1. Loan threshold
From the point of view of loan threshold, it is more advantageous to buy a car by credit card, because the car buyer can pay by installment as long as he holds a credit card, and applying for a bank car loan requires the car buyer to provide various supporting materials, and the whole process is quite cumbersome.
2. Loan amount
Judging from the loan amount, bank car loans have more advantages. The bank loan amount will be determined according to the appraised value of the vehicle purchased by the borrower, and the maximum amount can reach 80% of the appraised value of the vehicle; The installment amount of the credit card will be limited by the credit limit of the credit card held by the car buyer. Generally speaking, bank car loans are more suitable for people with large capital needs; Credit card installment payment is more suitable for people who need small funds.
3. Term of the loan
Judging from the loan term, bank car loans still have advantages. As far as I know, the longest term of bank car loan is five years, while the longest term of credit card car purchase by installment is three years.
4. Model selection
From the perspective of car selection, credit card installment payment is not as good as bank car loan. The former is generally only applicable to designated models; The latter has no restrictions on models.
5. Loan cost
Some people say it's cheaper to buy a car by installment with a credit card. But I don't think so. Although you don't have to pay interest for buying a car by credit card in installments, after the installment is successful, the cardholder needs to pay a handling fee, which is not cheaper than the interest on bank car loans. Therefore, when buying a car with a loan, you must calculate an account according to your actual situation and see which way is more affordable.
Million car purchase subsidy