What is the bank interest rate for a car loan?
The interest for a car loan from a bank should be calculated as follows: 1. Interest rate item interest rate (%) within 6 months (including 6 month) 4.35, 6 months to 1 year (including 1 year) 4.35, 1 to 3 years (including 3 years) 4.75, 3 to 5 years (including 5 years) 4.75, more than 5 years 4.9; 2. However, although the latest The loan interest rate has been lower than before, but the interest rate for applying for a car loan will not become the benchmark interest rate for bank loans. Generally, bank car loan interest rates will fluctuate to a certain extent; 3. Bank car loan interest rates fluctuate, and different banks have different floating conditions. Generally speaking, bank car loan interest rates are generally based on a benchmark interest rate of 10%-50%; 4. , Therefore, before applying for a bank car loan, we must go to the local bank for consultation and understand the floating interest rates of bank car loans.
Which bank has the lowest interest rate for car loans?
Car loan interest rates are related to many factors, and you can choose based on the following. If the car loan period is less than one year, give priority to Bank of China, followed by China Construction Bank and Ping An Bank. Generally speaking, Ping An Bank has the lowest car loan interest rate, so you can choose it first.
Among several banks, the one with the highest car loan interest rate is China Construction Bank; Bank of China’s car loan conditions are relatively strict, so it does not need to be the bank of priority.
Different banks have different car loan interest rates, which are generally based on the central bank's benchmark loan interest rate. The benchmark interest rates are as follows: the interest rate for loans within one year is 4.35%, and the interest rate for loans within one to five years is 4.75% for more than five years. The interest rate of the loan is 4.90% car loan interest rate.
Calculation formula: car loan interest = annual interest rate period of loan amount. At the same time, the bank also needs to combine personal credit, bank/store preferential activities, down payment ratio, etc. Therefore, it is necessary to determine which bank car to choose based on the actual situation of the car owner. The most cost-effective loan.
For example: What is the interest rate for a 3-year car loan of 100,000 yuan? Mr. Li went to a bank to apply for a 100,000 yuan car loan and chose to repay it in 3 years. The approved loan interest rate was 4.75%. According to the above car loan According to the loan interest rate calculation formula, it can be concluded that the final car loan interest is: 100000x4.75%x3=14250 yuan.
The process of buying a car with a bank loan is as follows.
1. After selecting the vehicle to be purchased, the car buyer prepares relevant materials and submits an application for a car loan to the lending bank; 2. The lending bank conducts review and investigation based on the submitted application materials; 3. Review After approval, the borrower and the lending bank sign a loan contract; 4. The borrower goes to the local vehicle management office to go through the mortgage registration procedures; 5. The lending bank issues the loan, and the borrower goes to the dealer to pick up the car with relevant certificates.
How much is the interest rate on a car loan?
With interest.
Buying a car with a loan usually carries interest. However, some 4S stores will launch 0-interest loan activities to buy cars. Although they will not charge interest, they will charge a higher service fee. The fee is similar to the loan interest. In fact, it is interest in disguise.
If it is a car loan from a bank, the interest rate of the loan generally floats on the central bank's benchmark loan interest rate. If it is a car loan from other financial companies, the loan interest rate is generally determined based on market conditions and there is no standard.
The central bank’s loan benchmark interest rate is:
1. The interest rate for loans within one year is 4.35%:
2. The interest rate for loans within one to five years is 4.75 %;
3. The interest rate for loans over five years is 4.90%.
1. Nowadays, interest-free or zero down payment activities are generally launched when buying a car with a loan. Now I would like to tell you some precautions to prevent being scammed. Most of the so-called low down payment or zero down payment are scams. Maybe after you buy it, you will find that the car is registered under the name of a certain company, but the car is a lease with you, and you have to pay it off within the specified time. If it violates the rules, the car will be repossessed, and It is not unheard of to not get back the money you spent before. When you encounter this kind of situation that seems to be a big advantage, you must be vigilant.
2. There are also many merchants that use zero down payment to attract friends who want to buy a car. They cannot resist this temptation, but only after buying it do they realize that the merchants will sell high-value insurance for zero down payment. They use the excuse of making a down payment to buy a car to force you to buy comprehensive insurance, or to ask you to buy specific products from some insurance companies. In this case, the insurance you buy will be more expensive than other people's insurance, and they also make you buy some products that are not practical at all. of insurance.
3. It is also important to note that you must confirm your repayment time and amount. The procedures and fees required for buying a car on loan must be clearly listed. Compare more and choose the channel that suits you. Don’t just look at the so-called 0 down payment and low interest, or 0 down payment and 0 interest. These are all routines. You must read the contract clearly.
What is the interest rate of a car loan?
How can you not know the interest rate of a car loan if you want to apply for a car loan? Car loans generally have two modes: direct customer and indirect customer. Type loan: the borrower directly applies for a car loan from the bank and then purchases the car at a car dealer; intermediary type loan: the borrower first purchases a vehicle at a car dealer and then applies for a loan.
No matter what kind of loan, we all hope that the loan interest rate is as low as possible. It would be best if there is no interest rate. Of course, it is good to think about this idea. After all, whether it is a commercial bank or other lending institution, they They all have to be profitable.
However, among all loan channels, bank loan interest rates are generally the lowest, which is one of the reasons why many people choose banks first when they need loans.
Let’s take a look at what the car loan interest rate is in 2018.
Although many commercial banks say that their loan interest rates are based on the benchmark loan interest rate issued by the central bank, in fact, many banks will set the benchmark loan interest rate based on their own bank's policies and conditions. Different banks have different regulations on car loan interest rates.
Central Bank Loan Benchmark Interest Rate
Take China Construction Bank and China Merchants Bank as examples. It is understood that CCB’s one-year car loan interest rate is 5.31%, 3-5 years (including 5 years) The interest rate is 5.4%; while the one-year loan interest rate of China Merchants Bank is 5.1%, and the interest rate for 3-5 years (including 5 years) is 5.5%.
Extended information:
Different regions and borrower qualifications will have an impact on loan interest rates. The above data is for your reference only. Please consult the relevant bank for details.
For example, the Bank of China’s regulations on loan interest rates for personal automobile consumption loans: the loan interest rate for general customers is based on the benchmark interest rate, and the loan interest rate for high-quality customers can be appropriately lowered on the basis of the benchmark interest rate upon approval by the provincial branch. The proportion shall not exceed 10%.
In addition to bank car loans, many people also choose credit card installments to purchase cars. Although there is no interest on credit card installments, there will be handling fees. The handling fee is related to the number of installments.
CCB’s installment car purchase business includes 12, 24, and 36 installments. The installment fee rates are 0-3%, 4%-7%, and 10-12% respectively. The longer the installment, the more The handling fees are also higher.