The advantage of bank loan is that there is no vehicle type restriction, and the repayment time can be flexibly selected between 2-5 years in theory, which is especially suitable for high-quality or high-end customers. The advantage of financial loans is that they are usually flexible and can be used in stages to meet the needs of customers. Generally, it is not easy to apply for a car loan with a three-year repayment by credit card, but it is relatively easy for an auto financing company to apply for a longer repayment period, usually around three years, which relieves the pressure on car owners to some extent. At present, the most common loan to buy a car on the market is probably two modes, one is to find a bank loan in the traditional mode; The other is financial loans. Generally, users who choose this kind of "overdraft" consumption have stable income, so there is no saying whether it is desirable or not.
Consumers need to choose according to their own needs when choosing:
1. Bank loan The first thing to consider when buying a car with a bank loan is the interest rate. Although all loans have to face the interest rate problem, looking for a bank loan means that the interest rate is regulated by the central bank's benchmark interest rate, followed by the down payment ratio, and the bank will require a down payment of 30% to 40%. Under normal circumstances, the longest period for finding a bank car loan is 5 years, and the longest period for used cars and commercial vehicles is 3 years. At the same time, the annual interest rate of banks is generally 4.35%, which is 4.75% within one year and five years.
2. Factory Finance Generally, the annual loan interest rate of a regular auto finance company is around 8%- 12%. If you are lucky, you may even get an interest-free loan to buy a car when you meet a manufacturer to do activities. Manufacturers' financial down payment will be much looser, and many of them will start at 20% or even lower. Compared with bank loans, the biggest advantage of factory loans is that the approval is relaxed, the threshold is relatively low, and sometimes even credit loans can be made. The speed of lending can be said to be his most obvious advantage.