How to choose a credit card loan to buy a car?

1. Installment payment can make up for the difference in car purchase

For example: Xiao Zhao is anxiously advancing his car purchase plan, and what he is interested in is the GM Chevrolet Cruze. Xiao Zhao estimated that it would cost about 140,000 yuan including the purchase price, vehicle purchase tax, and license plate. I already have a deposit of 100,000 yuan on hand, and there is still a difference of 40,000 yuan before buying a car.

What Xiao Zhao is considering is whether he can make up for this gap through the installment payment business of credit cards.

Analysis The biggest advantage of the ordinary credit card installment business is that the procedures are simple. Usually, no pre-application is required. You can apply for the installment business through the service hotline after the consumption occurs. If you want to use this business to make up for the gap in car purchase payments, at least two conditions need to be met: First, the installment payment limit of the credit card is high enough. Usually credit cards implement a separate account management model for the installment limit; secondly, the installment period of the credit card can meet car buyers’ needs.

Although credit card installment payment does not require interest, the handling fee is a factor that we must consider. Judging from the common credit card installment charges on the market, if the installment is 24 months, the handling fees charged by banks range from 15%, 15.6%, 17.28%, etc. At the same time, since the handling fee is fixed, even if the actual amount of bank loan occupied continues to decrease during the repayment process, the handling fee does not change. This is different from bank interest, so if converted into bank interest rate, it will also Higher.

2. Credit card car purchase installment plan

If the amount of loan required is relatively high, ordinary credit card installment plans are obviously difficult to meet the needs of car buyers. Following home decoration and weddings, several credit card centers have also launched credit card car purchase installment plans. Through cooperation with car brands, they provide loans specifically for car purchases, and the amount given is relatively high. Compared with ordinary credit card installment plans, the handling fees are also discounted.

For example, Xiao Zhao recently learned that China Merchants Bank (600036, Stock Bar) Credit Card Center has a "Car Purchase Easy" car purchase installment service. Still taking the GM Chevrolet Cruze he hopes to buy as an example, if he applies for the 40,000-yuan "Car Purchase Easy" installment plan to purchase this model, and chooses 24 installments, the first installment fee will be 3,800 yuan, which is the loan. 9.5% of the amount. Compared with ordinary credit card installment plans, this fee is still somewhat preferential.

Analysis: China Merchants Bank (600036, Stock Bar)'s "Car Purchase Easy", Minsheng's "Car Purchase Pass", and CCB Long Card Credit Card's "Car Purchase Installment" are all special car purchase installment plans launched by the credit card center. The biggest advantage of these car purchase installment plans is that the installment amount is high. Generally speaking, the maximum can reach 200,000 yuan, and the longest installment period can be up to 36 months. Of course, not all car buyers can apply for this amount. Staff at the China Merchants Bank Credit Card Center said that the limit depends on two factors. First, the car model purchased. The car purchase installment plan is cooperated with the car dealer. The car buyer must pay a certain proportion of the down payment, which usually cannot be lower than the car price. 40%, and some models can be reduced to 30% of the car price; secondly, the applicant’s financial ability and credit status need to submit corresponding materials for the bank to review their loan limit.

Since we cooperate with car dealers, the installment fee is 5% for 12 installments and 9.5% for 24 installments. There are some differences between different models, and even You can purchase a car by installments without handling fees. For example, China Merchants Bank is launching a zero-handling fee campaign for installment purchases of designated models such as Beijing Hyundai, Guangzhou Honda, and Skoda. Currently, CCB Long Card Credit Card is also launching some preferential installment car purchase plans. For example, if you buy a car owned by Beijing Hyundai, the handling fee for a 12-month installment is 0, and the handling fee for a 24-month installment is 7.5%; if you buy a Guangzhou Honda, the handling fee will be waived for a 12-month installment, etc.

Some car buyers may worry that when buying a car in installments, the purchase price may be higher than the market price. However, the reporter learned that the credit card installment plan does not conflict with other dealer promotions, so when using The car price will not be raised as a result of the installment car purchase plan.