Recently, another auto finance company-Dongfeng Nissan Auto Finance Co., Ltd. was approved by the China Banking Regulatory Commission, which is the ninth auto finance company approved in China. Previously, SAIC-GM, Volkswagen, Toyota, Ford, Dyke Group, Beijing Hyundai, Volvo and Peugeot Citroen successively set up auto finance companies in China. The opening of these auto financing companies has undoubtedly played a great role in enriching and deepening domestic auto financing services, and the scope of consumers' choice of auto loans has been further expanded.
So, what are the characteristics of the car loan products of these auto finance companies? Compared with the car loan products of commercial banks, the approval of auto financing companies is more flexible, and there is no guarantee or mortgage, and there is no hukou restriction. They don't need to provide any guarantee for car buyers, as long as they have a fixed occupation and residence, a stable income and repayment ability, and good personal credit. In addition, the down payment ratio is low and the loan time is long. But the corresponding price is a higher interest rate, which is often higher than the bank car loan interest rate 10% ~ 30%. On the comparison of car loans among auto finance companies, banks and finance companies, this magazine has had special reports before. In this issue, we will make a comparison of car loan products between auto financing companies, hoping to help everyone borrow money to buy a car.
SAIC General Motors Finance Company mainly has three different loan methods. The distributor provides one-stop service and charges 1 0,000 yuan for packaging.
A. Standard loan: 20% down payment, with a maximum loan period of 5 years, and equal repayment within the loan period. 1 ~ 3-year interest rate is 8.33%, and 3-5-year interest rate is 8.72%.
B. Smart loan: It consists of down payment, monthly payment and smart balance payment. The down payment is 25%, the longest loan period is 3 years, and the loan interest rate is 8.39%. At the same time, 25% of the loan amount (20% for two years) is reserved as the wisdom balance, and the balance is not subject to interest. By the final repayment date, this part of the balance can be repaid flexibly, and it can be settled in one lump sum, or the balance can be applied for a second loan 12 months, or the purchased vehicle can be used as a used car to replace a new car of the same brand.
C. Gong Hu loan: group car purchase, 30% down payment, the longest loan period is 3 years, and the loan interest rate is the same.
The biggest feature of its business is "zero down payment" or "zero interest rate". According to the "zero down payment" car loan model introduced by SAIC-GM, when consumers buy a car, they can use an old car to offset the new 30% down payment. If the company's appraisers don't evaluate the residual value of used cars, they will make up for it in cash and borrow the rest from the auto financing company.
For example, Shanghai Yongda Buick Excelle's six franchise stores have also introduced tailor-made old car replacement "zero down payment", mortgage car purchase "zero interest rate" and insured repurchase "zero depreciation", that is, after any old car is used to replace Excelle's customers, after objective and fair scientific testing and evaluation, the residual value can directly offset the new car down payment; Depending on the loan principal, consumers can enjoy the "zero interest rate" discount for 2 ~ 3 years respectively; On the spot, I promised the repurchase price of this new car after three years.
Volkswagen Finance Company mainly provides two kinds of loans, namely standard credit and flexible credit.
First launch of "flexible credit" products. "Flexible credit" is relative to "standard credit". The so-called "standard credit" is actually a loan with equal principal and interest, that is, the monthly repayment amount is the same, the loan term is 13 ~ 60 months, and the down payment is not less than 30% of the total car price. The interest rates are 7.3%, 7.5%, 7.9%, 8.5% and 8.9% in descending order by year. Flexible credit is a characteristic product of Volkswagen Finance Company, which is similar to the smart loan of General Motors Finance. It consists of three parts: down payment, monthly payment and flexible balance payment. The minimum down payment is 30% of the car price, and the monthly repayment is in the form of equal monthly payment. Compared with bank loans, the monthly payment is about 15% ~ 20%. The elastic balance shall be retained and returned in the last month of monthly loan issuance, and the amount shall not exceed 25% of the total loan amount. The loan term is 13 ~ 48 months, and the interest rates from low to high are: 7. 15%, 7.35%, 7.75% and 8.35%.
The down payment of Ford Motor Finance Company is at least 20% of the car purchase price, and the repayment method is equal principal and interest (that is, the same amount of money is repaid every month), and the loan period is 2 years, 3 years, 4 years and 5 years. Promote the interest-free loan car purchase method of some models throughout the country. After Ford Financial launched the personal interest-free car loan business, the interest paid by dealers will be supplemented to car dealers in other ways. Take the Fox1.298 million manual vehicle as an example. The minimum down payment is 20% and the loan period is 60 months. Customers can own Ford cars by paying 6 1 yuan per day.
The minimum down payment for the car loan business of Toyota Motor Finance Company is 20%, and the repayment period is divided into 1 year, 2 years, 3 years and 5 years. The loan interest rate within 3 years (including 5 years) is 7.78%, and the loan interest rate within 5 years is 8. 13%. If the loan is repaid in advance, there is no need to pay liquidated damages.
In order to boost business, Toyota Motor Finance Company recently launched a preferential car purchase plan for Prius. Consumers can buy Prius through loans from Toyota Motor Finance Company without interest for the first year. Take the Prius with leather seats as an example, and the price is 302,000 yuan. According to the five-year loan, the interest in the first year is nearly 20,000 yuan. This practice actually lowered the loan interest rate in disguise.
The standard loan of Dyke Auto Finance Company starts from 30% down payment, and the loan period is 3-5 years. According to the change of down payment and loan term, there are 16 different annual interest rate combinations. Another form of loan is to pay 30% of the car payment in the down payment and the remaining 20%. In the next three years, consumers only need to "mortgage" the remaining 50% of the car money every month. For the 20% balance after 3 years, the consumer can pay off the loan directly, or sell the car at the original dealer to pay off the loan, and the remaining amount can also pay the down payment for the next new car. Of course, you can also continue to apply for a second loan and pay off the remaining accounts.
In August 2006, Beijing Hyundai Motor Finance Company and Shenzhen Development Bank jointly launched the automobile consumption credit business. According to the agreement between the two parties, only Beijing Hyundai is provided with credit business, and the down payment of the loan provided to users is not less than 20% of the car price. The loan term 1 year, 2 years, 3 years and 5 years, the interest rate within 3 years (including 3 years) is 6.66%, and the 5-year interest rate is 6.84%, which is lower than other auto financing companies on average 1. Take the Elantra model with a car price of 654.38+004.8 million yuan as an example. The down payment is 30% of the car price, the loan period is 3 years, and the monthly repayment amount is 2248 yuan.
What are the differences between families?
Let's take the automobile credit products of SAIC-GM, Volkswagen, Ford, Toyota, Dyke and Beijing Hyundai as examples to see the differences. Each company's products have similarities as well as their own characteristics. Due to the different applicable models, the conflict and competition are not particularly obvious. One of the biggest similarities is the setting of elastic balance. This product, pioneered by Volkswagen Finance Company, has been imitated by various companies, giving consumers great initiative and alleviating the repayment pressure. Another similarity is the way of distribution. Except for the cooperation between Beijing Hyundai and a bank, other auto financing companies sell their products through dealers.
In terms of business scope, SAIC General Finance Company, which was first established, has expanded to more than 80 cities and nearly 300 dealers in China. Followed by Volkswagen, Ford and Beijing Hyundai, the coverage of other auto finance companies is relatively small.
Judging from the loan interest rate, the most favorable one is Beijing Hyundai, because its choice is to cooperate with banks, which is essentially a bank car loan product. Toyota has the lowest interest rate among auto financing companies, with a 5-year interest rate of 8. 13%. The interest rate of Volkswagen Flexible Car Loan is also low. Take the five-year period as an example, the flexible car loan is 8.35% and the standard car loan is 8.9%. In terms of flexibility, Dyke's products are the most flexible, and the interest rate is calculated according to the down payment ratio and loan term. Usually, the more down payment, the shorter the term and the lower the interest rate.
In terms of the number of automobile brand choices, Volkswagen Finance Company is the largest. Volkswagen's models in China include Shanghai Volkswagen, FAW-Volkswagen and FAW-Volkswagen's joint venture brand models. Followed by Ford, including not only domestic models, but also imported models, such as Land Rover and Jaguar.
In the review time, Ford is the fastest, and can pick up the car as soon as it submits the materials 1. The longest is Toyota, and the audit time is longer, 7 days. There are also Volkswagen and Beijing Hyundai, and the audit is stricter. Beijing Hyundai has the strictest audit, with only 20% down payment for special occupations and at least 30% down payment for others.