The pros and cons of buying a car with an interest-free loan depend on the individual

Nowadays, cars are a must-have means of transportation for many people. Many families and individuals will choose to buy a car, and many people even have more than one person. car. When buying a car, many places will have interest-free loan policies to buy a car. But what is it like to buy a car with an interest-free loan? There is something to be said.

Conditions for interest-free loan to buy a car

1. The merchant designated by the bank to cooperate with. If the merchant is not designated by the bank, handling fees and interest will be charged;

2. Interest-free loan to buy a car is generally a service of the credit card center, as long as the applicant has a credit card from the card issuer and works in In the designated city, it is enough to provide two certificates;

3. Proof of income or other solvency documents proving that the borrower can repay principal and interest on time;

4. Car purchase agreement or contract.

The loan amount is low

Many car models now have interest-free loan services. The loan amount is about 50,000 to 60,000 yuan, and if it is repaid within two years, you can apply for an interest-free loan. However, some high-priced cars still require interest-bearing loans from customers. According to a car salesperson, “We have interest-free loan car purchase services with banks such as ICBC and China Construction Bank. As long as the customer fills out the loan application, personal circumstances, vehicle price and other relevant certificates, and submits these information to the bank, the bank will Lenders will be reviewed and approved before lending, and qualified customers will sign contracts immediately."

Charging handling fees

Although most banks provide car installment services, they all charge handling fees.

It is understood that a netizen bought a car, and the negotiated price was 276,800 yuan. At the same time, he could participate in a group buying event and get another 30,000 yuan discount, for a total of 246,800 yuan. According to the car price, the maximum loan can be 170,000 yuan, the loan is 36 installments, and the repayment for each installment is 4,722.22 yuan. But in the end, you have to pay a one-time handling fee of 7,650 yuan. It can be seen that when buying a car with an interest-free loan, handling fees seem to be common.

Is it cost-effective to buy a car with an interest-free loan? What is the process?

Nowadays, many car dealers and bank credit cards will offer zero down payment and interest-free loans to buy cars. You can go to the credit card website or the car manufacturer to check.

Is it cost-effective to buy a car with an interest-free loan?

1. The price of a car with an interest-free car loan may be higher than the price of a car with a direct application for an interest-bearing car loan or a full-pay car loan.

2. Although interest-free car loans have no interest, it does not mean that there are no other fees. Such as handling fees, management fees and other expenses. In the end, the loan fee may be higher than the interest-bearing loan.

So, although interest-free loan to buy a car sounds beautiful, it can indeed bring a discount to customers. But not every customer is suitable for this kind of interest-free loan to buy a car. As mentioned, it is recommended that you weigh it and choose the one that suits you.

Interest-free loan car purchase process:

1. First, you must apply for a credit card from a bank that can provide interest-free loan car purchase services. Of course, you can call the bank customer service in advance to ask if you have applied for it. After using this credit card, you will be able to enjoy the qualifications and other conditions for the interest-free car loan business.

2. After applying for a bank credit card, ask which 4S stores can provide relevant car loan activities. Then go to the 4S store that has a cooperative relationship with this bank and ask about the car loan discounts for the model you care about.

3. The credit card holder holds a valid ID and goes to the dealer's 4S store to select a car model and negotiate all car purchase conditions. Generally speaking, the discount for a full-pay car purchase will be greater than that for a car purchase with a loan. Of course, the situation of each store is different. If you are not afraid of hard work and want to save money, you have to be more diligent and ask more stores. After selecting a car model, fill in the installment order at the dealer and wait for the bank's review.

4. If you pass the bank's review, take the down payment to the dealer to go through the car purchase procedures. It should be noted that the down payment cannot be charged to the borrowing bank's credit card. This is not allowed by banks.

5. After the vehicle has a license plate, it is necessary to go to the credit card department of the borrowing bank to go through the vehicle mortgage procedures.

6. After completing the bank mortgage procedures and receiving the car pick-up notice from the dealer, you can pick up the car.

What are the restrictions on interest-free car loans?

Regarding the poster’s concern about “What are the restrictions on interest-free car loans?” The following is my personal opinion:

The general restrictions on interest-free car loans are: merchants designated by banks to cooperate with, If the merchant is not designated by the bank, handling fees and interest will be charged. Interest-free loan to buy a car is generally a service provided by the credit card center. As long as the applicant has a credit card from the issuing bank and works in the designated city, he or she can provide two certificates.

1. Proof of income or other solvency documents proving that the borrower can repay principal and interest on time.

2. Car purchase agreement or contract.

Interest-free loan to buy a car, as the name suggests, is to set the interest on the loan to zero, and only need to repay the principal part of the bank. However, interest is the profit point of these lending financial institutions.

Loan targets: One category is people with stable jobs, low income, who want to buy a car but cannot pay the full amount. This group of people is mainly young buyers under the age of 30. Because they have short working hours and limited savings, the interest-free loan method of buying a car is very popular with these people.

What are the conditions required for an interest-free loan? What are the ways to buy a car with an interest-free loan?

The conditions required for an interest-free loan to buy a car are similar to the conditions for a general loan to buy a car. As long as the borrower has a stable job and economic income, can repay the principal and interest of the loan on time, and has good personal social credit. Apply. At the same time, buying a car with an interest-free loan also requires the lender to pay a down payment for the car. However, interest-free car loans must be tied to car models. Only models that meet the rules can get interest-free car loans.

What are the ways to buy a car with interest-free loans? The following focuses on the zero down payment and interest-free loans to buy a car under the three types of loans: credit card installment, car company finance company loan and bank loan.

1. Auto finance company loans

In recent years, auto finance is being regarded by auto companies as a magic weapon to rescue the sluggish auto market. Some time ago, some auto finance companies even offered zero-down-payment, interest-free loans to buy cars. Some car companies without financial companies also actively approached banks to cooperate with various preferential loan businesses. The trend of zero-down-payment, interest-free loans to buy cars continues to be popular. However, if you enjoy zero down payment and interest-free loan to buy a car, car buyers generally cannot enjoy the dealer's car price discount.

2. Credit card installment car purchase

The credit card installment car purchase service that has emerged in recent years is an auto finance service jointly developed by card-issuing banks and automobile companies. Depending on the product, its loan The maximum amount can reach 200,000 yuan, which can be repaid in 12, 18, or 24 installments. Generally, there is no interest, and only a handling fee that accounts for the installment amount is charged. Some promotional products even waive the handling fee. The bare car price of a credit card installment car purchase is generally based on the actual quotation in the mall, and does not need to be based on the company's guide price. Some products with zero handling fee are actually equivalent to the car dealer paying the handling fee, so there is no discount at all in the car purchase price, and the purchase must be based on the manufacturer's guide price. Car buyers should weigh carefully when purchasing.

3. Bank personal car loan

This is a guaranteed loan provided by the bank and the car seller to provide the funds required for the one-time payment of the car payment to the car buyer, and jointly with insurance and notarization organizations to provide Car buyer provides insurance and notarization. The car loans of major banks basically take two lines: one line is direct-to-customer car loans. Customers who want to borrow money to buy a car can directly contact the bank branch and go to the bank to handle the related loan business. The other line is cooperation with 4S stores. Customers buy cars at the 4S store. If the customer needs a loan, the 4S store will directly introduce it to the cooperating bank. Direct-to-customer car loans are more complicated in terms of procedures, but the fees are lower.

This is the end of the introduction about whether it is good to buy a car with an interest-free credit card loan or to buy a car with an interest-free payment. I wonder if you have found the information you need?