Which is the most cost-effective way to get a loan to buy a car?

And which way is the most cost-effective way to buy a car?

The four common offline lending channels have their own advantages and disadvantages, consumers can choose the most appropriate channel for personal or family circumstances when purchasing a car \ Now there are four common lending channels for purchasing a car: one is the bank's traditional car loan; the second is the credit card installment of the commercial bank to promote the purchase of a car service; the third is the brand through the car finance company loan; the fourth is through the current emerging Internet P2P financial platform to apply for a car loan. The fourth is through the emerging Internet P2P financial platform to apply for car loans. \Analyze the pros and cons of the four channels to apply for a car loan: \ Banks traditional car loan \ Banks traditional car loan business is a direct customer loan, consumers can not go through the dealer directly to the bank to apply for a car loan. However, with the tightening of bank credit scale, the traditional car loan business is gradually reduced, and many banks have basically suspended the car loan business for individuals. Industrial and Commercial Bank of China, for example, the 5-seat new Shengda 2.4L automatic 4WD Intelligent bare car price of 249,800 yuan, the consumer down payment of 30% that is 74,940 yuan, and 2-year bank loan benchmark interest rate of 6.65%, so consumers monthly monthly payment of 7,801 yuan (24 months). \ Advantages: low loan interest rate \ Bank traditional car loan basically covers mainstream brands and models, and its interest rate is the People's Bank of China benchmark interest rate (bank loan benchmark interest rate: 1-year 6.56%; 2-year 6.65%; 3-year 6.65%; 4-year 6.90%; 5-year 6.90%), which is lower than the interest rate of other channels. In addition, its repayment method is flexible. \ Disadvantages: High threshold, cumbersome procedures, long disbursement time \ The threshold for applying for a traditional car loan from a bank is high and difficult. Consumers need to provide a series of supporting information to the bank: ID card, proof of employment, bank current in the past year, proof of social security for two years (or more), real estate certificate or house sale contract or purchase invoice, etc.; third-party guarantees and pledges are also required. \ Commercial Bank Credit Card Installment\ Compared with the traditional car loan business, offline banks are more inclined to recommend credit card installment car purchase business to consumers. That is, after the consumer has paid the down payment for the car, he/she applies to the bank to purchase a car at a cooperative dealer with his/her credit card. Consumers pay back regularly on a monthly basis and pay a certain handling fee. Taking China Merchants Bank as an example, the standard handling fee rate of China Merchants Bank's auto installment car installment business is 5.5% for 12 installments, 10.5% for 24 installments and 14.5% for 36 installments. Therefore, the consumer to buy a 5-seat new Shengda 2.4L automatic 4WD Intelligent naked car in 24 installments, the total amount of handling fee is 26,229 yuan, the first installment repayment is 36,637.33 yuan (handling fee first month of the one-time payment), the monthly monthly payment is 10,408.33 yuan. \Advantages: low application threshold, easy repayment \ credit card installment car purchase approval procedures are relatively simple, in addition to identity and proof of entry and other basic materials, the consumer's credit history is most important. Consistent with the form of monthly repayment of ordinary credit cards, consumers can repay the loan in a variety of ways online and offline, in a flexible manner. \Drawbacks: limited models and limits, with handling fees and limitations \ Each bank credit card generally has a cooperative car brand, so the choice of models have limitations. In addition installment car purchase business credit cards have limitations on the amount of credit, depending on the credit qualifications approved by the bank. It is worth mentioning that although there is no interest on credit card installment car purchase, there is an installment fee, which varies from bank to bank and is generally between 5% and 18%. \ Auto finance company\ In addition to through the banking channel, another major channel is through the dealer to apply for a car loan from the auto finance company behind it. At present, there are about 20 auto finance companies in China, mostly wholly-owned companies or joint ventures of large automobile groups, for example, SAIC-GM Finance, Volkswagen Finance, Toyota Finance, Hyundai Finance, etc. The loan interest rates of each company are related to their loan products. The loan interest rate of each company is related to its loan products, for example, Beijing Hyundai Auto Finance has launched a variety of financial products such as 5050, E loan, upgrade loan and maintenance loan in order to meet the needs of different customers to purchase a car. \As an example, for the purchase of the new Shengda car, you need to submit a 30% down payment of 74,940 yuan, and the monthly payment for 24 installments is only 3,199 yuan. The remaining balance of $149,877 can be handled flexibly according to the consumer's own situation, such as a one-time repayment of the balance, return of the vehicle, rollover and so on. \Advantages: fast approval process, rich types of financial products \ through the auto finance company loan to buy a car threshold is low, the loan is convenient, the approval and release time is also faster than the bank. In addition, due to the variety of financial products provided by auto finance companies, consumers can choose the products that suit them according to their actual situation. \ Disadvantages: Interest rates are relatively high, often tied to other business with the dealer \ loan repayment interest rates are relatively high. And loans to auto finance companies through dealers are often required to purchase specified car insurance or pay a renewal deposit and wait. \ P2P financial platform \ With the expansion of the demand for loans, under the influence of the Internet, new lending channels have emerged.P2P financial platform is one of the emerging lending channels, consumers can also apply for auto loans through such platforms.The advantages of the P2P are reflected in the lower lending threshold to provide assistance to a greater number of borrowers, compared with the high threshold of the bank, cumbersome formalities, a long period of time and the auto finance company's Compared with the high threshold of banks, cumbersome procedures, long time and various attached conditions of auto finance companies, it is admittedly more convenient and quicker to apply through P2P finance companies, but the interest rate is higher. \ Take a P2P finance company cooperating on the NetEase auto finance platform as an example, a consumer who buys a 5-seat brand new Shengda 2.4L automatic 4WD Intelligent bare car in 24 installments will need to pay a down payment of 74,900 yuan and a monthly payment of 9,141 yuan in the case of a 30% down payment. \Advantages: low threshold, convenient and fast, covering all models \ Compared with traditional institutions, it is more convenient to apply for a car loan through P2P financial platforms, consumers can fill in the information online and upload the data; only need to pass the credit review, no third-party guarantee and collateral. After approval, the loan is disbursed quickly, generally within a week or even a day or two to the account. In addition, since P2P financial companies generally lend money to consumers' personal accounts, there is no restriction on the model of the application. \Drawbacks: high interest rates

Two, want to buy a car loan, which loan method is the most cost-effective?

One, credit card installment loans

Credit card installment payments must be made in cooperation with the designated car dealers, and the loan period of up to two years, there are its limitations; while the car finance loan interest rates are high, generally one or two percent higher than the bank loan; in contrast, the bank loan interest rate is low, the loan period is long, the maximum period of up to five years, and the minimum percentage of down payment According to the situation can be reduced to two percent.

Two, bank loans

Banks loan mode roughly the following these, the traditional car loan business, choose "direct" business customers can kind of consumer loan business, as long as the property in the bank for collateral, buy a car; there is also a kind of credit loan business, is currently in a small number of banks to carry out, as long as the working class with a stable job, the bank can not be used to buy a car. As long as there is a stable job of the working class, you can apply for a sum of money for consumption, buy a car is also in it. And some banks have special offers for jobs such as civil servants, with high loan amounts and easy repayment.

Three, auto financial institution loans

Auto financial loans are non-banking financial institutions approved and established to provide financial services to car buyers and consumers in China. The cost of "zero interest rate" for auto financial institution loans

Now many banks and auto finance car loan products boast zero interest rate, which seems very tempting, but the lender also has to pay some unseen costs.

If you take part in activities like "zero-interest car purchase", the price discount will generally be reduced. In this way, even if you enjoy the zero interest rate discount can not make up for the loss of the discounted price.

Generally speaking, according to the national regulations of the car % calculation, insurance and interest combined, 12 months repayment period of interest-free car loans, indeed is more than the average bank loan to plan period of time will cost more than the average bank car loans, and in the repayment period of the first gold decline and decrease, but can be interest-free car loans

The owners generally also need to deliver the loan amount of 3% to 9% of the handling fee. Zero-interest car loan repayment public, for example, 12-month repayment term to add a 3.5-6 percent handling fee, 24-month repayment term to. If the car is priced at 150,000 yuan, with a 50 percent down payment, the loan amount is 75,000 yuan,000 yuan.

Applying for a zero-interest car loan generally must be in accordance with the bank's requirements to purchase insurance, such as to the bank has the right to do the car recovery process. In addition, some luxury cars need to pay a substantial upfront fee, data review and other costs, and also mandatory purchase of five basic types of insurance, a year requires about 5,000 yuan of car insurance, only.

In addition, the enjoyment of "zero-interest rate" to buy a car for a long process, the car is relatively long time, their favorite models may not be able to enjoy zero-interest rate.

Three, the loan to buy a car, which is more cost-effective?

Credit card installments are more cost-effective

Four, Volkswagen full payment to buy a car or interest-free installments cost-effective?

Full payment to buy a car cost-effective, at least do not have to pay more interest

In fact, it also depends on the specific charges, in general, if you take out a loan, due to the sale of the sale of the car sales have a fee counterpoints, so the price is slightly loose a little bit, the second, now loan to buy a car unlike the previous, like the second year of mandatory store insurance, mandatory store maintenance of these basically do not have, general Only the first year of mandatory insurance in the store, the third loan fee is not very high, my colleagues loan 90,000, two years, the fee is only two thousand, think of 90,000 put paypal, two years is also quite a lot of money ah. And also can take this money to engage in some other, also can ah. So if the conditions are suitable if there are not too many binding conditions, the handling fee is not high, it is recommended that the loan. If there are a bunch of conditions and high fees, it is better to try to pay in full.