The calculation of the car loan is based on the initial loan amount and is calculated according to the bank's financing interest rate when the contract is signed. If the bank interest rate changes during the repayment period, it will be adjusted with the interest rate and fixed for one year. What calculation method is used for automobile consumer credit?

1. Different versions of credit card installment payments

In recent years, banks have launched credit card installment services for customers’ large credit card purchases, covering consumption in home appliances, home decoration, automobiles and other fields. As an extension of the installment business, the credit card car installment business has become the object of fierce competition among banks and has become a "huadan master". Currently, Rongjian Construction Bank, ICBC, Bank of China, China Merchants Bank, Minsheng, Industrial Bank, Everbright, etc. all have credit card car installment services. A relevant person from the sales department of the Agricultural Bank of China branch also said that the bank will also launch automatic credit card installment payment business in Fuzhou in the near future.

The editor learned that all banks’ credit card car installment services are suitable for family cars. There are currently two versions. One is the credit card car installment service promoted nationwide by the credit card department of the head office. The other is a provincial version of a credit card installment service. Since provincial branches are piloted in our province, this type of business is more targeted and the coverage model is more comprehensive. The credit card car installment business rules of various banks are similar, but the specific regulations are different. Customers can shop around to find the right business variety.

Second, the period is long and the monthly payment pressure is small.

When dealing with business, cost is a concern for customers. At present, the bank card installment payment business is generally interest-free, and only charges corresponding to the number of installments. What are the business fees for credit card installment payments? You first need to know that the loan terms of this business are divided into several grades. The longest loan term can be several years.

Like car mortgage loans, the term is usually up to 3 years, and the credit card installment business also stipulates that customer loan terms are up to 3 years. Different banks have different loan conditions. Among them, China Construction Bank and China Merchants Bank are divided into 12, 24 and 36 phases. China Merchants Bank has 24 tranches for less than 100,000 yuan, and 36 tranches for more than 150,000 yuan. ICBC is divided into phases 3, 6, 9, 12, 18, and 24; Minsheng Bank is divided into phases 6, 12, 18, and 24; some brand models can also choose 20 phases; in the later period, it is for vehicles with a price of more than 200,000 yuan. The model will be launched in 36 issues. Industrial Everbright only has 12 and 24 issues.

The commercial staging plan implemented by the Agricultural Bank of China is divided into three stages, six stages, nine stages, twelve stages and twenty-four stages.

Comments: China Construction Bank and China Merchants Bank have the longest loan terms. Xingye and Everbright have the least variety. Industry insiders believe that the more stages and the longer the term, the better the client’s financial arrangements. The larger the loan amount and the longer the term, the less pressure to repay. If the loan is 100,000 yuan, the monthly payments for the 12th, 24th, and 36th installments are 8,333 yuan, 4,166 yuan, and 2,777 yuan respectively. Currently, China Construction Bank and China Merchants Bank have the longest loan terms. If the loan amount is large, you can give priority to these two banks.

3. The two-year handling fee difference of 100,000 yuan is more than 3,000 yuan.

Currently, the credit card installment business does not charge interest, but charges a certain percentage of handling fees based on the loan amount. Some banks waive handling fees for designated models during the promotion period.

CCB: 3 in the 12th issue, 6 in the 24th issue, 9 in the 36th issue. Certain models are exempt from handling fees during the promotion period, such as Beijing Hyundai i30, Elantra, Tucson, etc. Dayue Dongfeng Kia's Freddie, Sportage and Soul; Mazda 6 and FAW Mazda Yirui (2.0L and 2.5L) are free of charge.

ICBC: The monthly fee for the 12th period (inclusive) is 2‰, which is equivalent to 2.4 for the 12th period; the monthly fee for more than 12 periods is 2.5‰, so the monthly fee for 24 periods is 6.

China Merchants Bank: The handling fee is linked to the car model, and some car models are exempt from the handling fee. The 12th stage is 0-5, the 24th stage is 6.5-9.5, and the 36th stage is 8-12.5.

People’s Livelihood: 3.5 in Issue 6, 5 in Issue 12, 7 in Issue 18, and 9 in Issue 24.

Bank of China: 3-4 in the 12th issue, 6-7 in the 24th issue, 9-10 in the 36th issue.

Xingye: 5.5 in the 12th issue, 9.5 in the 24th issue.

Ebright: Issue 12, 5, Issue 24, 9.

Comment: ICBC and CCB have the most favorable procedures. The handling fees of Everbright, Industrial Bank, and Bank of China are higher, which is equivalent to the cost of borrowing money to buy a car. From a single rate perspective, the handling fees of ICBC and CCB are relatively favorable. Among them, ICBC’s 12-term handling fee rate is the lowest. In addition, handling fees are waived for some designated models of China Construction Bank and China Merchants Bank during the preferential period.

The installment payment fees of China Everbright Bank, Industrial Bank, Bank of China, etc. are relatively high. Take a loan of 100,000 yuan with two-year installments as an example. ICBC Hejian charges 6, only 6,000 yuan; Bank of China must pay 6-7, that is, 6,000-7,000 yuan; China Everbright Bank charges 9, and must pay 9,000 yuan; Industrial Bank charges 9.5, and must pay 9,500 yuan. Compared with ICBC and CCB, China Everbright and Industrial Bank have to pay 3,000 yuan and 3,500 yuan more.

Fourth, the maximum loan amount is different.

The car installment business involves loans, so according to regulations, customers must pay part of the payment when buying a car. At present, the down payment ratio of banks is generally not less than 30% of the net value of the car. The down payment ratio for ordinary ICBC customers is 50.

In terms of loan amounts, banks have different requirements. It is stipulated that the maximum limit for CCB cardholders is 200,000 yuan, which is a new addition and does not occupy the original credit card limit. Industrial Bank and Everbright Bank have a minimum of 30,000 yuan and a maximum of 200,000 yuan. According to the information and rating quota provided by ICBC customers, ordinary customers generally do not exceed 50% of the vehicle price, and some high-quality customers are not subject to the quota limit. In principle, China Merchants Bank and Bank of China will not exceed 70% of the car price. Minsheng Bank's limit is generally between 20,000 and 600,000 depending on the customer's credit card and repayment status; the customer's final loan amount shall not be higher than 70% of the car price.

One million car purchase subsidies