In fact, how to choose two kinds of loans can be considered from the following points: First, the down payment ratio of loans. Most banks stipulate that the down payment of car loans is 30% of the car price, and the loan period is generally 3 years, which requires a deposit of about 10% of the car price and related handling fees. Comparatively speaking, auto financing companies have low down payment ratio and long loan time. General auto financing companies require a down payment of at least 20% of the car price, and the longest loan period is 5 years. There is no need to pay the mortgage fee, as long as consumers can handle all the business of "one-stop" car purchase, loan and insurance in the sales store authorized by the manufacturer.
Second, the loan interest rate The bank's car loan interest rate is determined according to the bank's interest rate, and the interest rate of auto financing companies is usually higher than the bank's current interest rate. Of course, some financial companies will also take interest-free loans to increase the sales of some unsalable models.
Three. Comparison of advantages and disadvantages: 1. Advantages and disadvantages of bank car loans: the interest rate is relatively low. According to the customer's integrity qualification, reduce the down payment ratio, extend the loan period and reduce the loan interest rate. However, the application procedure is complicated, and the car buyer needs to provide a series of proof materials, as well as effective rights pledge or collateral recognized by the bank or a third-party guarantee with compensatory ability. If you are not a local household registration, you need a guarantor. The procedures are quite complicated and the loan rate is not high.
2. Advantages and disadvantages of auto financing loans: auto financing companies are more professional and humanized, with a minimum down payment of 20%, lower application threshold and convenient procedures, and can pick up the car as soon as possible. The disadvantage of auto financing company's auto loan is that the loan interest rate is high and the five-year interest rate is close to 8%. The bank's auto loan interest rate is low and the procedures are complicated, while the auto financing loan interest rate is high and the procedures are simple, and there are also differences in vehicle selection. If you choose a bank direct car loan, you can choose any car model, and car financing loan generally refers to the car models owned by the car company, which will have certain restrictions on the choice of car models.