Whether a car loan is cost effective with a low down payment or a high down payment

The main thing to look at is interest.

The down payment ratio will vary depending on the lender, the bank generally implements a minimum down payment of 30%, the manufacturer financial institution can be as low as 20%, and the credit institution can have a minimum of 0 down payment (this kind of monthly payment pressure will be great), but for different lenders and different models, the down payment ratio will be different, so not everyone and every car can get the minimum down payment.

First of all, the down payment must be more than 20%, which may be increased according to the requirements of the unit you are applying for a loan, generally 30%. If your creditworthiness and financial strength do not meet the company's standards, you may be asked to raise the down payment. Generally speaking, you can fill in 30% when you apply for a loan.

There is no direct relationship between the amount of the down payment and the price of the car, and the main thing is that the lender needs to control the risk. For example, if you make a down payment of 20%, then the lender will have to pay 80% of the loan to you, and if you don't repay the loan, then he will lose 80%; If you make a 40% down payment, then his risk is only 60%.

In addition, the amount of monthly repayment depends on the interest rate of the unit you are borrowing, which varies from unit to unit, and also depends on the time of your loan. The longer the time, the higher the interest rate.

It is a high bargain because you pay less interest.

This is still based on the personal financial situation, and some low down payments on the Internet are still good.

What is the minimum down payment on a car loan? What percentage of the down payment is generally for buying a car.

The People's Bank of China stipulates that the down payment ratio of car loans and personal loans should be greater than 20% (two percent), and if a car is 100,000 yuan, then the minimum down payment for car loans is 20,000 yuan.

When applying for a loan to buy a car in a 4S store, the down payment is generally 30%, and people usually choose 36 (3 years) car loan products, and the loan interest is floating between 5% and 8%. For those who have real estate certificates and collateral as collateral, and have a stable income**, the down payment does not have to be 30%, and the down payment ratio can be reduced by 10%, that is, the down payment is 2%.

In fact, in order to attract more customers, dealers and manufacturers will first put the down payment on the loan, and later will take it back from the consumer through other means, of course, through this loan method, you will find that the interest is higher than that of the bank.

The down payment for buying a car also includes some other charging items: car insurance, vehicle purchase tax, license fee, etc., taking a car of about 100,000 yuan as an example, if you go to the 4S store to buy vehicle insurance, you need 6,000 yuan than the book, the vehicle purchase tax is about 8,500 yuan, and the license fee is 350 yuan, which adds up to 15,000 yuan. Therefore, when choosing a car loan product, understand clearly which items need to be charged separately to avoid unnecessary losses.

The process of buying a car with a loan.

1) First of all, the customer needs to apply to the bank and fill in the corresponding application form, provide the required materials (such as local household registration book, ID card, valid income certificate, etc.) as required, and if necessary, call the bank's customer service ** to consult to avoid one more trip.

2) If the approval is passed, the loan contract and contract guarantee will be signed, and the relevant notarization will be handled according to the situation, and the mortgage registration procedures will be completed.

3) The loan will be disbursed with the consent of the bank, and the money will be transferred to the car dealer or the individual's designated account according to the agreed transfer method.

4) The borrower shall repay the loan in accordance with the contract, and for normal settlement or early settlement, the borrower shall hold a valid ID card and the loan settlement certificate issued by the bank, go to the bank to collect the relevant mortgage vouchers and supporting documents, and go to the original mortgage registration department to go through the mortgage registration cancellation procedures.

5) For the repayment overdue for more than 3 months, it is considered a more serious situation, the overdue record may be entered into the credit system, and in serious cases, the owner will be sued to the court, and has the right to tow away the vehicle through the court auction for debt repayment.

OK.

For wealthy local tyrant partners, loans are equal to debts, which is uncomfortable both in terms of face and habits. The full payment really eliminates the problem of monthly repayment procedures and interest. However, for many small partners who are still struggling, everyone has long been accustomed to paying in installments, which can not only enjoy the service in advance, but also prevent currency depreciation.

Precautions when buying a car.

If there is no problem with the appearance of the vehicle, it is necessary to prepare for the purchase of the car, if it is a full purchase of the car, after paying the money, the 4S store will provide the owner with including: car purchase invoice, vehicle certificate, three packs of manuals, manuals, two car keys (some cars will give three car keys). After buying a car, the procedures must be complete, especially pay attention to the certificate, if the procedures are not complete, it is impossible to license the vehicle.

Although commercial insurance is not mandatory, it is recommended to purchase third-party liability insurance and car damage insurance at the same time. Third party liability insurance is recommended to purchase at least 1 million sum insured. After buying insurance, you also need to apply for a temporary license plate, so that you can drive on the road to the DMV to get a license.