At present, the popular automobile installment methods mainly include credit card installment loan, bank installment loan and auto finance company installment loan, in addition to several ways such as guarantee company and finance company loan. Different loan methods have different ways to buy a car by stages. Here are three common ways to buy a car by installment: credit card installment loan, bank installment loan and auto finance company installment loan.

1. credit card installment payment

Credit card installment loan is the most convenient way among the three. Credit card installment loans do not need buyers to provide collateral, but only need to provide sufficient information to the issuing bank to prove its repayment ability, which is more convenient to handle. Banks have different ways to pay by installment. In addition to the goods in the credit card installment catalogue, some banks have specific requirements on the place and amount of purchase.

2. Staging of auto financing companies

Auto financing company loans, car buyers go directly to the corresponding 4S shop of auto financing company to choose a good car, provide corresponding information according to their requirements, such as identity certificate, income certificate and residence certificate, then fill out some corresponding forms, and then sign a contract according to the requirements of the finance company, so they can basically wait to pick up the car.

3. Bank installment payment

Compared with the first two, bank installment loans require car buyers to provide effective rights pledge or collateral recognized by the bank, and the approval time usually takes about one month; And there are many expenses, such as guarantee fee, capital verification fee, lawyer's fee, mortgage fee, home visit fee, mortgage registration, insurance deposit, etc., which are generally about 5% of the loan amount.

Through the above introduction, it is not difficult to see that it is a good choice to buy a car by credit card installment loan. Compared with bank installment loans and auto financing installment loans, it has the characteristics of fast approval, no interest (but there is a handling fee) and low cost, and is the best way to buy a car by installment.

What are the requirements for car installment loans?

Automobile installment loan conditions:

1. The lender must be 18 years old and have full capacity for civil conduct.

2, has signed a car purchase contract, and has the ability to pay the down payment.

3. There is no overdue record or bad credit information in the credit information system of the car loan applicant.

4. Car loan applicants have a stable job and income source and can repay on time.

5. There is a legal identity certificate, and some regions and institutions also need to provide proof of mortgage of real estate or goods.

6. It also needs to meet other provisions of the local car loan policy.

Problems needing attention in automobile installment loan

1. As long as the above conditions are met, you can buy a car by stages without a job.

2. Many car owners ask if they can pick up the car on the day of buying it by installment. This is based on the efficiency of banks or auto loan institutions. After all, it takes 2-3 working days to approve the materials, and it can be completed within one week at the longest. At that time, the owner will be informed to pick up the car at the designated store.

3. What needs to be noted is the documents that must be given when the 4s loan takes the car: car purchase invoice, certificate of conformity, vehicle registration certificate, three-guarantee certificate, vehicle manual, new car delivery confirmation, etc. For details, please consult the 4s shop.

There are several ways of car loan installment.

One is bank mortgage.

This is also the most traditional way. Like housing mortgage, it generally requires a down payment of more than 3 floors, and the longest installment is 4 years, mostly 3 years. The handling fee is usually three-year benchmark interest rate or benchmark interest rate floating 10%, which translates into three-year 9.5%- 10.5%.

The second is credit card installment.

There is no interest on credit card installment, but the interest is converted into a one-time charge. The charging standard is three years 12%, but many banks have preferential measures, generally between 9%- 10%.

The third is corporate financing.

That is, the car staging business provided by the car dealer's group company, the handling fee is about 12%.

The fourth is the guarantee company.

This model actually increases the participation of guarantee companies between automobile customers and banks, and the cost is generally above 13%.

From the time point of view, the time required by the above four methods is guarantee company, bank mortgage, corporate financing and credit card in turn. According to the charging situation, generally speaking, bank mortgage, credit card installment, corporate financing and guarantee companies have increased in turn.

Scope of application of credit card installment payment:

1. Due to the limited credit line of general credit cards, the issuing bank will generally require the cardholder to provide proof of financial resources. The sources of funds recognized by the bank include real estate license or commercial housing sale (pre-sale) contract, purchase invoice, etc. Some banks require the credit card overdraft limit to be 65,438+10-200,000 yuan, and some banks allow cardholders with good credit to apply for credit lines to buy cars by installments.

2. Obviously, with the demand of customers, more and more banks will launch credit card installment car purchase business nationwide. There are China Construction Bank's Longka installment car purchase business, China Bank's "Car Loan Link" business (Beijing only), China Merchants Bank's "Car Easy" business, Minsheng Bank's "Car Link" business, China Industrial and Commercial Bank's Peony Card installment car purchase business, and some local city commercial banks' installment car purchase business, such as Hankou Bank and Bank of Ningbo.

3. However, each bank has its own threshold: China Merchants Bank has to make a down payment of more than 30% before it can be phased, and ICBC says it can be phased in full. Some banks can also get zero handling fees for some models. In addition, different models have different installment rates in different periods, and some banks only have designated models for installment.

How to buy a car by installment?

The calculation formula of installment fee is total down payment = car price x down payment ratio car purchase fee, and car purchase fee is basic fee, insurance fee and other expenses; Total loan amount = new car purchase price-car price x down payment ratio; Monthly repayment amount = total loan amount x term coefficient; Management fee = X 1.5% of loan amount.

According to the regulations of China People's Bank since 20 15, the down payment ratio of personal loans and auto loans shall not be less than 20%. Therefore, a car loan of about 6,543,800 yuan from the bank requires at least a down payment of 20,000 yuan. Of course, according to the down payment ratio in the industry, most car loan institutions or dealers require a down payment of more than 30%.

The installment loan car purchase process is as follows:

1. First, apply to a bank or financial institution for insurance, and submit application materials, including ID card, income certificate, real estate license, household registration book and other related loan contracts.

2. After approval, a loan contract and a guarantee contract can be signed. Of course, you can choose to go through the mortgage registration formalities or do relevant notarization.

3. The bank agrees to issue the loan and transfer the money to the dealer or individual account in the way agreed in the contract.

4. The car loan applicant must repay the loan on time. If the loan is settled in advance, a certain penalty will be charged. Generally, if the repayment is overdue for 3 months, banks or financial institutions will call for reminders, but if it is overdue for more than 3 months, it may still be entered into the personal credit information system, and in serious cases, it may be prosecuted. It has the right to tow away the vehicle and use the proceeds to repay the debt through auction.

5. In case of normal settlement, the loan settlement certificate and relevant mortgage certificate can be retrieved with valid documents, and the mortgage registration cancellation formalities must be handled at the original mortgage registration department.

For the above contents, please refer to Pacific Auto Network-How to calculate car installment payment?