First, the interest rate is relatively high.
After several interest rate cuts in P2P industry, the current annualized rate of return is basically around 8%- 15%, but compared with other P2P products, the rate of return of car loan products is basically higher than the average level of industry interest rates. After several interest rate cuts, the interest rate is still considerable. At present, the interest rate of such platforms is roughly 12%- 15%.
Second, the loan term of car loan is short, which is relatively matched with P2P investors, and there is generally no maturity mismatch.
Generally speaking, the loan period of car loan products is not very long, and its loan period is 1-3 months, which is in line with the current psychology of P2P investors in financial management. Therefore, car loan products on P2P online lending platform are more popular in the market.
Third, the loan amount is small and the funds are flexible, which is relatively matched with P2P investors. Generally, there will be no problems such as bid opening.
At present, the mortgage amount of most vehicles on the P2P online lending platform is not high, generally between 50,000 and 200,000. This small target investment is more flexible.
What are the shortcomings of the car loan platform?
First, the car loan business is also a relatively high-risk business.
Vehicles belong to chattel collateral, and the liquidity risk is high. If the risk control ability of P2P online lending platform is poor, it is prone to the risk of fraudulent loans, especially if there is no certificate mortgage, the risk of malicious fraudulent loans is even greater.
The common risks in practice are as follows: First, the borrower defaults too much, stays away from the borrowing city directly and maliciously, and then goes to other places to be treated as a black car. Don't think it's rare, it's common in the car loan industry.
Second, if the borrower doesn't have enough money after handling the vehicle mortgage formalities here, he will borrow money from other places, pledge the vehicle to the other party, and then overdue. In this case, legally speaking, although the mortgagor has the priority to repay the loan, the actual control of the vehicle is in the hands of others, and it is unlikely that he will eventually recover the loan by handling the vehicle. Therefore, the borrower can write an IOU to a friend (or find someone) and leave the car there, which can cheat. These situations are also very common in the car loan industry.
Thirdly, there is another risk in vehicle mortgage, that is moral hazard. In vehicle mortgage loan, the most common phenomenon is repeated mortgage loan. For example, the borrower mortgages the vehicle to a P2P platform for loan, and then mortgages the vehicle to another P2P platform for loan in the same way. This is a repeated loan. Once the borrower has difficulties in cash flow and can't repay, it will generate bad debts. At this time, the platform not only has to deal with bad debts, but also faces disputes over the disposal of collateral, that is, vehicles.
In 20 13, there were two loan fraud waves, that is, after using the car as collateral, I asked the bank to pay in installments before buying it. Apply for more credit cards, then go to several small loan companies without mortgages, and finally get a mortgage. These perfect overspending personal credit doubled the money to defraud the vehicle. Causing panic in financial institutions. It has caused serious bad debts to some banks. Today, I believe that if someone mortgages a new car and goes to the bank to apply for a credit card, the bank will definitely refuse. Because of the high risk, banks basically don't do this kind of business.
Second, the competition in car loan business is very fierce now.
For the platform, the industry threshold of car loan business is low (whether it is business knowledge, risk control ability or capital requirements), the profit space is relatively large, the business operation is simple, and the loan project is easy to develop. Therefore, it is sought after by many platforms. The competition is already very cruel, and there is a tendency to change from the Red Sea to the Dead Sea. Domestic car loan platforms have also increased from less than one hundred in 20 14 to seven or eight hundred in 20 15.
Vicious competition among peers has also intensified. The borrowing cost of car loans in Shanghai has dropped from 3-4 points in 2065438+early 2005 to 2-3 points. At the same time, the comprehensive cost of Shanghai mortgage borrowers has also dropped from 3-4 points in 20 14 years to 1.5-2 points now; In addition, there is a continuous influx of private capital into the car loan and mortgage market. Because car loan products have formed a relatively standardized system with a high degree of homogenization and fierce competition in the private car loan industry, the financing interest rate level of the platform will continue to move down. At the same time, the risk of bad debts is increasing, and the operating costs such as capital cost, rent, labor cost and advertising are getting higher and higher. This industry has become white-hot, and everyone's products are similar. The only difference is the interest rate, loan ratio and business commission. Undoubtedly, vicious competition in the industry will increase the risk of bad debts.
Third, in the car loan business, it is difficult for the platform to encounter fraud and rights protection.
Because of the movable property of the car, if the borrower maliciously cheats, he will remove the GPS from the car or drive the car to other cities. Even with GPS, it will cost a lot of money to find a car.
Because the platform has no relevant legal position, the provisions of the crime of loan fraud are not applicable to the platform loan fraud, and the legal protection is not strong, and the legal deterrent to fraudsters is insufficient.