%, 8% and 1 2%. I want to buy a car with a price of 200,000 yuan, with a down payment of 654.38 million yuan and the remaining 654.38 million yuan paid off in two years. Finally, the consumer actually paid 208,000 yuan.
2. The threshold is high, the procedures are cumbersome, and the lending time is long. When a car buyer applies for a car loan, the bank often asks the car buyer to provide a series of proof materials: ID card, work certificate, bank flow in the past year, social security certificate for more than two years (inclusive), real estate license or house sales contract or purchase invoice, etc. Third-party guarantee and pledge are also needed.
Second, buy a car with a credit card.
1. The application threshold is low. As long as the car buyer has a credit card that can handle car loans, the procedures for handling credit cards are relatively simple, and there is no need to provide corresponding property guarantees, thus eliminating the cumbersome procedures such as intermediary notarization and the burden of extra expenses for consumers. Different automobile 4S shops need to submit different materials. For example, a 4S shop: "It will take nearly half a year's salary, open a mobile banking, and fill out some relevant forms." Another 4S store said that it is enough to provide salary cards and social security cards. If it is a customer group of civil servants, state-owned enterprises and institutions, the efficiency of loan approval will be higher.
2. Repayment is convenient and interest-free. Just pay back at the designated credit card.