Can I withdraw cash from a car loan credit card?
You cannot withdraw money from a car loan credit card. The limit in the car loan credit card is a special limit and can only be used to pay for the car purchase. For example, if the car loan amount applied for by the user is 100,000 yuan, then after the special installment of the credit card is 100,000 yuan, the card can only be used to save money but not to withdraw money. If the user wants to withdraw cash with a credit card, please choose another credit card that does not handle car loan business.
In addition, when handling car loan business, credit cards cannot be used for consumption, and neither online nor offline payments are supported.
Generally speaking, car loan credit cards are exclusive cards. They can only be swiped at specific POS machines to pay for the vehicle you want to buy. They cannot be used for consumption elsewhere. After swiping the card, the cardholder needs to repay the debt in installments according to the number of installments. After paying off the debt, if the cardholder wants to use a credit card, he or she can apply for a credit card at the bank and use it.
Generally, to apply for a bank credit card, the applicant needs to meet the following conditions:
1. The applicant must be between 18 and 65 years old and hold a valid identity document. A natural person with full capacity for civil conduct.
2. The applicant’s personal credit record is good.
3. The applicant has a regular job and a stable income. If you have a car title, you can also provide relevant certification documents for the vehicle, which will help you obtain a higher credit limit.
The car loan credit card process is as follows:
1. The applicant submits the application materials for the car loan;
2. The handling bank processes the application materials submitted by the applicant. Preliminary review, conduct credit investigation and customer evaluation of the applicant;
3. Approval of loan applications that pass the preliminary review and credit investigation and meet the loan conditions;
4. Those who pass the review and approval, Notify the applicant to go through relevant procedures such as contract signing, loan lending, mortgage or pledge; if the application fails to pass the examination and approval, an explanation must be provided to the applicant; 5. After the application contract takes effect, the handling bank will issue the loan. A special lending method is adopted, that is, according to the loan contract, the handling bank directly transfers the loan to the account of the dealer where the borrower purchases the car.
Things to note during the application process:
1. The down payment for car purchases cannot be paid with credit cards;
2. The handling fee for car purchases with CCB credit cards must be paid in the first installment A one-time payment is made when repaying the loan;
3. If you want to repay the installment in advance, the handling fee is non-refundable;
4. Vehicles purchased with credit card installments must be fully insured. For car theft insurance and vehicle loss insurance, the insurance period is consistent with the installment period.
What is a car loan credit card used for?
It is used to pay off the car loan.
It is a car loan credit card. The general limit is one yuan. It cannot be swiped for consumption. It is specially used for repayment. It needs to be canceled after the car loan is paid off. Please contact the car loan handler for details.
A car loan refers to a loan issued by a lender to a borrower who applies to purchase a car. Car consumption loans are a new loan method that banks issue RMB-guaranteed loans to car buyers who purchase cars at their authorized dealers. The interest rate of automobile consumer loans refers to the ratio of the loan amount to the principal issued by the bank to consumers, that is, borrowers, for the purchase of personal cars (non-profit family cars or commercial vehicles with 7 seats or less). The higher the interest rate, the greater the repayment amount the consumer will have to pay.
The term of automobile consumer loans is generally 1-3 years, with a maximum of no more than 5 years. Among them, the loan period (including extension) of second-hand car loans shall not exceed 3 years, and the loan period of dealer car loans shall not exceed 1 year.
Baseline Interest Rate
According to the regulations of the Central Bank, car loans implement the loan benchmark interest rate, but each financial institution can float within a certain range above and below the benchmark interest rate. The car loan period of major banks generally does not exceed 5 years. The interest rate of car loans directly determines the cost of people's loans, and thus becomes an important factor in deciding whether people take loans for consumption.
How to calculate the car loan interest rate
The formula for calculating the monthly car loan payment: A=P(1i)[(1i)^n-1]/n^2/i
p>A: Monthly payment
P: Total payment amount
i: Monthly interest rate (annual interest/12)
n: Payment amount Total number of months of loan (year × 12)
Loan interest rate
The actual interest rate of the car loan is determined by the bank based on the actual situation of the customer and with reference to the loan benchmark interest rate stipulated by the central bank. Generally Customers with excellent conditions can enjoy the base interest rate or an increase of about 10%, while ordinary customers need an increase of about 10% from the base interest rate.
Personal loan car purchase business is divided into three types: direct customer type, indirect customer type, and credit card car loan. The direct customer type is generally a bank car loan where the customer meets directly for the loan, and the indirect customer type is generally a car finance company car loan where the auto finance company transfers the customer to the customer.
For direct bank car loans, the fees charged are deposit, principal and interest, 3% guarantee fee, etc. The fees for high-quality bank customers will also be discounted, but each bank's preferential policies are different. .
In addition to paying the above fees, a car loan from a Jianke Auto Finance Company also needs to pay regulatory fees, fleet management fees, and warranty renewal deposits
The other is a credit card car loan. Credit card installment car loan only provides installment payment to bank credit card users. It cannot be applied for under any conditions. There is also an review process. It is difficult for credit card users with bad credit records to apply.
The specific steps for credit card installment car purchase are as follows:
1. The cardholder (or applicant) calls the bank's credit card center or goes to a local bank to find out whether he or she can apply for a credit card car. loan.
2. The cardholder goes to the dealer with his/her identity document to fill out the Car Purchase Installment Order on-site, and submits it to the bank's backend for review.
3. When the order is approved, the cardholder pays the down payment and goes through the normal car purchase procedures.
4. After the vehicle has a license plate, the cardholder needs to go through the mortgage procedures with the bank and purchase the required types of auto insurance.
5. Finally we can drive the car away smoothly.
Why is the car loan credit card limit only 4,000?
When a user applies for a credit card installment purchase of a car, this limit is a one-time application and cannot be increased through other methods. It can only be said that after the car loan is paid off, the card will be restored to an ordinary credit card, and the user can increase the credit limit of the card through good consumption behavior and repayment behavior. However, the credit limit of the card cannot be increased until the car loan is paid off. If the user wants to get a credit card with a larger limit, he or she can apply for another card while paying off the car loan.
The loan company evaluates the qualifications of installment car purchase users:
The actual core is to evaluate the repayment ability of the loan applicant. It is mainly judged by evaluating the applicant's income and historical credit record. The judgment of income is mainly based on stability and authenticity. Financial institutions often ask applicants to issue bank statement certificates, real estate and other assets under their name to understand the user's repayment ability; the historical credit record is mainly obtained from the credit record of the loan applicant. to identify. Financial institutions learn about the applicant’s document records by accessing the People’s Bank of China’s credit reporting system. There are two key points in your credit record.
First, whether there is a credit record. If the loan applicant is a non-resident, the financial institution will not be able to know the person's past credit status, and will not be able to use the personal credit record to decide whether to lend to the loan applicant and how much amount to give to the loan applicant. This is why it is generally difficult for college students to apply for a credit card. The reason is that the credit report is blank.
Second, the quality of the credit report. The so-called quality of credit report mainly refers to the historical overdue loan bad records, number of credit inquiries, bad debts, debt ratio and enforcement records learned through the People's Bank of China credit report. Historical overdue bad records mainly depend on whether the applicant has had overdue loans in the past.
Overdue records may affect the loan limit, or may result in direct loan rejection. And it takes 5 years for overdue records to eliminate the number of credit inquiries. Financial institutions mainly identify the number of credit inquiries within a period of time. If there are too many recent inquiries, it means that you are in urgent need of money recently; if you have not been approved for loans by other financial institutions recently, It means there is something wrong in some aspect. In this case, it is difficult to get a successful loan. Bad debts refer to applicants who have loans that have not been paid off on time for a long time and are in a sluggish state.
In this case, it is unlikely that the loan will be approved.
The debt ratio mainly refers to the proportion of the applicant's monthly repayment amount used to repay the loan and the monthly salary. Generally, it is best not to exceed half of the salary, otherwise the loan limit will be affected.
Enforcement records, as the name suggests, such people will be included in the list of dishonest enforcement personnel, usually blacklisted by financial institutions. So how do you know your credit record? Here's a little trick. Applicants can check their credit records before buying a car by accessing the personal credit information service platform and following the prompts to complete the corresponding certification.
Can I withdraw money from a car loan credit card?
You cannot withdraw money from a car loan credit card because the limit of a car loan credit card is a special limit. The special quota can only be used to pay the final payment of the car loan. No matter how much quota you apply for, the quota will be 0 after the payment is successful. At this time, you cannot use it even if you want to use it. Therefore, for a credit card used to repay a car loan, the user only needs to repay the loan on time every month. The card does not have functions such as consumption and cash withdrawal.
However, after the car loan is paid off, the credit card will return to the status of an ordinary credit card. At this time, you can use the card to make purchases and withdraw cash normally.