What is the most cost-effective way to get a car loan?

Bank loans are more cost-effective;

Assume that the editor wants to buy a car worth 100,000, with a down payment of 30, and the loan term It's 3 years.

1: Bank loan

A down payment of 30,000 yuan is required for a car worth 100,000 yuan. If you borrow the remaining 70,000 yuan from a bank, you need to pay interest of 7,400 yuan (bank loan base interest rate: 1 The one-year term is 6.56; the two-year term is 6.65; the three-year term is 6.65; the four-year term is 6.90; the five-year term is 6.90;), the monthly payment is 2,150 yuan, and the total cost of buying a car is 107,400 yuan, which is 7,400 yuan more than buying a car in full.

Two: Credit Card Loans

Since credit card loans do not require interest, you only need to pay a handling fee of RMB 12 for the total loan amount in the first month. Therefore, for a loan of 70,000 yuan, you need to pay a handling fee of 8,400 yuan. The monthly payment is 1,944 yuan, and the total cost of purchasing the car is 108,400 yuan, which is 8,400 yuan more than buying the car in full.

Three: Financial Company Loans

The annual interest rate of loans from financial companies for 1-3 years is generally around 8-12. If the middle value of 10 is taken as the annual interest rate of the loan, the loan will be 70,000 yuan. If so, the interest to be paid is 11,313 yuan, the monthly payment is 2,258.7 yuan, and the total cost of purchasing the car is 111,313 yuan, which is 11,313 yuan more than buying the car in full.

Extended information:

What are the ways to buy a car with a loan:

1: Bank loan

What are the ways to buy a car with a bank loan? A method that most car owners will choose to buy a car with a loan. The down payment is generally 30, the loan term is generally 1-3 years, and the longest is no more than 5 years. The loan interest rate is low and the repayment period is long. The difference between bank loans and other loan methods to buy cars is that banks can apply for car loans regardless of model or car dealer, which greatly increases the choice space for car buyers with loans. However, the procedures are cumbersome, the loan review time is relatively long, and the down payment ratio is high. Generally, you can only apply for a loan of up to 70%.

This loan method is suitable for car owners with abundant cash.

Two: Credit card loan

Credit card installment car purchase is a credit card installment business launched by banking institutions. Credit card loan procedures are simpler and the approval time is faster. The down payment is generally 30-40, and the loan period does not exceed 3 years, and some banks do not exceed 2 years. The loan limit is linked to personal credit. The biggest advantage is 0 interest rate. Although the bank does not charge interest when handling the installment, it will charge a certain handling fee. The amount of the handling fee varies according to the number of installments. Each bank has specific regulations, which are generally around 12% of the total loan amount. This method also has limitations for purchasing car models. Generally, it can only be purchased at 4S stores that cooperate with the card issuer!

Three: Auto Finance Company Loan

An auto finance company loan refers to a loan provided directly to the customer by the auto finance company of the brand when the customer purchases a car. The characteristics of this method are that the lender does not need to provide any guarantee, the procedure is relatively simple, and the approval speed is also fast. However, the loan interest is high, the term is short, generally no more than 3 years, and there are few car models to choose from. It will also be bound to other businesses, such as various insurances that do not need to be purchased and mandatory decoration, etc.

How to obtain the most cost-effective car loan

The process of purchasing a car loan is as follows:

1. The applicant chooses a car at a 4S store, negotiates the price with the dealer, and pays the down payment , and then sign a car purchase contract;

2. Go to the lending bank with the car purchase contract, ID card, and real estate certificate, fill in the loan application form, and submit the materials;

3. The bank accepts the loan application, And review and evaluate the application;

4. Sign a loan contract with the applicant after approval;

5. The applicant should cooperate with the lending bank to complete follow-up procedures, including mortgage registration and notarization ;

6. The loan bank transfers the money to the car dealer's account, and the applicant picks up the car at the 4S store.

Further reading

A car loan refers to a loan issued by a lender to a borrower who applies to buy a car.

Car consumer loans are a new type of loan method in which banks provide RMB-guaranteed loans to car buyers who purchase cars at their authorized dealers. The interest rate of automobile consumer loans refers to the ratio of the bank's loan amount to the principal for consumers, that is, borrowers, to purchase their own cars (non-profit family cars or commercial vehicles with 7 seats or less). The higher the interest rate, the larger the consumer's repayments.

The conditions required for a car loan are:

1. Have a valid identity document and full capacity for civil conduct;

2. Be able to provide a fixed and detailed address Proof;

3. Have a stable career and the ability to repay the principal and interest of the loan on time;

4. Have good personal social credit;

5. Hold the loan Car purchase contract or agreement recognized by the person;

6. Other conditions stipulated by the cooperative organization.

Car purchase loan process:

1. Lead the customer to choose a car at the bank’s authorized dealer and sign a car purchase agreement or contract;

2. The borrower applies for the loan Apply for a personal car mortgage loan from the bank;

3. Sign a contract after investigation and approval;

4. Handle car notarization, mortgage and other procedures.

5. The lender handles the loan;

6. After the loan is paid off, the lender cancels the pledge certificate and returns it to the customer.

Potential borrowers

The borrower must be a permanent resident of the location of the lending bank and have full civil capacity.

Term

The term of automobile consumer loans is generally 1-3 years, with a maximum of 5 years. Among them, the loan period of second-hand car loans (including extensions) does not exceed 3 years, and the loan period of dealer car loans does not exceed 1 year.

What is the most cost-effective way to get a loan to buy a car?

It is more economical for customers to choose the credit card installment payment method when buying a car than using bank car loans, car finance companies, etc. Credit card installment payment is free of guarantees and interest-free, and only charges a handling fee. At the same time, when buying a car by credit card installment payment, there are no mandatory requirements when purchasing insurance and renewal of a new car. Generally, you only need to purchase the main insurance and theft insurance.

1. Car consumption has also entered the ranks of advanced consumption. Buying a car with a loan has become a way for many young people to buy a car. For car companies, car finance can not only boost sales, but also car finance. The company has also benefited a lot from this. More and more car stores are willing to provide consumers with car loan services. It is understood that the car loan policy: the minimum down payment for car loans is 20, and the loan period is 1-5 years.

2. The down payment for buying a car with a loan starts from 20% of the vehicle sales price. The down payment will be different for different vehicles and different years. Generally, customers can make installment payments based on a three-year loan term. All scientific and technical personnel, civil servants, teachers, doctors, corporate legal representatives, managers of large enterprises and financial system staff can apply for 1-5 year loans based on their selected car models.

3. Most sellers have launched one-stop services for credit consumption in response to the different needs of consumers, making the cumbersome loan car purchase procedures simple and fast. From vehicle selection, charging, applying for bank cards, insurance, and bank signatures to applying for parking space certificates, mobility permits, and vehicle inspection plates, professional sales staff will do everything. You only need to submit the required information.

4. If you want to repay a car with a loan period of more than one year in advance, you usually need to make an appointment with the original lending institution about half a month in advance. Different lending institutions have different requirements.

At the same time, before repaying the loan in advance, it is necessary to prepare all relevant information, including personal ID card, loan contract, early repayment agreement, previous repayment bills, repayment application form and other information. After the reservation is successful and the procedures are complete, just go to the reservation location to make repayment according to the reservation time.

Extended information

Conditions for car purchase with loan:

1. Have valid identity certificate and full capacity for civil conduct.

2. Can provide proof of fixed and detailed address.

3. Have a stable career and the ability to repay the principal and interest of the loan on time.

4. Personal social credit is good.

5. Hold a car purchase contract or agreement approved by the lender.

6. Other conditions stipulated by the cooperative agency.

Application materials for car loan: original ID card, household register or other valid residence certificate, and provide copies; proof of occupation and economic income; car purchase agreement, contract or letter of intent to purchase a car signed with the dealer; Other funds required by banks or lending institutions.