Loan to buy a car loan of banks and finance companies how to choose?

There are banks and auto finance company two, car loans in contrast, bank loan interest rates lower than the automobile financial company, but the financial company procedure is simple and convenient. So, to consumers what kind of car loan is more suitable for you? Below, we come to the banks and auto finance company car loan compare. 　

An auto financing company lending standards are more relaxed, focused primarily on the applicant's credit; and bank lending will value the applicant income, residence and collateral. Banks and auto finance companies the biggest difference lies in: on the automobile financial company, overseas accounts under certain conditions are generally easy to apply for a car loan, the bank to apply for loans and get more difficult, need to local citizens guarantee, proof of real estate and a series of cumbersome procedures. 　　

The automobile finance company advantages formalities convenient, usually about 3 days to complete, and do not have to pay fees, mortgage fees, lawyers fees; bank loans generally require more than a week, to find a Guarantee Corporation as a guarantee, and charge a fee. 　　

Bank car loan interest rate is set by the people's Bank of the loan in accordance with the China interest rates over the same period, the automobile financial company's interest rate is usually better than the current high interest rates on some bank. At present, the auto finance company loan interest rate to 1 percentage points higher than the bank, such as loans to 100000 yuan terms, a period of 3 years may have to pay 3000 yuan more than the bank.

An auto financing company, the proportion of the first payment requirements are more relaxed, the first payment is generally low, such as Toyota finance for good reputation customers can promise the first payment for the whole car price 20%, the loan limit points for three years and five years two. But most banks now require the minimum down payment for the whole car price 40%, the loan period is generally three years and five years two choices, the longest do not exceed five years. 　

At present, some auto finance company can provide flexible credit this service. Elastic credit the flexibility, is no more than the loan amount by a certain proportion of the elastic tail section, when the contracts expire, to provide consumers with more choices: a one-time settlement of elastic tail section, get car ownership; or on the elastic tail section and then apply for a period of 12 months the two loan; or in the car dealer's assistance, to the used car replacement car. Because the elastic tail section is excluded from the total for the month, so the loans for banks in general than the lower.

What kind of car mode is more suitable for you, it will look at the specific loan interest rate and price discount. In the auto finance company loan to buy a car, the general price is not much discount; and bank loans can be a loan to buy a car, the dealer discount on relatively speaking, more affordable. Those in the bank credit evaluation system seems not high priority will be given to applicants, apply for loans to the automobile financial company; credit is good, has the ability of borrowers Shoufu priority choice of bank loans.