Buying a car with zero down payment is a brand-new way to buy a car. It refers to the auto loans provided by banks, auto finance companies and other institutions for specific models without down payment within a certain activity period. It has the characteristics of high loan amount and no down payment.
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Matters needing attention for zero down payment of auto loan:
1, zero down payment is high.
Zero down payment is actually an installment payment, which is paid monthly, but it requires proof of real estate license, income and so on. Some auto financing companies don't need to increase interest.
Although zero down payment sounds attractive, it is still risky because the monthly contribution will be higher. For consumers with low incomes, it is necessary to carefully consider whether they have such repayment ability.
In addition, the so-called zero down payment is only for some designated models, and the premise of this zero down payment is that the full payment needs to be paid in installments within one year.
2. The condition of zero interest rate is limited.
Zero interest rate auto loan refers to a kind of auto loan business launched by cooperative banks, auto finance companies and other institutions. Car buyers don't need to pay any interest for a certain period of time as long as they pay a certain down payment.
For example, some banks and auto financing companies have launched zero-interest car loan products, and the zero-interest rate can only be provided for one year at most, that is, if the owner buys a car, the installment can only be 12 months, and if it exceeds 12 months, he will not enjoy this zero-interest rate discount.
References:
Baidu encyclopedia-zero down payment