Now the car has become a very popular means of transportation. Many families have a growing demand for cars, so now more and more people buy cars. Many people with insufficient economic strength will choose the way of mortgage loan to buy a car, so what conditions do automobile mortgage loans need? What is the process of auto mortgage loan? This article brings you the conditions and processes required for automobile mortgage loans. I hope it can be helpful to you.
&# 8203;&# 8203;&# 8203;&# 8203;&# 8203;&# 8203; Auto mortgage loan conditions:
（1） Are citizens of the people's Republic of China, or residents and foreigners of Hong Kong, Macao and Taiwan who have continuously lived in the people's Republic of China for more than one year (including one year);
（2） Have valid identification, fixed and detailed address and full civil capacity;
（3） Personal legal assets with stable legal income or sufficient repayment of loan principal and interest;
（4） Good personal credit;
（5） Be able to pay the down payment specified in these measures;
（6） Other conditions required by the lender.
Auto mortgage loan process:
1. The car buyer went to the bank's business outlet for consultation
Car buyers go to the bank's business outlets for consultation, and the outlets recommend special dealers who have signed the automobile consumption loan cooperation agreement with the bank.
2. Go to the dealer to select the car to be purchased and sign a car purchase agreement with the dealer
Go to the dealer to select the cars to be purchased, sign a car purchase agreement with the dealer, and specify the model, quantity, color, etc.
3. Apply for a loan at a bank outlet
The necessary materials for applying for loans at bank outlets include: personal loan application, valid ID card, occupation and income certificate, basic family status, car purchase agreement, supporting documents required for guarantee, and other conditions specified by the lender.
4. Bank reviews user credit
The bank shall, within 15 working days after accepting the loan application, notify the borrower of car purchase and sign the automobile consumption loan contract with the borrower meeting the loan conditions. The maximum amount of automobile consumption loan shall not exceed 60% ~ 80% of the purchase price (different from each lending bank), and the maximum loan period shall not exceed three to five years (different from each lending bank). If the user does not meet the loan conditions, the bank will return the application materials to the applicant.
5. Signing loan and guarantee contracts
If the applicant meets the loan conditions, the bank shall sign a loan contract and relevant guarantee contract with it. Guarantee method and corresponding procedures:
(1) If the user provides a third-party joint and several liability guarantee (except for banks and insurance companies), the guarantor signs a guarantee contract with the bank, or the insurance company can provide a joint and several liability performance guarantee or the bank can provide a guarantee.
(2) If the user guarantees by means of mortgage or pledge, he shall sign a mortgage or pledge contract with the bank. If the house is mortgaged, the bank shall go through mortgage registration at the district and county real estate registry where the house is located together with the mortgagor after being evaluated and confirmed by the designated evaluation agency. The contract shall come into force after obtaining the certificate. In case of pledge, the pledge contract shall come into force after the certificate of title is handed over to the bank.
(3) After the above procedures are completed, the bank shall timely issue a loan notice to the special dealer.
(4) If the purchased automobile is used as collateral, the bank shall timely issue a loan notice to the special dealer, and the bank shall uniformly handle the mortgage registration at the vehicle management office after the purchased automobile is licensed.
6. The bank issues loans, and users handle vehicle insurance and pick-up
Within 15 days after receiving the loan notice, the special dealer shall hand over the customer's car purchase invoice, payment document and driving license (copy) to the bank. The bank issues loans after the customer has gone through property insurance procedures. The types of insurance include: vehicle loss insurance, third party liability insurance, theft rescue and spontaneous combustion insurance, etc. The insurance period shall not be shorter than the loan period.
7. Customers repay on time
Handling charge for automobile mortgage loan:
It is reported that the handling charges for buying a car with a loan include compulsory insurance, vehicle and vessel use tax, commercial insurance premium and licensing fee. At present, the service charge for buying a car with a loan is 3%, about 10000 yuan. However, there is no unified standard for handling fees, and each country has different provisions on handling fees. For example, many financial companies have launched interest free car loans. Although interest free, they still have to charge handling fees. Some financial companies do not charge handling fees. Comparatively speaking, the handling charges of banks are lower than those of auto financing companies and 4S stores.
How about a car mortgage loan?
At present, there are two ways to calculate the monthly payment of car loan: one is by formula, and the other is by car loan calculator. There are two common repayment methods for bank auto loans: equal principal and interest repayment and equal principal repayment.
Formula calculation:
Calculation formula of monthly payment with equal principal and interest repayment method: monthly repayment amount = [loan principal & times; monthly interest rate & times; (1 + monthly interest rate) ^ number of repayment months] pile; [(1 + monthly interest rate) ^ repayment months - 1]
Calculation formula of monthly payment by the equal principal repayment method: monthly repayment amount = (loan principal pide; number of repayment months) + (principal - accumulated amount of returned principal) & times; Monthly interest rate
Calculation steps of auto loan calculator:
Step 1: first, select whether the repayment method is equal principal or equal principal and interest, and fill in the auto loan term, loan amount and actual interest rate of the loan;
Step 2: select whether to display the repayment details, and click the calculation button to obtain the detailed information such as the monthly payment amount, total loan interest and total repayment of each period.
Note: the auto loan calculator is only applicable to loans with monthly repayment of principal and interest, and is not suitable for one-time repayment of principal.