Regarding the collection standard of liquidated damages for prepayment of auto loans, if the handling bank
. The penalty for bank car loan is generally 2%-5% of the repayment amount, but the car loan has been repaid for one year, and there is no so-called prepayment penalty.
The second is the penalty for auto financing loans. If you apply for a loan from an auto financing company and repay it in advance, the penalty interest will be much higher than that of the bank.
If the repayment is less than one year, you need to pay a penalty of 8% of the repayment amount in advance. Unlike banks, if they choose to repay in advance after one year, they have to pay a penalty of 5% of the repayment amount.
1. What are the requirements for auto loans?
The conditions required for car loan mainly include:
(1) The car buyer must be at least 18 years old and a China citizen with full capacity for civil conduct;
(two) car buyers must have a relatively stable job and a relatively stable economic income or have assets that are easy to realize;
(3) During the loan application period, the car buyer will deposit the down payment for car purchase lower than that stipulated by the bank into the savings counter account of the handling bank;
(4) Providing banks with bank-approved guarantees. If the personal account of the car buyer is not local, it should also provide joint liability guarantee, and the bank will not accept the mortgage set by the car buyer for the car purchased by the loan;
(5) Car buyers are willing to accept other conditions deemed necessary by the bank.
Second, how to calculate the mortgage loan interest in advance?
Calculation method of repayment of principal and interest in advance of automobile loan
(1) Calculate the interest according to the days before settlement, and repay the car loan in advance. The principal and interest of the bank are settled in one lump sum, and the interest is calculated based on the date when you pay off the principal and interest of the bank. No interest is paid on the day after settlement (if you borrow the principal of the bank, you will pay interest for a few days). The calculation of interest is based on the total initial loan amount and calculated according to the bank loan interest rate at the time of signing the contract. If the bank interest rate changes during the repayment period, it will be adjusted with the interest rate and remain unchanged for one year.
(2) Early repayment requires payment of liquidated damages. With regard to how to deal with the prepayment interest of auto loans, we also need to pay attention to the fact that prepayment of bank loans is a breach of contract (loan contract), which will cause certain losses to banks, so banks will charge a certain handling fee (liquidated damages). It is understood that there are probably two algorithms for liquidated damages: paying one month's interest as liquidated damages and calculating liquidated damages according to the proportion of one thousandth of the balance. Is it cost-effective to prepay the car loan? Car owners need to measure different factors in different financial companies when choosing to prepay. One of the important considerations is liquidated damages. After handling the car loan, if you choose to repay in advance, you need to pay liquidated damages.
Is there a penalty for overdue car loans?
There will be liquidated damages for overdue car loans.
The state does not stipulate the standard of overdue penalty for car loans. The standard of liquidated damages in loans overdue is generally determined according to the following factors:
1. Both parties have an agreement on liquidated damages for overdue payment. According to the principle of autonomy of contract will, both parties agreed on the calculation method of liquidated damages in the contract. If this agreement does not violate the law, it shall generally be observed.
2. The parties have no agreement on the liquidated damages for overdue payment, and if the parties do not advocate it, they will not support it. If the parties claim, the liquidated damages shall be calculated according to the interest rate of similar loans of the People's Bank of China in the same period.
Legal basis: Article 585 of the Civil Code of People's Republic of China (PRC), the parties may agree that one party shall pay a certain amount of liquidated damages to the other party according to the breach of contract, or agree on the calculation method of the amount of damages for breach of contract. If the agreed liquidated damages are lower than the losses caused, the people or the arbitration institution may increase them at the request of the parties; If the agreed liquidated damages are excessively higher than the losses caused, the people or the arbitration institution may appropriately reduce them at the request of the parties. If the parties concerned pay liquidated damages for delayed performance, the breaching party shall also perform the debt after paying the liquidated damages.
Extended data:
Master of loan car buying process:
Step 1: Choose a good car and sign a car purchase contract with the car dealer.
Step 2: Prepare personal ID card, residence certificate (household registration book or temporary residence permit), income certificate (such as bank account number, payroll), car purchase contract and other related materials to apply for a loan from a bank (auto consumption finance company). After receiving the application form and filling it out, you can submit the completed form together with the information.
Step 3: The bank (auto consumption finance company) conducts an audit, and the evaluation agency evaluates the value of the vehicle.
Step 4: The approved customers go to outlets to sign loan contracts, pay down payment to car dealers, and go through mortgage registration and other related procedures.
Step 5: the bank (auto consumption finance company) lends money, and the customer goes to the 4S shop to pick up the car and get a license.
It can be seen that the loan car purchase needs to wait until the last step, that is, the car dealer can pick up the car after receiving the remaining car money. It will take about one or two months from the submission of the application to the release of funds.
How long does it take to buy a car loan?
When a customer goes to borrow money to buy a car and submits a loan application, the bank (auto consumption finance company) will immediately start the review and evaluation after receiving the information, which will usually be completed within seven to fifteen working days, and notify the customer with the approval result.
After receiving the approval notice, the customer will sign the loan contract at the outlet within the agreed time, go through the mortgage registration and other related procedures, and pay the down payment to the auto dealer, and then the bank (auto consumer finance company) will enter the lending process, which will take about three to five working days and lend money within one month.
It can be seen that it usually takes about one or two months from application to fund distribution, mainly depending on the loan amount and work efficiency of banks (auto consumption finance companies). If the speed is fast, it is estimated that it will be approved in a week or two.
In a word, it is good for customers to wait patiently. If the approval progress is delayed after the application and the loan has not been released for several months, the customer can also call the customer service/business manager on his own initiative.
What happens when the car loan is overdue for a week?
Personal car loans overdue repayment, the consequences are:
1. If the repayment is overdue for more than three times, there will generally be a bad credit record;
2. If the situation is not very serious, you can go to the bank (or other financial institutions) to explain the reasons and submit an application, and you can barely apply for a loan or credit card;
3. If there are too many overdue times, it is obviously impossible to apply for a loan or credit card. Ordinary banks (or other financial institutions) will consider whether an individual's credit record in the past five years is good or not.
The "general principles of loans" have corresponding provisions:
Article 71 Under any of the following circumstances, the lender will charge interest on part or all of the loan: if the circumstances are particularly serious, the lender shall stop paying the unused loan of the borrower and recover part or all of the loan in advance:
1. Failing to use the loan for the purpose specified in the loan contract.
Second, the use of loans for equity investment.
Third, engage in speculative business with loans in securities and futures.
Four, the borrower who has not obtained the qualification of real estate business according to law uses the loan to operate the real estate business;
Five, not according to the provisions of the loan contract to pay off the loan principal and interest.
It is best not to be overdue.
Will have the following consequences:
1, facing high overdue interest or liquidated damages.
2. Accept several collection stages of the bank, such as telephone collection and door-to-door interview of the Commissioner.
3. If the amount is enough, you will face the risk of being sued by the bank. If the bank wins the case, it will also pay legal fees, attorney fees and huge fines. If the amount reaches more than 10000 yuan, you will also face jail time.
4. Personal credit information will have a credit stain, which will affect the future life, and it is impossible to borrow money to buy a car or a house.
It is recommended to choose a formal platform loan. Qianhua is a loan product owned by Baidu Finance. Users need to fill in their Baidu account number and mobile phone number before applying for a loan. The maximum loan amount with money is 200,000, and the minimum annual interest rate is 7.2%. If you want to get a loan, you must first meet the basic conditions, that is, the user must be 18~55 years old, can provide the original of my second-generation ID card, and use the bank card in my name to collect and repay the loan. In addition, you must have the ability to repay, and you must not have a bad credit record.