Currently, there are five types of personal auto consumption loans: banks, auto finance companies, OEM finance companies, credit card installment purchases, and auto finance leasing.

1. Bank car loan

Procedure: You need to provide household registration book, real estate certificate and other information. Usually you need to use the house as a mortgage, find a guarantee company to guarantee, and pay a deposit and handling fee .

Down payment: Generally, the down payment is 30% of the car price. The loan period is generally 3 years. A deposit of about 10% of the car price and related handling fees are required.

Interest rate: The bank’s car loan interest rate is determined based on the bank’s interest rate.

2. Auto Finance Company

Procedure: Car loan buyers do not need to provide any guarantee, as long as they have a fixed occupation and residence, stable income and repayment ability, and good personal credit .

Down payment: The down payment ratio is low and the loan time is long. The minimum down payment is 20% of the car price, the maximum term is 5 years, and there is no mortgage fee.

Interest rates: The interest rates of car finance companies are usually higher than those of banks.

Companies: SAIC-GM Financial, Volkswagen Financial, Dongfeng Motor Financial, Mercedes-Benz Financial, Ford Financial, Toyota Financial.

3. Automobile manufacturer finance company

Procedure: A mortgage guarantee for the purchased vehicle is required. Applicants should have stable employment, residence and repayment source, good credit record, etc.

Down payment: The minimum down payment is 20% of the car price, and the maximum term is 5 years.

Interest rate: The interest rate is usually slightly higher than that of banks and slightly lower than that of automobile finance companies.

Companies: SAIC Finance Company, FAW Finance Company, GAC Huili, etc.

4. Credit card installment for car purchase

Credit card installment for car purchase is a credit card installment business launched by banking institutions. The credit limit that cardholders can apply for is 20,000-200,000; there are three types of installments: 12 months, 24 months, and 36 months; there is no loan interest rate for credit installment car purchases, and the bank only charges handling fees, and there are handling fees for different installments. Rates vary.

5. Car financing leasing

Financial leasing is a method that relies on cash installment payment. On this basis, the feature of separation of ownership and use rights in leasing services is introduced. When the lease ends, A modern marketing method that later transfers ownership to the lessee.

Procedure: The threshold is low, no mortgage is required, and non-local accounts are also acceptable.

Down payment: The down payment ratio is low and the loan time is long. The minimum down payment is 20% of the package price (car price + purchase tax + insurance), the maximum term is 5 years, and no mortgage fee is required

Interest rate: Financial leasing companies customize different products according to the conditions of different customers and models. interest rate plan. It is usually higher than that of banks, but some models have manufacturer support policies and can reach the lowest price in the market.

Property rights: There are two methods: direct lease and leaseback. The title of the car under the direct lease model is owned by the financial leasing company and will be transferred upon expiration of the lease period.