Buying a car by loan is more favorable than buying a car in full, because the loan car will charge loan interest and financial service fee, so it will attract users to borrow money to buy a car by reducing the total price of the car. As for buying a car in full, because users will not pay interest and financial service fees, there is no preferential price for buying a car. Users who don't know the actual situation will think that it is cheaper to buy a car with a loan than to buy a car with the full amount.
In fact, buying a car in full will be the most cost-effective. Even if the loan is interest-free, the financial service charge and the first year's auto insurance are not small expenses.
Car loan refers to the loan issued by the lender to the borrower who applies for buying a car. Automobile consumption loan is a new loan method that banks issue RMB-guaranteed loans to car buyers who buy cars at their special dealers.
The interest rate of automobile consumption loan refers to the ratio of the loan amount to the principal given by the bank to consumers, that is, borrowers, for purchasing their own cars (non-profit family cars or commercial vehicles with less than 7 seats). The higher the interest rate, the greater the repayment amount of consumers.
Automobile loan channel
1. auto financing company: the biggest advantage lies in convenience and low threshold. Companies are generally founded by car companies. Its "convenience" is not only reflected in the direct application through 4S stores, but also in the fact that there are no requirements for hard conditions such as hukou and real estate.
2. Buying a car with a credit card: The most obvious advantage lies in the loan interest rate, which is half lower than the traditional bank car loan interest rate. Ordinary credit cards can be applied, and the models are also cross-brand, with a wide range of choices. The premise is that you need a higher credit line to enjoy it.
3. Bank car loans, banks are facing the pressure of tightening credit scale, consumer loans such as car loans have shrunk sharply, and the loan doors of some middle and low-end cars have been temporarily closed. The biggest advantage is a wide range of choices. Car buyers can go directly to the bank to apply for personal car consumption loans after they take a fancy to the models.
However, the procedure of lender qualification examination is very complicated. It is generally necessary to provide real estate (such as real estate) as collateral. Some banks are open to high-end customers or high-end models, and the car itself can be used as a mortgage. However, compared with other car loan methods, the approval period is very long.
In terms of loan interest rate, the auto mortgage interest rate generally rises by about 10% on the basis of the benchmark bank loan interest rate in the same period. Most car loan businesses need guarantee companies to guarantee or buy car guarantee insurance, and car buyers also need to bear 2.5% to 3% guarantee fees. When all procedures are added up, the comprehensive cost of bank car loan is the highest among the three ways.
Why is the loan more favorable than the full amount when buying a car?
There are interest-free and preferential policies.
It is more economical for customers who borrow money to buy a car to choose credit card installment payment than bank car loans and auto financing companies. Usually, credit card installment payment is free of guarantee and interest, and only charges a handling fee. At the same time, when buying a car by credit card, there is no mandatory requirement for new car insurance and renewal. Generally, you only need to buy major insurance and burglary.
In the way of credit card installment payment, banks will have higher requirements for applicants, generally requiring local accounts, stable income, no bad credit history, real estate and high-quality bank customers are preferred.
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Matters needing attention in loan to buy a car
1. Car buyers must be at least 18 years old and be China citizens with full civil capacity.
2. Car buyers must have a relatively stable job, a relatively stable economic income or assets that are easy to realize, in order to repay the loan principal and interest on schedule. Assets that are easy to realize here generally refer to securities and gold and silver products.
3. During the loan application period, the car buyer shall deposit no less than the down payment stipulated by the bank in the account of the bank savings counter.