Banks issue credit cards not only to provide cardholders with the right to overdraw funds, but also to provide some installment services, which can alleviate certain economic pressure for cardholders, but they need to pay a certain fee to the bank to handle these services. Many people ask, can a credit card borrow money to buy a car? In fact, buying a car by credit card loan is a car installment business of credit card, so can you still borrow money to buy a car when the credit card is overdue? Specific problems have to be analyzed in detail.
Credit cards can be used to borrow money to buy a car.
Buying a car with a credit card loan is actually a kind of credit card installment business of banking institutions. The credit limit that a cardholder can apply for is generally 20,000-200,000 A Jin, divided into three stages: 12 months, 24 months and 36 months. There is no loan interest rate for buying a car by credit installment, and the bank only charges a handling fee. The handling fee rate is different in different installments.
Credit cards can be used for car loans, but card-issuing banks generally require cardholders to provide additional financial proof, including real estate licenses or commercial housing sales contracts, purchase invoices, etc. Some banks require credit card overdraft limit of 654.38+10,000 to 200,000 yuan, and some banks allow cardholders with good credit to apply for credit lines to buy cars by installments.
Restrictions on overdue credit card loans to buy cars
In the process of using credit cards, many people accidentally forget to repay, which leads to overdue, and generally has little impact on loans. For serious malicious overdue behavior, the bank will not tolerate it and directly pull it into the blacklist. If they want to borrow money to buy a car, they can only wait for the elimination of bad credit records after five years.
You can borrow money to buy a car if your credit card is overdue, but you can't exceed these three points:
1, and the total overdue amount is below 1000 yuan;
2. The overdue period is no more than 90 days;
3, within two years, no more than 6 times overdue.
In addition to the above three items, the cardholder is also required to issue a certificate of non-malicious debt to the bank and submit it to the bank when applying for a loan.
Matters needing attention in buying a car with credit card loan
1. The down payment for car purchase cannot be paid by credit card;
2. If repayment is made in advance by installments, the handling fee will not be refunded;
3. Some bank credit card car purchase fees need to be paid in one lump sum at the first repayment;
4. Vehicles purchased by credit card in installments must be insured against vehicle theft and vehicle loss, and the insurance period is consistent with the installment period.
Can I buy a car with a credit card?
You can buy a car with a credit card. You can choose to pay in full or by installment. But relatively speaking, installment payment may be cheaper than full payment. Many people find the full payment more convenient. In fact, the full handling fee is more expensive because it is more complicated.
First, the credit card installment car purchase process
1. Submit the application. After buying a car, I expect to fill in the Application Form for Automobile Consumption Loan and the Credit Status Questionnaire, and submit relevant personal certificates to the loan bank;
2. The bank conducts pre-loan investigation and approval. If the borrower meets the loan conditions, the bank will promptly notify the borrower to fill in various forms;
3. Notify the borrower to sign the loan contract, guarantee contract and mortgage contract, and go through the mortgage registration and insurance procedures;
4. Bank loan (directly transferred from the bank to the car dealer's account)
5. The borrower pays the down payment to the car dealer, and handles the car pick-up formalities with the passbook and the car pick-up note issued by the bank.
2. Which bank's credit card is easy to handle?
1, Bank of Communications, the credit card threshold of Bank of Communications is very low, you only need to provide your ID card and your work certificate (such as work permit, label or stamped unit income certificate, even the original business card and a copy of the institution card);
2. China Merchants Bank Credit Card: China Merchants Bank is the first credit card brand in China, but friends who hold credit cards have credit cards from this bank, also because its approval card threshold is not high. However, the limit is high or low, which of course basically determines the applicant's property and income;
3. China Everbright Bank: The credit card application of China Everbright Bank is also very good. It has a low threshold for handling cards, and has the reaction of card friends, and it has passed the application without submitting work certificates and property certificates;
4. Minsheng's credit card: It is difficult for Minsheng Bank to apply for a card, and you are not from this city and don't recognize the current card. Some discriminate against rural household registration personnel, but other banks with opposite quotas are higher;
5. China Industrial and Commercial Bank: China Industrial and Commercial Bank can be said to be one of the top four state-owned banks to apply for credit cards, but these cards have a higher threshold, but they are issued first.
Can I buy a car with a credit card?
Users apply for car loans from banks. After the approval of the bank, the bank will issue a credit card to the user. This credit card is used to pay back the car loan every month. Banks generally don't accept car loans, but they have the business of buying cars by credit cards, that is, buying cars by credit cards, so they use credit cards as repayment bank cards. This is a car installment business handled by credit card, which can also be understood as similar to car loan. It means that the credit card has approved a large amount of special installment payment, and it can be repaid directly to the card without activation. The credit card letter will indicate the billing date of each month, and the repayment date of each month is the 20th day after the billing date. The repayment date of each month is fixed. When the first month's bill is issued, you should receive a text message to remind you to repay it.
In addition, users must pay back their credit cards on time every month. Unless there is an agreed grace period for repayment, there will be a credit report on the overdue day.
First, the credit card installment car purchase process
(1) filing an application. After you are optimistic about the vehicle to be purchased, fill in the Application Form for Automobile Consumption Loan and the Credit Status Questionnaire, and submit them to the loan bank together with the relevant certificates of personal situation.
(2) The bank conducts pre-loan investigation and approval. If the loan conditions are met, the bank will promptly notify the borrower to fill in various forms.
(three) notify the borrower to sign the loan contract, guarantee contract and mortgage contract, and go through the mortgage registration and insurance procedures.
(4) Loans issued by banks (directly transferred by banks to the account of automobile dealers).
(5) The borrower pays the down payment to the car dealership, and handles the car pick-up formalities with the passbook and the car pick-up note issued by the bank.
2. Materials required for car purchase by credit card installment:
1. Apply for a credit card first;
2. Give you a loan to buy a car according to your credit history (that is to say, you have to activate the card when you get it, then use it for a while, swipe your card frequently, and then pay back the money on time. Don't fail to pay back the money. Good credit record);
3. Each bank cooperates with the designated car dealer, which means that you can only choose the car brand provided by the bank, and then choose the loan period according to your own economic situation (only 1 year, 2 years, 3 years);
4. Then go directly to the bank outlet to find the account manager, who will handle it for you, usually within 15 working days.
Can I buy a car in installments without a credit card?
You can buy a car.
It has nothing to do with the car loan if the credit card is not returned. As long as your personal credit record is good and your income is normal, you can apply for a car loan.
Information required for car loan: personal loan application. Valid identification of oneself and spouse. Proof of occupation, position and income of myself and my spouse. Marriage certificate (unmarried certificate is required, except those who have not reached the legal age for marriage) and household registration book. Original ID card, household registration book or other valid proof of residence, and provide its copy. Car purchase agreement, contract or letter of intent signed with the dealer. Proof of deposit or down payment. Proof documents or materials required for the guarantee. Other documents required by the Cooperation Organization.
Credit card installment payment refers to the process that when the cardholder uses the credit card to make a large amount of consumption, the bank pays the consumer funds of the goods (or services) purchased by the cardholder to the merchant in one lump sum, and then the cardholder repays the money to the bank in installments and pays the handling fee. According to the cardholder's application, the bank deducts the consumption funds and handling fees by stages through the cardholder's credit card account, and the cardholder repays according to the monthly recorded amount.
In the early days of credit card installment payment, banks often advertised under the banner of "interest-free", and indeed many citizens were "fooled". In fact, interest-free is not free, just a different name. Generally speaking, the handling fee of credit card installment 1 year is lower than the annual cash withdrawal interest 18%, and higher than the bank commercial loan interest 1 year 5.3 1%. It is worth mentioning that the loan interest rate of commercial banks has been lowered many times since last year, but the standards of credit card installment fees and cash withdrawal interest have rarely changed. Although different banks have different standards for credit card installment fees, the calculation method is roughly the same.
Suppose the installment amount is 1.200 yuan, divided into 12 installments, and each installment (month) repays 1.000 yuan, and the handling fee is 0.6%/ month, and the actual monthly deduction is100+1.200× 0. If other factors are not considered, the convertible nominal annual interest rate is 7.2%. But the cardholder did not always owe the bank 1.200 yuan. In the last month, he actually only owed the bank 1 1,000 yuan, but the bank still charged the handling fee according to 1, 200 yuan. According to the calculation, the actual annual interest rate that the cardholder has to pay is about 15.48%. According to the correct calculation formula, it should be12006% (1+6%)12/(1+b)12-1) =1.
Do you have a credit card to borrow money to buy a car?
Yes, it can be handled. 1. If you have a credit card in your name, you can apply for a loan to buy a car. 2. Credit cards cannot have overdue records. 3. Provide your own bank salary certificate. 4. Many banks and 4S stores have cooperative car loans, which is a very simple process. As long as it is used normally and repaid on time, you can apply for a loan to buy a car.
When using a credit card, if it is overdue for more than 6 times in the past two years, or overdue for more than 90 days, the application for car loan will be directly rejected. Secondly, because the credit card limit will occupy the personal credit limit, if the accumulated credit card limit is too high, or the credit card utilization rate is too high, it will be more difficult to apply for a car loan considering the great repayment pressure and the increased loan risk. Applying for a car loan mainly examines the applicant's personal credit, repayment ability and debt ratio. Simply having a credit card is not overdue, the amount used is not much, the applicant's income is high and stable, and the problem is not big.
Handling process of automobile loan:
First of all, the lender needs to prepare ID card, residence certificate, work certificate, loan use certificate and other supporting materials, go to a bank, fill out an application form and fill out a contract.
Then, wait for the bank's pre-loan qualification investigation and approval. If the lender meets the loan conditions stipulated by the bank, the bank will inform the lender to fill out some loan forms. If the loan applied by the lender needs mortgage or guarantee, it is also necessary to sign a guarantee contract and a mortgage contract, and go through the mortgage registration procedures; If it is+++,there is no need to sign such a contract.
Secondly, banks issue loans to lenders. Generally, banks will lend money within 2 to 3 weeks or 1 month after the approval is completed, and the loan can be released within 1 day at the earliest. Finally, the borrower will pay the down payment to the car dealer, and handle the car pick-up formalities with the passbook and the car pick-up note issued by the bank.
Note: In the process of applying for personal automobile consumption loan, the applicant needs a copy of ID card, household registration book, marriage certificate, income certificate, bank statement, real estate license, etc.
There is a credit card that has not been returned. If there is no bad information in the credit investigation, you can borrow money to buy a car. According to the credit card, the overdue repayment has passed the delayed application and will not affect his personal credit record. According to Article 11 of the Interim Measures for the Administration of Personal Loans.
To apply for a personal loan, the following conditions shall be met: (1) The borrower is a People's Republic of China (PRC) citizen with full capacity for civil conduct or an overseas natural person who meets the relevant provisions of the state; (2) The purpose of the loan is clear and legal; (3) The amount, duration and currency of the loan application are reasonable; (4) The borrower has the willingness and ability to repay; (5) The borrower's credit status is good and there is no significant bad credit record; (6) Other conditions required by the lender.
If you apply for a CMB card, you can apply for a car loan through a savings card. If you have seen the model you need to buy through the car dealer, you can confirm whether you have cooperation with China Merchants Bank through the car dealer. If not, you can try to contact the personal loan department at the local China Merchants Bank counter directly to apply for your loan. The handling bank needs to specifically review your situation to determine whether it can be handled. If credit cards are used for car installment, banks mainly distinguish the installment application methods and application materials to be submitted by different cardholders according to their card performance (such as card holding time, consumption habits, fixed quota, etc.). ), professional status and income.
Can I buy a car by installment with my credit card? Let's stop here.