What if the car loan is paid off by the financial company?

Customers can bring personal ID cards, repayment bank cards, car loan contracts and other materials to offline outlets to find staff to handle. After providing repayment details, they can ask the other party to issue a loan settlement certificate and get back the vehicle registration certificate.

After the customer gets the loan settlement certificate and the vehicle registration certificate, he can go to the local vehicle management office to understand the mortgage procedures.

Some auto finance consumer companies don't need customers to go to the outlets to go through the settlement procedures in person. After receiving the final payment from the customer, the loan settlement certificate and vehicle registration certificate will generally be mailed directly to the customer.

Auto financing company refers to a non-bank financial institution established with the approval of China Banking Regulatory Commission to provide financial services for auto buyers and consumers in China. The loan from General Motors Finance Company is one of the more representative ones.

With the increase of consumers' income and the introduction of policies to encourage automobile consumption, family cars are entering the public family at an extraordinary speed. Along with it, car loan products are also constantly innovating. As far as car loans are concerned, car loans can be provided in all consumer loan products provided by banks, but the market share of car loans is always low. The reason is that car loans are risky and the proportion of non-performing loans is much higher than that of mortgage business.

Generally speaking, the loan form of finance companies is flexible and targeted. The loan interest rate provided by financial companies will generally vary according to the years of car loans, and the interest rate will fluctuate according to the down payment ratio of car buyers. Of course, the usual rule is that the shorter the loan term, the higher the down payment and the lower the loan interest rate.

Overseas, buying a car through an auto financing company loan is the most common way of auto loan. There are also many auto financing companies in China that can provide auto loan services. The main auto financing companies in China market are SAIC-GM, Chuangfu, Volkswagen, Ford, Toyota, Dyke and Beijing Hyundai. The financial products provided by each company are the same and have their own characteristics, which are suitable for different models.

Usually, such companies have the characteristics of low threshold, low down payment ratio, long loan time, flexible approval and fast speed. It can be said that auto financing company loans have gradually become one of the main channels for many consumers to choose auto loans.

Among the finance companies, SAIC-GM is the earliest, headquartered in Shanghai, China, and the first auto finance company in China approved by China Banking Regulatory Commission. The registered capital of the company is1500 million yuan, which was respectively subscribed by SAIC Finance Co., Ltd., American General Motors Finance Company (now renamed United Finance Company) and Shanghai General Motors Co., Ltd.