1. Is there any difference between buying a car with a loan and buying a car with installment payment?

1. Different definitions (1) Loan to buy a car: The loan issued by the lender to the borrower who applies to buy a car is actually borrowing money from a financial institution to buy a car, but the financial institution requires the car buyer to You must pay a certain percentage of down payment and provide proof of repayment ability. You must have no bad credit record and meet the requirements of a financial institution to apply for a loan to buy a car. (2) Installment payment: It is mostly used in product transactions with long production cycles and high costs. Choosing the credit card installment payment method is more economical than bank car loans, car finance companies, etc. Usually credit card installment payment is free of guarantee and interest-free, and only charges a handling fee. At the same time, when buying a car with a credit card installment payment, there are no mandatory requirements when purchasing new car insurance and renewal. Generally, you only need to purchase the main insurance and theft insurance.

2. Different application conditions (1) Car loan: To apply for a car consumer loan, you must purchase a limited range of cars from a special dealer recognized by the bank. The car buyer must have a relatively stable career and Relatively stable economic income or assets that are easy to liquidate, so that the principal and interest of the loan can be repaid on schedule. During the loan application period, the car buyer deposits a down payment for the car that is lower than the bank's requirements in the account of the handling bank's savings counter and provides the bank with a bank-approved guarantee. If the car buyer's personal account is not local, a joint liability guarantee should also be provided. The bank will not accept the mortgage set by the car buyer for the vehicle purchased with a loan. (2) Installment payment: For the credit card installment payment method, the bank will have higher requirements for applicants. Generally, it is required to have an account in this city, stable income, no bad credit record, real estate, and high-quality bank customers. It is easier to apply for installment payment. As long as the bank launches this service, car buyers can completely follow the rules of different banks. Each bank has different approaches to installment payment. In addition to the products in the credit card installment payment catalog, some banks have specific requirements for purchase location and amount.

3. Different interest rates (1) Loan to buy a car: The interest rate of a car consumer loan refers to the ratio of the loan amount and the principal issued by the bank to the consumer, that is, the borrower, to purchase a self-use car. The higher the interest rate, the greater the repayment amount the consumer will have to pay. The current interest rate for automobile consumer loans is calculated based on the loan interest rate for the same period stipulated by the People's Bank of China. Many auto finance companies have launched interest-free car loans, but they have different regulations on handling fees. Some need to charge handling fees, and some do not charge handling fees. (2) Installment payment: Although credit card installment payment is free of interest, handling fees are unavoidable. Since each bank calculates handling fees differently, after understanding the credit card handling fees, you should choose the most suitable card for your transaction. Source: - Loan to buy a car Source: - Car purchase in installments

2. What is the difference between installment car purchase and car loan purchase?

If our bank handles the loan, installment car purchase is equivalent to a mortgage loan Buy a car.

3. Is there any difference between buying a car with a loan and buying a car with installment payment? What are the requirements? Please give me more details. Thank you.

The documents you need to prepare to buy a car with a loan include: (1) ID card , household register or other valid residence certificate originals, and provide their copies; (2) Occupational and economic income certificate car purchase agreement, contract or letter of intent to purchase a car; (4) Bank car purchase installment payment: 1. When paying in installments, the maximum amount is There is a certain upper limit, and it generally does not exceed 70% of the net price of the car. The specific standards should be subject to the regulations of each bank. 2. Apply for installment payment for car purchases. The specific regulations of each bank are different. 3. You only need to pay the handling fee, no Interest needs to be paid, and if there is a handling fee, it is generally included in the first month's bill

4. What is the difference between a car mortgage and an installment loan?

1. The meanings are different.

A car mortgage is also a loan to buy a car. It is a RMB-guaranteed loan issued by the bank to customers who buy cars at its authorized dealers. That is, the borrower who applies to purchase a car has paid a certain proportion of down payment.

Buying a car by installment is a type of installment payment, which is used for some product transactions with long production cycles and high costs. It is more economical than bank car loans, car finance companies, etc.

2. The application conditions are different.

To buy a car with a loan, consumers must purchase a limited range of cars from a special dealer approved by the bank. The car buyer has a stable career and economic income and can repay the loan principal and interest on schedule.

To mortgage a car, you should deposit the down payment for the car purchase that is lower than the bank's regulations into the account of the savings counter of the handling bank, and provide a guarantee recognized by the bank.

3. The requirements are different.

When buying a car in installments, banks will have higher requirements for applicants. They require a local household registration, stable income, no bad credit record, property ownership, and preferably a high-quality customer of the bank.

There is no difference in car mortgages. The requirements for buying a car are relatively high, but relatively low.

4. Taxes are different.

When buying a car in installments, you must pay purchase tax, listing fees, compulsory insurance, and vehicle and vessel tax. Insurance is voluntary.

When purchasing a car with a mortgage, you must have full insurance. Bank requirements are the same across the country.