How much is the interest on car mortgage?
The interest rate range in automobile mortgage is roughly 0, but most of the interest rates in automobile mortgage are based on the monthly interest rate. Banks are in the middle, and financial institutions are separated by more than 1 minute. Calculation formula of interest: interest = loan principal * loan interest rate * loan term.
Generally speaking, banks will require the vehicle age, mileage and vehicle valuation of the loan vehicle, but financial institutions will require the vehicle to be registered in the name of the lender, with a license and no guarantee.
Loans can be used for business purposes such as purchasing raw materials and commodities, and also for consumer purposes such as car purchase, decoration, travel and wedding. Bank's vehicle mortgage loan is generally not allowed to be used for buying a house, studying abroad, investing in financial securities and other purposes.
The general car loan interest rate is slightly higher than the bank benchmark interest rate. The average interest rate of bank car loans generally rises by 10% according to the bank benchmark interest rate. The benchmark annual interest rate of banks is one year, and the one-year car loan interest rate is one year. Suppose the borrower takes out a car mortgage of 654.38 million yuan and repays it within one year. If the annual interest rate is equal to the principal and interest, the total interest is RMB, the total repayment is RMB, and the monthly repayment is RMB. According to the average principal repayment method, the total interest is RMB, the total repayment amount is RMB, and the repayment amount is RMB 8843 in the first month, and the repayment amount decreases month by month.