Which is more suitable for your car loan

At the moment, deceived consumers to buy a car loan cases occurred frequently. According to the reporter learned that the first payment had been deceived consumers have a common characteristic, that is, the account is in the field, chosen by way of loans to bank loans, these consumers to car dealers to pay a certain amount of down payment Section after the final dealers have been informed of the reasons because of its consumer bank loans. In fact, the lack of good faith in the dealers to make full use of bank loans are very harsh as this under the cover of the consumer fraud.



In fact, the current way of a bank loan to buy a car with two car finance companies, consumers (particularly in the field of household) do not have to choose this bank loans, to the black car business chances. In that case, consumers know which is more suitable for your car loan? In this correspondent bank car loan and auto finance companies compare the merits and demerits of each, and they hope to help you buy a car loan.



Eligible to apply for car loan



Automobile finance company lending standards to be more lenient in the principal value of credit applicants; and bank lending income applicants is important, and collateral account, and so on. Banks and car finance companies is the biggest difference: In the auto finance companies, foreign accounts under certain conditions, generally easy to apply for car loan, and the bank would like to apply for car loan under the more difficult, requiring local public security, real estate, such as proof of a Series of cumbersome procedures.



Loan procedures and costs



Automobile finance company advantage is fast and convenient procedures, in general about three days to complete, and do not have to pay fees, mortgage fees, lawyers fees and so on; bank loans will normally take more than a week, looking for a security company to do security, and a certain amount of miscellaneous fees.



Loan rate



Bank interest rate car loan is the People's Bank of China in accordance with the provisions of the loan rates over the same period, while auto finance company's interest rates are usually higher than bank interest rates some of the current. At present, auto finance companies in general than the bank lending rate by 1 percentage point higher, as calculated in accordance with 100,000 yuan of loans, the 3-year is likely to pay more than the bank more than 3000 yuan.



The first payment ratio



Automobile finance company's ratio of down payment requirements less stringent, the first payment generally lower, such as Toyota for the financial credibility very good commitment to customers in the first all-car price to pay for 20% of the loan period is divided into more than three years and Two five years. The majority of banks are currently the minimum down payment for the full price of vehicles for 40% of the loan period of three years generally have two options and five years, beyond the maximum of five years.



Also on the amount of



At present, some auto finance companies can provide flexible credit services. Flexible credit more flexibility, that is, through the loan amount does not exceed a certain percentage of the balance payment due flexibility in the contract expires, to provide consumers with a variety of options: a one-time settlement of balance payment due flexibility to obtain ownership of the vehicle; or balance due to the flexibility to apply for a period of The second 12-month loan; or dealers to sell cars with the help of a new car to二手车置换. Due to this flexibility were excluded from the balance due on the total amount for, so on loans for general lower than the bank.



Reporters proposal



Which in the end be more suitable for your car loan, the reporters that this would also like to look at specific interest rates and discount of the price. In the auto finance company loan to buy a car, the general is not much of the price discount; In contrast, if the dealer can Rangli a few thousand dollars through preferential bank loans to buy vehicles more cost-effective. Those in the banking system appears to assess the creditworthiness of the applicants is not high, to give priority to the auto finance company to apply for a loan; good credit, with a capacity of the down payment the borrower can choose to give priority to bank loans.