Many 4s stores are promoting 0 down payment loans to buy cars. Is this 0 down payment loan cost-effective? Is it credible?

It is not cost-effective or credible to buy a car with a down payment loan.

Some reporters have made investigations, and many "zero down payment car purchases" are just scams. Deception refers to luring customers with "zero down payment" as a gimmick, then luring them to raise funds with vehicle mortgage loans, and at the same time impounding cars. When you realize that you have been cheated, you will eventually find that your car is gone and you still have a large bank loan.

The auto loan management measures issued by the central bank stipulate that the maximum loan for self-use cars is 80%, that is, the minimum down payment is 20%, and new energy cars can be as low as 15%.

Moreover, due to the impact of the credit crunch, some banks have adjusted the down payment ratio of personal loans to 30-40%, so it is more difficult to buy a car, and this zero down payment method may be more rampant. Therefore, we must be cautious about zero down payment and low interest rate when buying a car. These loans are basically wool on sheep, and only consumers suffer in the end.

Note: when buying a car with a loan, you must read the terms of the contract carefully and refine the terms in the contract. If you have any questions about any of them, you should raise them in time and check the list carefully when repaying the loan to ensure your own interests. Automobile loan contracts mainly focus on the following nine aspects:

1. What's the loan interest rate? Do you know or can you calculate the total interest during the whole loan period?

2. What is the monthly payment? Whether it matches your affordability and whether you can repay the loan in advance.

3. Whether the price, down payment and loan principal of the purchased new car meet your wishes.

4. Whether the loan term is correct. Generally, the loan term of a new car loan is 1-3 years, and financial companies can extend it to 5 years. The participating models are limited by the loan period. If you choose the wrong term, you won't enjoy interest rate concessions.

5. Whether the brand, model, color and displacement of the purchased vehicle are consistent with the auto loan contract.

6. Is the borrower's information registered correctly? The borrower refers to the identity information of the car buyer and his spouse or guarantor, including ID number, address, contact information, etc.

7. Who is the lender? Where does the lender refer to the car installment payment and what financial institution? Which bank?

8. Whether there are other ways of guarantee or collateral other than vehicles as collateral.

9. What is the repayment method? Average capital or average capital and interest.