You just need to know whether it is better to buy a car with a loan or a credit card installment plan
With the continuous development of social economy, cars have become a means of transportation for many people, and buying a car has become the pursuit of many young people. However, not everyone can pay the high cost of buying a car in one lump sum. Many people will choose loans or installment payments. So, is it better to buy a car with a loan or a credit card installment plan? The differences between buying a car with a loan and buying a car with a credit card in installments are listed from several major aspects. As for which one is better, cardholders can choose according to their own circumstances.
1. Bank loan
Bank loan base interest rate: 6% for 6 months to 1 year, and 6% for 1 year to 3 years. Application conditions: approved by the bank Buy a limited range of cars from authorized dealers, have stable career and financial income or own assets that are easily liquidated.
Advantages: The interest rate is relatively low; the cycle can be chosen flexibly, and early repayment interest will be saved.
Disadvantages: The lending time is relatively long; loan approval is troublesome and strict; the down payment ratio is relatively high.
2. Credit card installment
Credit card installment handling fee, the minimum installment handling fee for 12 installments is the fluctuation range of the base rate for each installment. Application conditions: stable income, none Bad credit record; having real estate and being a high-quality bank customer is preferred.
Advantages: The credit card installment threshold is low, the procedure is simple, and the approval time is short.
Disadvantages: The repayment period after installment is relatively short, the credit requirements of the applicant are high, and the early repayment handling fee cannot be reduced.
In conclusion, if the cardholder only has short-term financial difficulties, you can choose credit card installment. If the loan period exceeds half a year, it is recommended to choose a bank loan, which will be relatively more cost-effective. Whether it is a bank loan or a credit card installment plan to buy a car, cardholders must ensure that they can repay the loan on time. If you want to buy a car in installments with a credit card, here is the credit card application portal; if you want to get a loan to buy a car, you can click here
. The threshold is low, the loan is granted quickly, and the credit limit is high. The most important thing is that it does not charge any fees. Ensure the security of personal information.
Is it more cost-effective to buy a car in full payment or in installments?
Considering the aspect of buying a car alone and the financial conditions are relatively sufficient, it is definitely better to buy a car in full payment and more cost-effective.
If you buy a car in installments, although it can reduce the immediate pressure, when the loan is paid off, the total cost will be more than buying a car in full. For example, if you buy a car worth about 120,000 yuan, take a loan of 10 yuan, and have a term of two years, the total final cost will be about 20,000 yuan more than buying the car in full. I think it is more cost-effective to buy a car in full if conditions permit.
The above is considered in terms of amount. If the economic conditions are limited and the pressure to buy a car in full is high, you can purchase the car in installments, and then the excess money can be used to create other values. From this perspective It may also be more cost-effective to consider buying a car in installments.
Therefore, it is impossible to say whether it is better to buy a car in full or in installments. It is mainly based on the consumer's own considerations. It is more cost-effective to choose a car purchase method that suits them.
Consumers who want to buy a car in installments
It is necessary to fully understand the relevant processes and some precautions for buying a car in installments. There are some pitfalls in some installment purchases, such as the increasing number of installments. There are more and more 10% down payment, zero interest and zero down payment, etc. For example, the 10% down payment is actually equivalent to renting to purchase. If the car owner is unable to repay, the vehicle will be taken back at any time.
Zero interest and zero down payment seem to save a lot of money, but this plan also has some regulations, such as no gifts, the requirement to purchase insurance in the store, etc., so that the 4S store can benefit from other aspects. To make a profit, there is no loss, and consumers are not actually cheap, and some are even more expensive. Many people have reported that insurance purchased at 4S stores is more expensive than insurance purchased from outside insurance companies.
Is it better to buy a car with a loan or by installment with a credit card?
Cars have become a means of transportation for every household, and some families even have more than just one car. So when buying a car, is it more appropriate to buy a car with a loan, or is it more appropriate to buy a car in installments with a credit card? I believe that everyone has a little girl in their heart who will calculate which method is more suitable and more cost-effective. Therefore, you have to analyze the specific situation and decide which method to choose according to different situations.
1. Whether it is a loan or a credit card installment, the purpose is to drive the car away with less money
Be able to drive the car away with less money without affecting the quality of the vehicle. This method is very convenient for normal use and does not occupy your own funds, but if you have to bear relatively high interest because you paid a relatively small down payment, then no one wants this to happen. Therefore, you have to decide whether to buy a car with a loan or a credit card installment plan based on the specific car buying policy at that time.
2. Some car brands have subsidy policies for car purchases, which are interest-free loans
In order to promote their own car brands, some car manufacturers will formulate some preferential policies. , for example, for customers who buy cars in installments, we will provide an interest-free service for installment car purchases. This preferential policy allows people who don’t have much money at the time, or who want to buy a car in installments, to just pay a down payment and then drive the car away. Just repay the monthly payment at the agreed time. In this case, it is better to buy a car with a loan and a credit card to buy a car in installments.
3. Some car 4S stores will charge high fees to customers who purchase cars with loans
Some car 4S stores will charge customers high fees when purchasing cars with loans. The handling fees, when these handling fees are amortized, may be much higher than the interest rate of credit card installments. Therefore, when customers buy a car, they must calculate which plan is the most reasonable. If they can buy the same product for less money, then it is the best car purchase plan. Therefore, they must make their own decisions. Calculate in advance how the cost of buying a car will be calculated.
Is it better to buy a car with full payment or installment payment?
In terms of price, it is more cost-effective to buy a car with full payment, but if your personal income is not high, you may not be able to get it for the time being. If you pay the full amount, you can choose to pay in installments.
Many car owners choose to pay in installments when buying a car. Part of the reason is that many merchants recommend zero down payment for car owners, so they can pay in installments without paying interest.
Car owners should be careful when encountering this situation. Many car dealers will offer zero down payment, but will increase the borrowing interest and handling fees. Many consumers will buy under such circumstances. Full insurance, in which case there will be no discount. Car buyers should read the loan interest rates and borrowing regulations clearly when choosing a loan to buy a car, so as to avoid unnecessary trouble.
How to buy a car
Purchasing a car with full payment obviously has a greater advantage in terms of landing price. Although the price of a car with full payment is higher than that of buying a car with a loan, the overall cost It is more cost-effective to buy the car outright. However, buying a car in full is not without its disadvantages. It is not easy for everyone to pay for the entire car at once. Buying a car in full will also mean that it will cause financial constraints and quality of life problems in the future. decline.
In fact, whether you are buying a car in installments or paying the full price, you must make purchases within your own financial capacity. Consumers with relatively ample funds can choose to buy the car in full, which will bring a more convenient car buying experience. . Consumers with insufficient budget are best to take out loans, but they should also choose a car based on their monthly income.
Which is better to buy a car, a mortgage or a loan?
It is better to buy a car with full payment.
Usually buying a car in full means paying all the expenses at once.
You usually need to pay the price of the naked car, purchase tax, registration fees, and insurance. You may not be able to get the car immediately after paying the fees. Sometimes you need to wait for a long time to get the car. Generally, the advantage of buying a car in full is that the funds are paid in one lump sum, there are no subsequent fees, and each expense is relatively open and transparent. Generally, people with financial ability will choose to buy a car in full.
The cost of buying a car with a loan is higher than that of the full payment, and you must repay as required every month. If you do not repay on time, you will be on the credit blacklist. When choosing to buy a car, Paying the full price can save you a lot of money. At the same time, the procedures for buying a car with a loan are cumbersome and need to be approved, and the loan will also take some time.
Is it more cost-effective to buy a car loan in installments with a credit card or with a bank loan?
It is very cost-effective to pay in installments with a credit card. There is no interest when buying a car in installments with a credit card, and you only need to pay the corresponding handling fee. However, the brands and models that support this business will be restricted, and the amount that can be applied for is also limited. If you want to buy a luxury car, you cannot choose credit card installment payment. However, there is no limit on the loan amount for car purchases.
Basically all models support loan purchases, but correspondingly, the loan interest they have to pay is more than the installment fee. Therefore, you can choose to buy a car or a family scooter according to your actual needs. As long as the model supports it, the credit card installment method is obviously more cost-effective. Attachment: Disadvantages of bank loans for car purchases: It is difficult to apply for a traditional car loan from a bank. Consumers are required to provide the bank with a series of supporting materials: ID card, employment certificate, bank statements for the past year, social security certificate for more than two years (inclusive), real estate certificate or house sales contract or house purchase invoice, etc. Third-party guarantees and pledges are also required.
Let’s end the discussion here on whether it is better to buy a car with a loan or an installment plan.