The characteristic of special installment credit card is that the amount can only be spent at designated merchants and cannot be used for other consumption. Ordinary credit card consumption is not stipulated, as long as it is not used for financial management, stock trading, funds and so on.
In addition, the installment card is also repaid according to the repayment date. If the user fails to repay the loan, the overdue record will be reported to the credit bureau, so that the review of the user's application for credit business will become strict in the future and the probability of failure will increase.
Scope of application of automobile installment payment card
Due to the limited credit limit of general credit cards, the issuing bank will generally require the cardholder to provide proof of financial resources. The sources of funds recognized by the bank include real estate license or commercial housing sale (pre-sale) contract, purchase invoice, etc. Some banks require a credit card overdraft limit of 654.38 million to 200,000 yuan, and some banks allow cardholders with good credit to apply for credit lines to buy cars in installments.
Obviously, more and more banks will launch credit card installment car purchase business nationwide with the needs of customers. There are China Construction Bank's Longka installment car purchase business, China Bank's "Car Loan Link" business (Beijing only), China Merchants Bank's "Car Easy" business, Minsheng Bank's "Car Link" business, China Industrial and Commercial Bank's Peony Card installment car purchase business, and some local city commercial banks' installment car purchase business, such as Hankou Bank and Bank of Ningbo.
However, each bank has its own threshold: China Merchants Bank has to pay more than 30% down payment before it can be phased, while ICBC says it can be phased in full. Some banks can also get zero handling fees for some models. In addition, different models have different installment rates in different periods, and some banks only have designated models for installment.
Automobile installment card process
(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.