All About Auto Loan You Should Know(2)
Provide information
Application for personal borrowing;
2. Valid identification of me and his spouse;
Certificate of occupation, position and income of myself and his spouse;
4. The purchase agreement, contract or letter of intent for the purchase of the car signed with the dealer;
Proof of down payment deposited or paid;
The supporting documents or materials required for the guarantee;
Other documents requested by the cooperative institution.
Processing channels
Bank loans
Choose to borrow money to buy a car through bank loans, the loan rate is moderate, and there are many kinds of car options. However, in the actual process of making loans more time and effort, banks in order to control risk, usually longer review time, and the applicant needs to submit a lot of information. If you want to apply and are not afraid of trouble, bank loans are a good choice;
Credit card installments.
As we all know, there is no interest fee for credit card installments, which is also the biggest benefit of buying a car through credit card installments. At the same time, credit card installments are convenient and fast, a phone can also be done. Sometimes when you meet with banks and car dealerships, you can also enjoy a discount. However, it should be noted that although there is no interest fee for credit card installments, there is a fee, the higher the fee rate, usually more than one year of the fee rate will be the same as the bank's consumer loan interest rate at the same time or slightly higher.
Automotive Finance Corporation
Through the auto finance company loans to buy a car, in addition to convenient and fast, the application threshold is not high, as long as consumers have a certain ability to repay and pay down loans, you can apply for loans. However, consumers also need to be aware that auto finance companies to buy a car, the cost of loans is usually relatively high, in general you need to pay interest on the loan fee, there are fees and other fees generated.
Microfinance Companies
Through the small loan company loan to buy a car, the threshold is not high, model selection is not restricted, the rate is relatively high than the bank. Loans and repayments are flexible, and approvals are slightly faster than banks.
Auto loan risk
Overview
While sharing the joy of auto loan "cake", the rising mortgage default rate is a wake-up call for the banking industry
Auto loan risk is faster and higher than mortgage
Release of auto loan risk content makes bank default rate appear
The ultimate victim of bad auto loans is the bank itself.
Faced with relentless auto loan risk, the bank was helpless to bear all the bad debt losses
The large number of auto loan risk emerged, so that the bank to different degrees to raise the threshold of auto loans, strict auto loan approval.
