Several interest points of automobile loan

How much is the down payment for buying a car?

When buying a car, choose a 4S shop to apply for a car loan, and buy a car with a down payment of 30%. The loan interest depends on the down payment and repayment period, and the loan interest is between 5% and 8%.

The maximum loan ratio for self-use traditional power vehicles is 80%, and the maximum loan ratio for commercial traditional power vehicles is 70%. The maximum loan ratio for self-use new energy vehicles is 85%, and the maximum loan ratio for commercial new energy vehicles is 75%; The proportion of second-hand car loans is up to 70%.

Attention problem

When you see advertising slogans such as "zero down payment", "zero interest rate" and "1 yuan loan to buy a car" in the auto market, don't be too happy for the time being, you need to be vigilant and don't fall into the trap designed by dealers and loan intermediaries.

These car loan concessions of "zero down payment", "zero interest rate" and "1 yuan loan to buy a car" will attract the attention of many consumers at first sight. These preferential policies look very attractive. In fact, most of the concessions are made on the basis of raising car prices and increasing agency fees. What's more, they are inevitably fraudulent.

Refer to the above contents: People's Republic of China (PRC) and China governments-notice of the two departments on adjusting the policies related to auto loans, Baidu Encyclopedia-down payment of auto loans.

How much is the interest on car loan?

The interest rate of most car loans may be between 5% and 24%, but to know that the interest rate of car loans required by different banks is different, it is necessary to determine the specific interest rate for each year according to the specific situation of banks at that time and the number of years of car loans. These must be asked clearly to prevent being fooled when buying a car.

Among them, the car loan interest rate of China Bank, 1 year is 4%, but it is 8% in the second year and 12% in the third year, which shows that the car loan interest of China Bank will increase with time. Comparatively speaking, China Construction Bank basically pays 3 years within 1~3 years, and the interest is 5.3 1% multiplied by the corresponding years. In the case of 3~5 years including 5 years, the interest is 5.4% multiplied by the corresponding years.

Therefore, it can be seen that compared with the car loan of Bank of China, the annual interest growth of CCB does not fluctuate much, but it has a certain relationship according to the repayment period. The longer the repayment period, the same proportion will be paid every year, so it may be more cost-effective to borrow from CCB.

How many points does a car loan usually have?

The car loan interest rate generally implements the central bank's standard interest rate. The current interest rates are as follows:

Interest rate item annual interest rate (%)

Loans within six months (including six months) 5.60

Loans from six months to one year (including 1 year) 6.00

Loans for one to three years (including three years) 6. 15

Loans for three to five years (including five years) 6.40

Loans for more than five years 6.55

At present, there are some car loans on the market, such as "0 down payment, 0 interest, low down payment and low interest".

The down payment does not need to pay any fees or only needs to pay a small amount of vehicle purchase tax and insurance premium. At the same time, the materials and approval process for 0 down payment to buy a car will be much simpler.

Buying a car by stages means that the amount of loans to be repaid each month will also increase relatively, thus increasing the interest on the principal. This is because it is very risky for banks or auto financing companies to buy a car with a down payment. Therefore, at present, most banks do not provide this service, and in some cases, joint car dealers conduct business for designated models. Therefore, 0 down payment is generally conditional and the choice is limited.

0 interest means interest-free car loan, and consumers don't have to pay interest when buying a car through interest-free car loan (usually referring to credit card installment).

At present, only some models on the market are free of interest and handling fees. Although many credit cards buy cars in installments at zero interest rate, customers have to pay a certain handling fee, which is usually paid in one lump sum at the first monthly payment.

Although interest-free car loans can save a lot of interest, consumers who often buy cars through interest-free car loans can no longer enjoy car purchase discounts.

In addition, because the car is still owned by the bank before the consumer pays off the loan, the bank will put forward measures to prevent risks and let the consumer buy a lot of insurance.

Low down payment is lower, and new cars can enjoy preferential prices. But the down payment is low, the repayment period is long, and there is no preferential interest rate.

Low-interest car loans are often car loans that car manufacturers and banks cooperate with. Manufacturers provide discounts and handling fees, banking approval and loan procedures. At present, such loans are relatively rare.

The specific steps of buying a car by credit card in installments are roughly as follows:

1. The cardholder (or applicant) calls the bank's credit card center or goes to the local bank to find out whether he can apply for a credit card car loan.

2. The cardholder holds his ID card to the dealer's site to fill in the installment order for car purchase and submit it to the bank for review.

3. After the order is approved, the cardholder pays the down payment and goes through the normal car purchase procedures.

4. After the vehicle is licensed, the cardholder needs to go to the bank to go through the mortgage formalities and purchase the required auto insurance.

5. I can finally drive away smoothly.

loan limit

The maximum loan amount generally does not exceed 80% of the price of the purchased car.

Letter of credit clause

1, with valid identification and full capacity for civil conduct;

2. Can provide a fixed and detailed address certificate;

3. Have a stable occupation and the ability to repay the loan principal and interest on schedule;

4. Personal social credit is good;

5. Holding a car purchase contract or agreement approved by the lender;

6. Other conditions stipulated by the Cooperation Organization.

Application material

1, the original ID card, residence booklet or other valid proof of residence, and provide its copy;

2, occupation and economic income certificate, personal account for nearly 6 months running list;

3 car purchase agreement, contract or letter of intent signed with the dealer;

4. Other documents required by the Cooperation Organization.