How to choose loan method?

When you decide to buy a car through a loan, how to choose one of the dazzling car loan products and financial institutions that provide car loan services for yourself, you must first understand the loan method of car loan. Bank car loan: Applying for a loan from a bank is the most traditional way to buy a car with a loan. The loan period is up to 5 years. If you buy a car for your own use, you can apply for a loan up to 80% of the car price. If it is commercial, it can only borrow 70% of the price of the car purchased. The loan interest rate will fluctuate on the basis of the current benchmark loan interest rate announced by the People's Bank of China. Compared with other loan methods, bank auto loans have low interest rates, but they take time and effort during the loan process. In order to control risks, banks usually take longer to review and require a lot of information. Car purchase by credit card installments: Auto financial services jointly developed by credit card issuing banks and auto companies. Depending on the product, the loan amount ranges from tens of thousands to hundreds of thousands. It can be returned in 12, 18, 24, etc. installments, generally There is no interest, only a handling fee of 3.5%-10% of the installment amount is charged, and some promotional products are even free of handling fees. The down payment amount is generally greater than or equal to 30%-40% of the car price. Buying a car in installments with a credit card is easier to operate than a bank car loan. As long as you have good credit and stable income, there are generally no household registration and property restrictions. Some banks can complete the approval within a few hours. But the biggest problem with credit card installment is that it will be limited by the loan amount. Auto finance company loans: Applying for car loans through auto finance companies has been a common way in recent years. A number of auto finance companies have been established in China to provide car loan services, such as SAIC-GM, Chuangfu, Volkswagen, Ford, Toyota, Dike and Beijing Hyundai. Under normal circumstances, this kind of loan has the characteristics of low threshold, low down payment ratio, long loan time, flexible approval, and fast speed. The minimum down payment for car purchase is 20%, and the loan period is 1 to 5 years. Auto finance company loan repayment methods are more flexible. You can choose to make a part of the loan amount (usually no more than 25%) as a flexible final payment, and make a lump-sum payment in the last month of the loan term instead of calculating the monthly payment amount. Can make your monthly payment significantly lower than the monthly payment of traditional credit. When the contract expires, you also have a variety of options: settle the flexible balance payment at one time and obtain full auto ownership; or apply for a 12-month secondary loan for the flexible balance payment; or with the assistance of the dealer, Replace the used car with the new car and deduct the balance from the old car discount. Internet car loans: In recent years, Internet car loans have emerged along with the tide of Internet finance. Loan issuing agencies are mainly Internet companies, and their loan methods are faster and more flexible. You can complete the various steps of the loan without leaving home, including understanding the application conditions of various types of loans, preparing application materials, and submitting the loan application, all can be completed efficiently on the Internet. The loan method is mainly credit unsecured loans, similar to credit card installment loans, but the loan interest rate is higher than that of banks. https://www.autofun.co.id/alat/simulasi-kredit-mobil