Automobile industry has long been the pillar industry of China's economic development, because the whole vehicle manufacturing industry chain is long and wide, which has a great promoting effect on stimulating economy and consumption. During the 20 19 session, the government work report emphasized the promotion of domestic demand and the stabilization of automobile consumption, which once again clarified the pillar position of the automobile industry. Auto finance means that when consumers need a loan to buy a car, they can directly apply for preferential payment from auto finance companies, and they can choose different models and different payment methods according to their personal needs. Compared with banks, auto finance is a new choice for car purchase. At present, there are five ways of personal automobile consumption loan: bank, auto financing company, auto factory finance company, credit card installment car purchase, and auto financing lease.
1) bank car loan
Procedures: you need to provide household registration book, real estate license and other information, and usually you need to use the house as collateral, find a guarantee company to guarantee, and pay the deposit and handling fee.
Down payment: Generally, the down payment is 30% of the car price, and the loan period is generally 3 years. Need to pay a deposit of about 65,438+00% of the car price and related handling fees.
Interest rate: the bank's car loan interest rate is determined according to the bank's interest rate.
2) Auto Finance Company
Procedures: car buyers do not need to provide any guarantee, as long as they have a fixed occupation and residence, a stable income and repayment ability, and good personal credit.
Down payment: the down payment ratio is low and the loan time is long. The minimum down payment is 20% of the car price, up to 5 years, and there is no need to pay the mortgage fee.
Interest rate: The interest rate of auto financing companies is usually higher than that of banks.
Companies: SAIC General Finance, Volkswagen Finance, Dongfeng Motor Finance, Mercedes-Benz Finance, Ford Finance and Toyota Finance.
3) Automobile Factory Finance Company
Procedures: You need to provide mortgage guarantee for the purchased vehicle. The applicant should have a stable occupation, domicile and repayment source, and have a good credit record.
Down payment: the minimum down payment is 20% of the car price, and the longest period is 5 years.
Interest rate: The interest rate is usually slightly higher than that of banks and slightly lower than that of auto financing companies.
Companies: SAIC Finance Company, FAW Finance Company, GAC Huili, etc.
4) Buy credit cards in installments
Car purchase by credit card installment is a credit card installment business launched by banking institutions. The credit limit that the cardholder can apply for is 200,000-200,000; There are three stages: 12 months, 24 months and 36 months. There is no loan interest rate for buying a car by credit installment, and the bank only charges a handling fee. The handling fee rate is different in different installments.
5) Car financing lease
Financial leasing is a modern marketing method that relies on cash installment payment. On this basis, it introduces the separation of ownership and use right in leasing services, and the ownership is transferred to the lessee after the lease ends.
Procedures: the threshold is low, no mortgage is needed, and non-local accounts are also acceptable.
Down payment: the down payment ratio is low and the loan time is long. The minimum down payment is 20% of the package price (car price+purchase tax+insurance), and the longest period is 5 years, without paying the mortgage fee.
Interest rate: Financial leasing companies customize different interest rate schemes according to different customers and modes. Usually higher than banks, but some models have manufacturers' support policies, which can reach the lowest market price.
Property right: There are two ways: direct lease and leaseback. The property right of the direct-rental car belongs to the financial leasing company, and it will be transferred when the lease expires.