How many kinds of car loan repayment period can be changed?

Nowadays, many people will apply for a car loan when they buy a car, and the repayment period of the car loan is limited. So what are the general terms of car loan repayment? Can the repayment period of car loan be changed?

What is the repayment period of car loan?

At present, the longest term of first-hand car loans is five years, and the longest term of second-hand car loans is three years. However, the above repayment period is only an ideal situation, and the bank will shorten the loan period by one year considering the rapid depreciation of the car and the high risk of future repayment. Therefore, first-hand car loans are generally paid off in 4 years, and second-hand car loans are generally paid off in 2 years.

At present, there are three ways to handle car loans-one is that banks handle car loans, the other is that auto finance companies handle car loans, and the third is that credit cards handle car loans by stages. Applicants can apply from any channel and submit relevant documents, including but not limited to valid identity documents, income certificates stamped with the company's private seal, etc. After receiving the application, the lending institution shall examine the applicant and approve the loan after passing it.

Can the repayment period of car loan be changed?

Under normal circumstances, the repayment date of car loan cannot be modified. Because the repayment date of car loan is generally directly agreed by the car loan contract, the contents of the contract are confirmed by both parties, and once signed, it cannot be changed.

Of course, if you want to change the repayment date, you need to negotiate with the lending institution. If both parties agree to change the repayment date and sign a change agreement or supplementary agreement, then the monthly repayment date can be changed. In addition, the car loan can be repaid before 24: 00 at the latest. Under normal circumstances, lending institutions will automatically deduct money on the repayment date. If the lender's account is insufficient, the deduction fails.