Shanghai Auto Finance Company LoansShanghai Financial Auto Loans

How much is the interest rate on a 100,000-yuan car loan from SAIC Financial?

4,350 yuan.

Assume the loan interest rate is 4.35%. The repayment method chosen by the borrower is interest first and principal later. If the loan is 100,000 yuan, the interest generated in one year is 1,000,004.35% = 4,350 yuan. If you choose to repay the principal and interest in equal amounts, the interest you need to pay for a year for a loan of 100,000 yuan is 2,371.88 yuan. If you choose to repay the principal in equal amounts, for a loan of 100,000 yuan, the interest you need to pay for a year is 2,356.25 yuan.

SAIC-GM Financial Auto Loan is the first auto finance company in the country approved by the China Banking and Insurance Regulatory Commission. It is funded by SAIC Group Finance Co., Ltd., General Motors Financial Company of the United States and Shanghai General Motors Co., Ltd. Car finance car loan.

Is Shanghai Lianzhong Financial’s car loan legal?

Is Shanghai Lianzhong Financial’s car loan legal? Is Shanghai Lianzhong Financial’s car loan legal? This is relatively formal. In fact, you can also go to a bank to get a car loan.

How about buying a car with a loan from Shanghai Auto Finance Company?

The advantage of a loan from an auto finance company is that you can directly apply for it through the 4S store, and there are not many requirements for hard conditions such as household registration and real estate. . In addition, this car finance and car loan method is usually more flexible and can adopt different installments to meet customer needs. Generally, it is not easy to apply for a three-year repayment period for a credit card car loan, but it is relatively easier for auto finance companies to apply for a longer repayment period, usually about three years, which reduces the pressure on car owners to a certain extent.

Auto Finance Company Loan Car Purchase Interest

In terms of expected annualized interest rate, we give an example. The expected annualized interest rate of the three-year loan of xx Auto Finance Company is the expected annualized interest rate of the five-year loan. The annualized interest rate is much higher than the expected annualized interest rate of bank loans in the current 1-3 years (including 3 years). Of course, the profits are shared between financial companies and cooperative banks. It can be seen that when consumers buy cars, if they adopt the normal car finance company loan model, they might as well consider credit card installments.

Auto finance company loan car purchase guide

Although the process of applying for an auto finance loan is not troublesome, the strict approval process can be said to be "harsh" compared to bank credit card installments. In addition to the need to provide In addition to proof of personal identity and income, you also need to provide proof of marriage (for couples buying cars), real estate certificates, personal bank accounts, which may even include utility bills, property fees, some current accounts of personal companies, etc. For non-civil servants, lawyers, doctors, state-owned enterprises and other stable and high-income professional groups, auto finance companies also stipulate that they must be guaranteed by a guarantee company, and even require on-site home visits. Not only is the procedure more cumbersome, but it also increases the lender's certain guarantee expenses.

With such troublesome review process restrictions, the approval rate for car loan applications is generally not high. In short, the operation methods of auto finance companies in China have not yet reached a high level of internationalization. In fact, auto finance companies are not It should just be as simple as promoting car models. Looking at the loan programs of most auto finance companies, it seems that they pay more attention to the expected annualized rate of return of the loan funds themselves.

Car finance company loans to purchase car models

The biggest advantages of car consumer loans from car financial services companies are lower thresholds and high convenience, and some products and projects are also very attractive. Auto financial service companies are generally established by investment from automobile companies, such as Dongfeng Nissan Auto Finance Company, Ford Motor Finance (China) Co., Ltd., Toyota Motor Finance (China) Co., Ltd., Shanghai General Motors Finance Company, etc.

Advantages and Disadvantages of Car Finance Company Loans

——Advantages

1. It can be applied for and processed at the dealer, eliminating the need for intermediate steps in the application process;

2. Be able to choose some flexible and low-interest loan repayment methods.

——Disadvantages

1. Basically only provide designated models of this brand and related brands;

2. The loan period is longer than the credit card installment;< /p>

3. The interest rate of normal car loans is higher than that of bank loans in the same period, and the approval is strict;

4. There are many ride-hailing charges, and it has not yet entered a benign model focusing on promotions.

Notes on loans from auto finance companies

Loan plans from auto finance companies often have active terms, unlike credit card installments that are sustainable. Maybe you learned about the auto finance products in the last quarter. The plan will be terminated next quarter. Of course, as competition in the auto market intensifies, various auto finance companies are still developing a benign operating model. For example, banks do not provide vehicle replacement services, but auto finance companies can flexibly adopt the method of exchanging old cars to offset the down payment. This is common. Advantages that banking institutions cannot match. Second-hand car customers only need to exchange the vehicle to a new car dealer, and then they can offset the down payment in exchange for a new car, eliminating some concerns about the inability to transfer ownership in a timely manner in the second-hand car market.

Various auto finance companies will also launch some short-term preferential measures with low expected annual interest rates or interest-free fees from time to time. For example, a down payment of 50% in the first year and the final payment in the second year is a common car finance loan, and it is also a popular model. Applying for this type of loan is not without restrictions. At least applicants cannot enjoy the current larger promotional discounts or have to accept the requirement to reduce the discounts.

Is SAIC-GM Financial a formal car loan? SAIC Finance's credit check is not strict

SAIC-GM Finance Auto Loan is the country's first auto finance company approved by the China Banking and Insurance Regulatory Commission. It is a joint venture between SAIC Group Finance Co., Ltd., General Motors Financial Corporation of the United States and Shanghai An auto finance auto loan established by General Motors Co., Ltd. with three-party investment. SAIC-GM Financial has so far provided a full range of automobile financial services to nearly one million automobile consumers across the country, with a wide range of business coverage.

At the same time, in order to meet the needs of more people for car loans, SAIC-GM Financial has launched a 24-hour online car loan application service. Customers only need to log in to the GMAC-SAIC official website to fill in their loan and car purchase requirements, and then they can experience the efficient and convenient car loan services from GMAC-SAIC.

Although SAIC-GM Financial Loan has a wide range of loan business and the online car loan application service provides us with great convenience, SAIC-GM Financial is a foreign capital after all, and the interest rate is 4% higher than that of banks. times, and it was also pointed out that early repayment was a breach of contract and the liquidated damages were very high.

SAIC Financial is not very strict in reviewing applications from lenders. However, if a lender wants to get a successful loan, it is not easy. Certain standards need to be considered. For example, the lender needs to have full civil capacity, have a legal and valid ID card and residence permit, have a good personal credit report, and have no bad records. If your personal credit report is not good, your application is likely to be rejected. Secondly, when applying for a loan, the lender must have earned income and be able to repay the loan on time, otherwise he will bear high liquidated damages in the event of default.

SAIC-GM Financial will also check the individual’s credit report when purchasing a car. If you are married and buying a family vehicle, your spouse’s credit report will also be checked at the same time. If there is a bad record in the credit report and you are a black account, you will not be able to apply. For loans, in addition, SAIC-GM Financial will also submit a credit report. If the repayment is overdue, there will be an overdue record on the personal credit report. The following is the SAIC-GM Financial loan application process:

1 Select the car model you want to buy, then submit a loan application and fill in the loan application form and submit relevant supporting documents, such as ID card and residence permit. etc.;

2 The auto finance company will review the lender’s application materials and investigate the lender’s application qualifications;

3 Those who meet the loan conditions will sign a loan contract with the lender, Guarantee contract, mortgage contract;

4 Handle relevant mortgage registration and insurance procedures;

5 Auto finance company lends money;

6 Lender pays the down payment for the vehicle , and then go through the procedures for picking up the car;

7 The lender will repay the loan on time in accordance with the contract, and after the loan is paid off, go through the mortgage registration and cancellation procedures.

Will there be a handling fee if the interest-free loan from SAIC-GM Financial is paid off on time?

A decompression fee will be charged after the Shanghai-GM Financial car loan is paid off.

According to official bank information, there are no relevant handling fees for vehicle release procedures after the car loan is settled. Car owners can apply to the loan handling bank or automobile consumer finance company with their personal ID cards. Loan closing procedures.

Car mortgage release refers to the mortgage registration procedure for releasing a mortgaged car at the vehicle management office, that is, the car can be freely traded after the mortgage is released, because once there is a mortgage record, the car cannot be freely traded and transferred.

Which is the best car loan platform in Shanghai?

1. First Auto Loan APP. It is a car loan APP developed by Shanghai Fengzhixing Auto Finance Co., Ltd. for users with loan needs who have been approved by its company and provide intermediary services.

2. Bee Auto Loan APP. Bee Yichedai is China's leading p2p lending platform. It is also a relatively large platform in Shanghai. It provides users with fast and high-quality financial services, and provides rapid loans, saves money and effort, is customized, safe and reliable.

This concludes the introduction to Shanghai Financial Auto Loans and Shanghai Auto Finance Company Loans. Have you found the information you need?