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Product classification

Buy car car finance loan or bank loan?

procedure is simple and convenient to buy a car on credit card lending, and zero down payment, or even double-free! Recently, as the Bank Auto lending attention, in terms of bank loans has also launched many Auto type of business loan, credit card is one of the recently popular means of buying a car.

means facing various types of loans, while consumers want a loan to buy a car, choose to be? However, before the loan, we first make clear the general public, businesses and not doing business at a loss, only the best for you is the best.

methods: Bank loans

traditional loans

advantages: most popular loans, according to most models, loans for a long time

drawback: cumbersome, need more information, the waiting time is long

case one: Bank of China's personal consumer car loans

1, formalities and information requirements: loan application; original ID card, residence booklet or other valid document; professional and economic income, including but not limited to, issuing proof of income, Bank certificates of deposit, credit card statements, tax certificate, security certificates or documents required, such as real estate card, and other car-related information.

2, loan term: general consumer personal auto loan period should in principle not exceed 3 years (including 3 years); high quality personal auto loan term not longer than 5 years (5 years).

3, loan interest: the corresponding grades according to the length of the loan by the people's Bank of China announced the interest rate for loans, customer lending benchmark rates, principle shall not be less than the base rate; customer lending rates after approval, you can benchmark interest rates on the basis of floating, floating ratio shall not exceed 10%.

credit card loans

advantages: smoothly, has credit card information and vouchers are no longer needed; short application time; have advantages, preferential interest rates, and often engage in activities

shortcoming: it is necessary to apply for the credit card, and higher requirements on cardholders ' credit, cooperation models have a specified range and are not fixed, so limited choices, shorter time compared to traditional loans loans

case one: China Merchants Bank car buying easy

"vehicle purchase easy" is based on the China Merchants Bank credit card holders credit status granted exclusive lines of cars to meet the cardholder specified in the designated distributors purchase brand demand. Card holders pay a certain fee. However it is worth noting is that the card often and manufacturers with "special offers", some of these models can be used in certain circumstances to enjoy "double-free": that is, fees, and interest-free, is still very good. If not "double-free" activity brands are also generally dispense fee. But the "special offers" cooperation car brands is not, as at present, Honda, Chevrolet, Dongfeng Honda, the four brands of parts for Faw-Volkswagen models. But on the whole, China Merchants Bank credit card because it is early intervention Bank car loans, vehicle model is relatively the most cooperation.

also, if you are not the Merchants Bank credit card cardholder, if you are in the designated dealer cars, you can also use credit cards to loans to buy a car. But on the other hand, enjoy the discount was not so good.

Chevrolet is currently working with China Merchants Bank held annual planned purchases, for example (by December 31, 2013):

staging business rate models pay special notes

period of 12, 18, 24, 36

Cruze hatchback 0% 0% 4.5% 30% bank credit card customers

Cruze hatchback 0% 5% 9.5% 30% non-China Merchants Bank credit card customers

Captiva 0% 0% 4.5% 5

case two: China Construction Bank

Bank credit card for auto loan business, brand has a lot of cooperation. As with the China Merchants Bank, usually with some automakers offer car loan activities. By contrast, Bank of promotions for cars is not a lot, if you like cars, but also very practical. Currently, Faw Mazda and Faw-Volkswagen Audi, Beijing Hyundai, Shanghai Volkswagen, KIA, 5 brands, specified models ranging from enjoying their zero-interest, zero-fee offer.

Mazda to Faw, for example (November 1, 2013 to December 31, 2013), specifies the model 12 18 0 0 interest rate fees:

staging business fees specified models model specific instructions

down payment: 30%;24 with 12, 18, 36 for 50%

period of 12, 18, 24, 36

Mazda 6, Rui-wing (including Coupe) 0 0 0 4%

Mazda 8 0 0 2.5% 6.5%

method two: car finance loan

benefits: financial loans against their brand with many types to choose from, lending fast loans for longer

disadvantage: only for their own brand, interest rates are relatively higher than banks, each branded policy details are not the same

case one: Mercedes-Benz financial services

Mercedes-Benz financial services is very diverse, and each quarter, will be published for each model for more loans. For example, you can select 50% down payment, for a period of time and then pay the balance 50%. You can also select a regular monthly programme. Also, low down payment programs can make a down payment as low as 20%. C180 classic Grand Edition as an example below market price 315,000 yuan, and loans programme are indicated below:

loan 50-50 low down payment, 36 months and 48 months, 12 months and 24 months

programme programme programme programme programme programme

down payment amount (RMB) 157,500 94,500 94,500 94,500 94,500 63,000

down payment 50% 30% 30% 30% 30% 20%

balance amount (RMB) 157,500 0 0 0 0 94,500

50% 0% 0% 0% 0% 30%

loan term (months) 12 12 24 36 48 36

customer interest rate 2.99% 2.99% 3.99% 4.99% 5.99% 5.99%

monthly amount (Yuan) to 392 18,674 9,574 6,608 5,177 5,262

case two: BMW Financial Services

BMW financial services also has its special place. In addition to standard loan products, as well as standard flexible loan products to choose from. This loan is available for cars, total purchase amount to pay a certain percentage of down payment, select a certain proportion of elastic tail section. During the term of the loan in equal monthly payments in the form of loans (not including tail), one-time pay off the tail or tail at the end of the loan renewal credits.

following new BMW 7 730Li luxury four-door sedan, for example, are selected for the down payment and flexible loan 30%, official guided 1.0235 million Yuan to calculate:

standard loans flexible loan

total loan period 24 months

down-payment 30%

first payment amount 307,050 Yuan

716,450 loan amount

flexible loan 30%

307,050 flexible loan amount

22,271 monthly payment amount

(the above information comes from the official site, as case study as an example only, such as specific loan is subject to official explanation)

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Choose your facility

not confused by small profit
 

today's sophisticated financial services products, which means better, cheaper loans if single, is not practical nor objective. Can be seen from the above examples, each loan products and methods has its advantages and disadvantages. Truck, such as bank credit loans are convenient, and often engage in activities, if you have "double-free" would be better, but is specified models are mostly very small. Ordinary Bank car loans long processing time, many procedures, but there are advantages for almost all models, loan length. Car financial services although interest rate advantage is not big, but if you choose to buy the brand, so the brand's financial services are still very much. For example, you can select low first, you can also choose to balance loan.

so choose the one that fits your needs and current family financial situation loans is the best fit for the loans. If you happen to have a model banks, car companies are engaged in activities that careful comparison, which one is the best. Note, however, is that not being "zero down payment" confused by the words, carefully to figure out costs of other fees, such as fees can be very high. In addition, the rational allocation of repayment pressure. If money is tight and if the repayment has not kept up, not only to pay penalty interest and late fees, will also leave stains in the credit history, future credit losses than gains.
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