When handling a car loan, both parties will sign a loan contract, and there are ways to deal with non-repayment in the loan contract. To buy a car loan, the owner needs to repay the loan on time every month. Loans overdue, in the first month, he will call for repayment, and he will be equipped with a better model. He will also lock the car through the internet of cars. If loans overdue doesn't pay in three months, the lender will take the car away through GPS positioning.

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1, car loan

Car loan refers to the loan issued by the lender to the borrower who applies for buying a car. 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. There are three types of car loans: direct, indirect and credit card. The term of car loan is generally 1-3 years, and the longest is no more than 5 years.

2. Is the car loan automatically deducted?

Yes, the car loan will be deducted automatically. When signing a car loan contract, users will agree on the bank card for repayment. On the repayment date of each month, the car loan will be automatically deducted. Take SAIC Finance as an example. The user agrees to use the CCB savings card for repayment, and the repayment date is the 2nd day of each month. Then the No.2 system will automatically deduct the balance in the CCB card for car loan repayment.

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

If you buy a car with a loan, you can usually borrow for up to five years. Different banks, auto financing companies, different loan instruments and different loan methods have different provisions on the loan term. If you own a car, you can borrow for up to 5 years, and commercial vehicles can only borrow for up to 3 years. As for the main loan term that we can choose to buy a car, there are six loan terms: 6, 12, 24, 36, 48 and 60.

4. How long can the car loan be overdue?

Generally speaking, the car loan is not overdue for one day. As long as the borrower fails to repay within the repayment period stipulated by the lending institution, it will have a bad credit record. At the same time, lending institutions will also charge overdue penalty interest on a daily basis. If the borrower is overdue for more than 3 months, the lending institution may auction the mortgaged vehicle to offset the arrears with the proceeds from the auction.

5. Can the car loan be transferred to someone else's name?

Yes, but the lender's consent is required. If the owner applies for a car loan from the bank, he needs to go to the bank counter to consult whether the car loan can be replaced. If the bank agrees to change the car loan repayment person, the user can fill in the changed repayment person information and go to the counter to handle the business. If the owner applies for a car loan from an auto financing company, he needs to ask the staff of the auto financing company whether they can apply for changing the car loan.