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The advantages and disadvantages of several ways to buy a car on loan

2018-04-13 17:36:11

The auto loan business of the auto loan bank is generally a direct customer loan, that is, after consumers fancy a certain model, they do not go to the bank through the dealer to apply for an auto consumer loan. Advantages: Low loan interest rate consumers can choose a large space, no matter what kind of brand, what kind of car can apply for bank loans, and the repayment method of bank loans is also more flexible. At present, the bank's car loan interest rate is the benchmark interest rate, which is generally lower than the loan interest rate of auto finance, and you can enjoy the price reduction concessions of car dealers. Disadvantages: The application threshold of the bank's auto consumer loan application threshold is high, and the application is difficult. When individuals apply for auto consumer loans to the bank, they need to provide a series of certification materials, including the buyer's household registration, marriage certificate, ID card, education certificate, copy of the real estate certificate and residence certificate, original income certificate, etc., and also need the car dealer or a third party guarantee and collateral. With the tightening of bank credit scale, the car loan market has become cold, and some banks have suspended the personal car loan business. Car loan Method 2 Credit card installment loan Credit card installment business refers to the cardholder agrees to pay the down payment, apply to the bank to use its credit card to buy a family car at the dealer designated by the bank, after the bank's approval, the approved amount is evenly divided into several periods, by the cardholder in the agreed period of monthly repayment, and pay a certain fee business. Advantages: Low credit card installment car purchase has no interest, but there is an installment fee, and the procedure rate varies between different banks. For example, the introduction of the "credit card car installment payment", down payment of 30%, 12 periods of 3.5%, 24 periods of 7%, the reporter visited a number of other banks, 12 periods of the procedure rate of more than 3% to 5%, 24 periods of 4% to 7%, 36 periods of 7.5% to 12%. Second, the credit card installment car purchase approval procedures are relatively simple, in addition to identity proof and income proof and other basic materials, among which the cardholder credit information record is the most important. Disadvantages: Limited selection of models Every bank with a credit card installment car has a corresponding partner brand and models that can enjoy business, so there are limitations to the models available for purchase. In addition, like the use of credit cards, installment credit cards also have a certain amount, depending on the job and affordability of the cardholder. Unsecured credit loan to buy a car refers to the loan applicant through the bank that can apply for personal credit loans, such as Citibank, Standard Chartered, CITIC and other banks, get the money for personal credit loans without collateral and guarantee, and directly go to the car dealer to borrow money to buy a car. Advantages: The amount of general unsecured credit loan is between 1-50W, the specific loan amount is measured according to the monthly income of the borrower, according to the difference in personal credit degree, the general loan amount is 8-15 times the monthly income of the borrower, and the loan can be made within 3 working days after submitting the loan application materials, and after getting the bank loan, You can easily go to any car dealership to pick your favorite car, and the loan without collateral and guarantees is also its main advantage. Disadvantages: Higher loan interest rate compared with other loan methods, the amount of unsecured credit loan products is generally relatively high, and the repayment interest is generally about 30% higher than that of other loan products according to the repayment period. However, because many white-collar workers are only short of car payments, not short of interest. Therefore, this kind of loan product is highly sought after by white-collar workers. At present, direct lending of auto finance is also the mainstream form of auto loans, GM, Toyota, Volkswagen, Ford have their own auto finance, consumers can directly apply for loans to auto finance through auto dealers. Advantages: Approval process fast through the auto finance loan to buy a car is more convenient than bank loans, generally provide real estate proof and income proof can be. The loan approval process is also faster, and the fastest car can be picked up on the same day. Secondly, the loan repayment method is flexible, the loan interest rate provided by the auto finance depends on the loan term, and the interest rate will be adjusted according to the down payment ratio of the car buyer. The general rule is that the shorter the term of the loan and the higher the down payment, the lower the interest rate. Disadvantages: few optional brands and not all cars have their own auto finance, so if the brand you want does not have auto finance, you can not handle loans through it, and choose auto finance loans, car price concessions and interest rate concessions can not be both.