Credit card installment payment is very cost-effective. There is no interest on buying a car by credit card in installments, just pay the corresponding handling fee. However, the brands and models that support this business will be limited, and the amount that can be applied for is limited. If you want to buy a luxury car, you can't choose credit card installment. However, there is no limit to the amount of car loan. Basically, all models support loan purchase, but correspondingly, it is necessary to pay more loan interest than installment payment. So you can choose the way to buy a car and a family scooter according to your actual needs. As long as the model supports, the credit card installment method is obviously more cost-effective. Attachment: Disadvantages of buying a car with a bank loan: It is difficult to apply for a traditional car loan from a bank. Consumers are required to provide a series of proof materials to the bank: ID card, work certificate, bank flow in the past year, social security certificate for more than two years (inclusive), real estate license or house sales contract or purchase invoice, etc. Third-party guarantee and pledge are also needed.
[img] Which is more cost-effective, buying a car by credit card or car loan?
First of all, compare the cost performance from the advantages and disadvantages.
1, credit card to buy a car
Advantages: (1) Simple procedures and short approval time.
(2) Credit card installment car purchase has preferential activities.
(3) It is most convenient to directly brush a small amount (in line with the quota) and the interest rate is the lowest.
Disadvantages:
(1) The repayment period is relatively short, generally the longest is no more than 3 years.
(2) The requirements for the applicant's past credit are relatively high.
(3) There are restrictions on the types of cars that banks can buy with credit cards.
(4) Credit card loans cannot be used for the down payment of car purchase.
(5) Car credit card loans are limited.
2. Car loan
Advantages:
(1) The vehicle type is not limited. No matter what kind of car, you can usually buy a car through bank loan channels.
(2) The loan amount is large, and zero interest rate is specified for vehicle finance projects on a regular basis.
(3) The repayment period can be flexibly selected, and some can even reach 5 years.
Disadvantages:
(1) Lending time is relatively long.
(2) the examination and approval is troublesome, and the requirements for loan conditions are strict, and some even need real estate mortgage.
(3) The down payment ratio is relatively high, and only 70% of the loan can be applied according to the application materials.
(4) The car purchase rate is high.
(5) Non-civil servants can only apply for three years.
Second, it is more cost-effective in terms of interest.
Buying a car by credit card: the minimum installment fee rate for the third installment of credit card is 2.7%, the minimum installment fee rate for the sixth installment is 4.5%, the minimum installment fee rate for 12 is 7.2%, and the minimum installment fee rate for the 24th installment is 14.4%. The longer the term, the higher the interest rate, and the more fees need to be paid.
Car loan: RMB loan business with designated consumption purposes issued by banks to individual customers, which can be mainly used for consumer personal loans such as personal housing, cars and general student loans. For consumer loans, the bank's benchmark interest rate is 5.6% for 6 months, 6% for 6 months to 1 year, and 6. 1 year to 3 years.
Summary: From the advantages and disadvantages of buying a car with a credit card and a car with a loan, as well as the rates, if the loan can be paid off within half a year, it is recommended to use a credit card to pay by installments, and it will be more cost-effective to apply for a bank loan after half a year.
Can I buy a car with a credit card? Is it worthwhile to buy a car with a credit card?
Can I buy a car with a credit card?
With the gradual popularization of credit cards in people's lives, many people's consumption patterns have also changed, and consumer goods within any quota can be transformed into phased models. As a special kind of consumer goods, after a period of exploration, banks have successively introduced policies that are more suitable for users' needs. So, can I buy a car with a credit card? This is a concern of many people who want to buy a car. Then can I buy a car with a credit card? The answer is yes. The following financial network details the credit card installment car purchase.
Scope of application of credit card to buy a car
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, with the demand of customers, there will be more and more banks in the national credit card installment car purchase business. 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.
Buy a car by installment with a credit card
Car purchase by credit card installment is the credit card installment business of banking institutions. The credit limit that the cardholder can apply for is 200,000-200,000; There are three stages: 12 months, 24 months and 36 months. There is no expected annualized interest rate for credit installment car loans, and banks only charge fees, with different installment rates.
Credit card car purchase process
(1) filing an application. After you choose the car you need to buy, you need to go to the bank to fill out an application form for car consumption loan, a credit survey form and provide your personal income certificate;
(2) The bank conducts pre-loan investigation and approval. If you meet the requirements of bank loan, the bank will inform you to fill in some forms according to the contact information you provide;
(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 dealership, and goes through the formalities of car pick-up according to the bank car pick-up slip and other documents.
Wealth management network reminds: the down payment for car purchase cannot be paid by credit card; The handling fee of CCB's credit card car purchase needs to be paid in one lump sum at the first repayment; If you want to repay the loan in installments in advance, the handling fee will not be refunded; Vehicles purchased by credit card in installments must be insured against vehicle theft and vehicle loss, and the insurance period is consistent with the installment period.
Is it worthwhile to buy a car with a credit card?
Is it worthwhile to buy a car with a credit card? How about buying a car with a credit card loan? Nowadays, the development of science and technology makes life so convenient, and major banks also provide convenience for users as one of the main places.
Compared with other car loan methods, buying a car by credit card has its own advantages. There are two credit card modes for buying a car by credit card: one is to pay in full by credit card and then apply to the bank for bill installment. The premise is: your credit card is enough to pay for the car. Second, most car dealers support buying a car by credit card, but the difference is that the banks designated for cooperation by stages are different, so be sure to ask the merchants before buying. The bank credit card you hold can buy a car by stages.
The credit card installment car purchase method has the advantages of convenient application process, low threshold and lowest handling fee, but the choice of car loan method should be based on your own situation.
For example, if you take a fancy to a car with suitable performance and style, and the car price is 6.5438+10,000 yuan, then after applying for credit card installment and paying 30% of the car down payment, you will get a loan of 70,000 yuan within three years, and you will have to pay back the interest of about 8,400 yuan.
However, if this 70,000-yuan credit card installment fund is put in the bank or invested, at the current expected annualized interest rate level, even if it is calculated on a three-year basis, there will be interest of about 8,900 yuan at maturity. The difference between the two is nothing more than that credit cards need to pay interest first and repay monthly. So after careful calculation, it is not uneconomical to buy a car by credit card in installments.
Reveal the secret! Is it cost-effective to buy a car by installment with credit card loan? Which bank is the most cost-effective
Credit card loan business has been widely loved by the public. Not only can it be consumed in advance, but it can also be repaid, and it can also be used to solve the financial problem. Banks also use credit card loans to buy cars. Of course, these are all related to the credit card installment business, but some can be directly loaned, and some are car installment business, which is equivalent to loans. So is it cost-effective for these banks to buy a car with credit card loans? What are the advantages and disadvantages of buying a car by stages?
First, the credit card loan installment car purchase business of banks
Almost all banks have the business of buying cars by stages. Different banks will cooperate with different automobile manufacturers and get various discounts. When a bank credit card cooperates with a car manufacturer to hold an activity, it is definitely cost-effective to buy a car by credit card in stages. For example, what to buy, China Merchants Bank credit card, public installment interest rate 0?
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China merchants bank credit card Acura installment car interest rate 0. Different banks have different car purchase businesses by stages, so in the absence of preferential activities, it is necessary to carefully weigh whether it is beneficial to buyers.
Second, is it cost-effective to buy a car by installment with a credit card loan?
Advantages: bank credit cards and car manufacturers cooperate to hold activities, and it is definitely cost-effective to buy a car by credit card in stages. If you have a car you want to buy at this time and have a credit card from this bank, you can really participate, but you must know its handling fee and installment rate to avoid losses.
What about when there is no activity? I think: the biggest advantage of buying a car by installment with a credit card loan is to relieve my financial pressure. On the other hand, the average down payment required by bank car loans is 30%, and that of auto financing companies is generally 20%, while the minimum discount for bank credit card installment car purchase is zero down payment. If there is no great economic pressure, in fact, the shorter the number of periods chosen, the lower the rate and the more cost-effective. Of course, it depends on personal circumstances.
Disadvantages: At the same time, buying a car with a credit card also has some disadvantages. Down payment, interest and installment fee let us pay attention to three aspects. Behind the zero down payment is sometimes a high handling fee, and sometimes the expected annualized interest rate of installment repayment will be high, so consumers must carefully measure it.
In addition, there is a "package" for buying a car just like buying a mobile phone to buy a house. Behind this kind of bundled consumption, it is actually not cost-effective. Buyers need to keep their eyes open and see clearly, and don't fall into this trap!
As for which bank is more cost-effective, it is difficult to draw a conclusion. CCB (how much is the installment fee for CCB's credit card loan to buy a car), Pudong Development Bank, China Merchants Bank and Agricultural Bank have different stages of credit card purchase. Different banks have different installment numbers and installment rates. And because of different models, the price is different. It is suggested that it is best to participate when there are activities in the bank. If not, settle the account before buying a car!
Is it cost-effective to buy a car with a credit card loan? Which is more cost-effective to buy a car with a credit card or a loan?
It has become a trend to borrow money to buy a car. Many people will choose loans even if they have money. How nice it is to leave the cash in their hands! Then the question is, which is more cost-effective to buy a car with a credit card loan or a bank loan? Who is better to buy a car with a credit card or a loan? Let's analyze it for everyone.
1. Is it cost-effective to buy a car with a credit card loan?
Buying a car with a credit card loan is nothing more than the installment business provided by the credit card. Generally speaking, the lowest installment fee rate of credit cards is 2.7% in the third installment, 4.5% in the sixth installment, 7.2% in the 12 installment and 14.4% in the 24th installment. The longer the term, the higher the interest rate, and the more fees need to be paid.
Advantages:
1, with simple procedures and short approval time.
2, credit card installment car purchase has preferential activities to participate.
Disadvantages:
1. The repayment period is relatively short, generally the longest is no more than 3 years.
2. The requirements for the applicant's past credit are relatively high.
There are restrictions on the types of cars that banks can buy with credit card loans.
4, credit card loans to buy a car down payment can not brush credit cards.
Two. Loans and interest rates of financial institutions or banks
Renminbi loans granted by banks to individual customers with designated consumption purposes can be mainly used for individual housing, automobiles, general student loans and other consumer personal loans. For consumer loans, the bank's benchmark interest rate is 5.6% for 6 months, 6% for 6 months to 1 year, and 6. 1 year to 3 years.
Advantages:
1, there is no restriction on the model, no matter what kind of car, you can generally buy a car through the bank loan channel.
2. The interest rate is relatively low.
3. The repayment period can be flexibly selected, and some can even reach 5 years.
Disadvantages:
1, the loan time is relatively long.
2. The examination and approval is troublesome, and the requirements for loan conditions are strict, and some even need real estate mortgage.
3. The down payment ratio is relatively high, and only 70% of the loan can be applied according to the application materials.
Summary: Judging from the rates of car purchase by credit card and car purchase by loan, if the loan can be paid off within half a year, it is recommended to use credit card by stages, and it will be more cost-effective to apply for bank loan after half a year. Although the loan to buy a car can alleviate the problem of insufficient cash, it is still necessary to shop around, see more and compare more.
How to buy a car with a credit card? Is it cost-effective to buy a car by installment with a credit card?
Of course, you can buy a car with a credit card. Now many 4S stores have cooperation with many banks. Even if you don't have a bank credit card, as long as you select a vehicle, the 4S store will help you apply for a bank credit card on the spot, and then apply for a loan according to the car amount and specific offers. A down payment of 30% is much cheaper than traditional corporate loans and car dealership loans, and the process of buying a car with a credit card is very fast.
There are two ways to buy a car by credit card: one is to pay in full, and then apply to the bank for bill installment. Of course, this also requires that your credit card limit is high enough. Second, most car dealers support buying a car by credit card without paying interest and paying the corresponding installment fee.
Because of the high car price, the first way is basically not feasible, and the second way is more affordable. Compared with buying a car with bank loans and loans from auto financing institutions, buying a car by credit card in installments has no interest. Of course, the so-called zero expected annualized interest rate has to pay some fees. However, for lower costs, it is a better choice than the other two loan methods, in which the expected annualized interest rate exceeds 65,438+00%. Rong 360 sorted out the handling fees of several banks' credit card loans to buy a car for cardholders' reference. Agricultural Bank of China has the most favorable handling fee, with the handling fee rates of 12, 24 and 36, and ICBC 12, 24 and 36 are 5%, 8%, 1 1% respectively. The installment procedures of China Bank 12, 24 and 36 are 4%, 8% and 12% respectively. The installment fees of China Merchants Bank 12, 24 and 36 are respectively, and the installment fees of Minsheng Bank 12, 24 and 36 are 17% respectively.
In addition to the expected low annualized interest rate, fast approval is also an advantage of credit card installment. Some banks can complete the approval of credit card loans in 40 minutes at the earliest, and the longest time will not exceed 3 days. Moreover, most credit card banks have credit card swiping activities. After buying a car, you can also redeem the corresponding bonus gifts at the bank, which can be described as killing two birds with one stone.
However, if the credit card loan is less than the full installment, the cardholder generally needs to pay a certain down payment, usually 30%. Of course, the credit card purchase amount is not very high, which is more suitable for buying middle and low-end cars.
So much for the introduction of credit card loan to buy a car.