There are two ways to apply for a car loan: personal credit loan and real estate mortgage loan. Consumers choose car loans with different down payment ratios. Usually, the down payment for credit loans is more than 40% (including 40%) and that for mortgage loans is more than 30% (including 30%). Few people can apply for a 20% down payment on car loans.
Personal credit loan car purchase
Generally, a car can be mortgaged for up to 5 years with a down payment of more than 30%. The interest rate is mainly determined according to your loan type and your personal qualifications.
The current "Measures for the Administration of Automobile Loans" stipulates that the amount of loans granted by lenders for personal use shall not exceed 80% of the price of automobiles purchased by borrowers; The second-hand car loan amount does not exceed 50% of the car price purchased by the borrower, that is, the minimum down payment for buying a new car and a used car is 20% and 50% of the car price purchased respectively. This means that the down payment for new cars and used cars should reach at least 20% and 50% of the total purchase price.