It has become a trend to borrow money to buy a car. Many people will choose loans even if they have money. How nice it is to leave the cash in their hands! Then the question is, which is more cost-effective to buy a car with a credit card loan or a bank loan? Who is better to buy a car with a credit card or a loan? Let's analyze it for everyone.
1. Is it cost-effective to buy a car with a credit card loan?
Buying a car with a credit card loan is nothing more than the installment business provided by the credit card. Generally speaking, the lowest installment fee rate of credit cards is 2.7% in the third installment, 4.5% in the sixth installment, 7.2% in the 12 installment and 14.4% in the 24th installment. The longer the term, the higher the interest rate, and the more fees need to be paid.
Advantages:
1, with simple procedures and short approval time.
2, credit card installment car purchase has preferential activities to participate.
Disadvantages:
1. The repayment period is relatively short, generally the longest is no more than 3 years.
2. The requirements for the applicant's past credit are relatively high.
There are restrictions on the types of cars that banks can buy with credit card loans.
4, credit card loans to buy a car down payment can not brush credit cards.
Two. Loans and interest rates of financial institutions or banks
Renminbi loans granted by banks to individual customers with designated consumption purposes can be mainly used for individual housing, automobiles, general student loans and other consumer personal loans. For consumer loans, the bank's benchmark interest rate is 5.6% for 6 months, 6% for 6 months to 1 year, and 6. 1 year to 3 years.
Advantages:
1, there is no restriction on the model, no matter what kind of car, you can generally buy a car through the bank loan channel.
2. The interest rate is relatively low.
3. The repayment period can be flexibly selected, and some can even reach 5 years.
Disadvantages:
1, the loan time is relatively long.
2. The examination and approval is troublesome, and the requirements for loan conditions are strict, and some even need real estate mortgage.
3. The down payment ratio is relatively high, and only 70% of the loan can be applied according to the application materials.
Summary: Judging from the rates of car purchase by credit card and car purchase by loan, if the loan can be paid off within half a year, it is recommended to use credit card by stages, and it will be more cost-effective to apply for bank loan after half a year. Although the loan to buy a car can alleviate the problem of insufficient cash, it is still necessary to shop around, see more and compare more.
How to buy a car with a credit card? Is it cost-effective to buy a car by installment with a credit card?
Of course, you can buy a car with a credit card. Now many 4S stores have cooperation with many banks. Even if you don't have a bank credit card, as long as you select a vehicle, the 4S store will help you apply for a bank credit card on the spot, and then apply for a loan according to the car amount and specific offers. A down payment of 30% is much cheaper than traditional corporate loans and car dealership loans, and the process of buying a car with a credit card is very fast.
There are two ways to buy a car by credit card: one is to pay in full, and then apply to the bank for bill installment. Of course, this also requires that your credit card limit is high enough. Second, most car dealers support buying a car by credit card without paying interest and paying the corresponding installment fee.
Because of the high car price, the first way is basically not feasible, and the second way is more affordable. Compared with bank loans and auto financing institutions loans to buy a car, there is no interest on buying a car by credit card in installments. Of course, the so-called zero expected annualized interest rate is to pay the handling fee, but for the lower handling fee, compared with the other two loan methods, the expected annualized interest rate 10% or more is a better choice. Rong 360 sorted out the handling fees of several banks' credit card loans to buy a car for cardholders' reference. Agricultural Bank of China has the most favorable handling fee, with the handling fee rates of 12, 24 and 36, and ICBC 12, 24 and 36 are 5%, 8%, 1 1% respectively. The installment procedures of China Bank 12, 24 and 36 are 4%, 8% and 12% respectively. The installment fees of China Merchants Bank 12, 24 and 36 are respectively, and the installment fees of Minsheng Bank 12, 24 and 36 are 17% respectively.
In addition to the expected low annualized interest rate, fast approval is also an advantage of credit card installment. Some banks can complete the approval of credit card loans in 40 minutes at the earliest, and the longest time will not exceed 3 days. Moreover, most credit card banks have credit card swiping activities. After buying a car, you can also redeem the corresponding bonus gifts at the bank, which can be described as killing two birds with one stone.
However, if the credit card loan is less than the full installment, the cardholder generally needs to pay a certain down payment, usually 30%. Of course, the credit card purchase amount is not very high, which is more suitable for buying middle and low-end cars.
Which is more cost-effective to buy a car with a credit card or a car loan?
First of all, compare the cost performance from the advantages and disadvantages.
1, credit card to buy a car
Advantages: (1) Simple procedures and short approval time.
(2) Credit card installment car purchase has preferential activities.
(3) It is most convenient to directly brush a small amount (in line with the quota) and the interest rate is the lowest.
Disadvantages:
(1) The repayment period is relatively short, generally the longest is no more than 3 years.
(2) The requirements for the applicant's past credit are relatively high.
(3) There are restrictions on the types of cars that banks can buy with credit cards.
(4) Credit card loans cannot be used for the down payment of car purchase.
(5) Car credit card loans are limited.
2. Car loan
Advantages:
(1) The vehicle type is not limited. No matter what kind of car, you can usually buy a car through bank loan channels.
(2) The loan amount is large, and zero interest rate is specified for vehicle finance projects on a regular basis.
(3) The repayment period can be flexibly selected, and some can even reach 5 years.
Disadvantages:
(1) Lending time is relatively long.
(2) the examination and approval is troublesome, and the requirements for loan conditions are strict, and some even need real estate mortgage.
(3) The down payment ratio is relatively high, and only 70% of the loan can be applied according to the application materials.
(4) The car purchase rate is high.
(5) Non-civil servants can only apply for three years.
Second, it is more cost-effective in terms of interest.
Buying a car by credit card: the minimum installment fee rate for the third installment of credit card is 2.7%, the minimum installment fee rate for the sixth installment is 4.5%, the minimum installment fee rate for 12 is 7.2%, and the minimum installment fee rate for the 24th installment is 14.4%. The longer the term, the higher the interest rate, and the more fees need to be paid.
Car loan: RMB loan business with designated consumption purposes issued by banks to individual customers, which can be mainly used for consumer personal loans such as personal housing, cars and general student loans. For consumer loans, the bank's benchmark interest rate is 5.6% for 6 months, 6% for 6 months to 1 year, and 6. 1 year to 3 years.
Summary: From the advantages and disadvantages of buying a car with a credit card and a car with a loan, as well as the rates, if the loan can be paid off within half a year, it is recommended to use a credit card to pay by installments, and it will be more cost-effective to apply for a bank loan after half a year.
Is it cost-effective to buy a car by installment with CCB credit card? Which is better, full payment or installment payment?
What if the full amount of the car is not enough? Which is more cost-effective, bank loan, credit card installment or auto financing company? What I want to introduce to you today is, is it cost-effective to buy a car by stages with CCB credit card?
How about buying a car by installments with CCB credit card?
Advantages: As long as you have a CCB credit card, you can apply online; The approval of loans is fast, and the results and quota can be obtained in 20 minutes at the earliest, and the results will be obtained in 3 days later.
Disadvantages: there are relatively few optional brands, so you can only buy a car at the designated place of CCB; There is a quota limit, and the maximum amount that can be handled is 500,000 yuan; The cardholder's previous card swiping behavior is very demanding, and there must be no illegal card swiping behavior and a good repayment record.
Comments:
1, buying a car in full may delay the car purchase plan, and it is difficult to+++;
2, the bank loan to buy a car, the rate is relatively low, but there are many procedures to be handled, complicated and troublesome, requiring the lender to have good qualifications and a house. , and the review and payment time is long;
It's very fast to buy a car by installment with a credit card, and it's convenient to apply online. However, if there are no preferential activities, the rate is relatively high.
In fact, if there is no preferential activity of buying a car by stages with CCB credit card, the rate will be relatively higher, but it is convenient, depending on your friend's needs. Introduction,
, you can handle all kinds of credit cards quickly and safely.
Is the car loan a credit card installment or a bank loan?
Credit card installment payment is very cost-effective. There is no interest on buying a car by credit card in installments, just pay the corresponding handling fee. However, the brands and models that support this business will be limited, and the amount that can be applied for is limited. If you want to buy a luxury car, you can't choose credit card installment. However, there is no limit to the amount of car loan. Basically, all models support loan purchase, but correspondingly, it is necessary to pay more loan interest than installment payment. So you can choose the way to buy a car and a family scooter according to your actual needs. As long as the model supports, the credit card installment method is obviously more cost-effective. Attachment: Disadvantages of buying a car with a bank loan: It is difficult to apply for a traditional car loan from a bank. Consumers are required to provide a series of proof materials to the bank: ID card, work certificate, bank flow in the past year, social security certificate for more than two years (inclusive), real estate license or house sales contract or purchase invoice, etc. Third-party guarantee and pledge are also needed.
Reveal the secret! Is it cost-effective to buy a car by installment with credit card loan? Which bank is the most cost-effective
Credit card loan business has been widely loved by the public. Not only can it be consumed in advance, but it can also be repaid, and it can also be used to solve the financial problem. Banks also use credit card loans to buy cars. Of course, these are all related to the credit card installment business, but some can be directly loaned, and some are car installment business, which is equivalent to loans. So is it cost-effective for these banks to buy a car with credit card loans? What are the advantages and disadvantages of buying a car by stages?
First, the credit card loan installment car purchase business of banks
Almost all banks have the business of buying cars by stages. Different banks will cooperate with different automobile manufacturers and get various discounts. When a bank credit card cooperates with a car manufacturer to hold an activity, it is definitely cost-effective to buy a car by credit card in stages. For example, what to buy, China Merchants Bank credit card, public installment interest rate 0?
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China merchants bank credit card Acura installment car interest rate 0. Different banks have different car purchase businesses by stages, so in the absence of preferential activities, it is necessary to carefully weigh whether it is beneficial to buyers.
Second, is it cost-effective to buy a car by installment with a credit card loan?
Advantages: bank credit cards and car manufacturers cooperate to hold activities, and it is definitely cost-effective to buy a car by credit card in stages. If you have a car you want to buy at this time and have a credit card from this bank, you can really participate, but you must know its handling fee and installment rate to avoid losses.
What about when there is no activity? I think: the biggest advantage of buying a car by installment with a credit card loan is to relieve my financial pressure. On the other hand, the average down payment required by bank car loans is 30%, and that of auto financing companies is generally 20%, while the minimum discount for bank credit card installment car purchase is zero down payment. If there is no great economic pressure, in fact, the shorter the number of periods chosen, the lower the rate and the more cost-effective. Of course, it depends on personal circumstances.
Disadvantages: At the same time, buying a car with a credit card also has some disadvantages. Down payment, interest and installment fee let us pay attention to three aspects. Behind the zero down payment is sometimes a high handling fee, and sometimes the expected annualized interest rate of installment repayment will be high, so consumers must carefully measure it.
In addition, there is a "package" for buying a car just like buying a mobile phone to buy a house. Behind this kind of bundled consumption, it is actually not cost-effective. Buyers need to keep their eyes open and see clearly, and don't fall into this trap!
As for which bank is more cost-effective, it is difficult to draw a conclusion. CCB (how much is the installment fee for CCB's credit card loan to buy a car), Pudong Development Bank, China Merchants Bank and Agricultural Bank have different stages of credit card purchase. Different banks have different installment numbers and installment rates. And because of different models, the price is different. It is suggested that it is best to participate when there are activities in the bank. If not, settle the account before buying a car!
This is the end of the introduction about whether it is cost-effective to buy a car by credit card and whether it is cost-effective to buy a car by credit card. I wonder if you found the information you need from it?