Which is more cost-effective between bank car loan and credit card installment? Comparative analysis of bank car loan and credit card installment
There is a lot of pressure to buy a car with full payment. Many friends choose installment loans. The most common loan methods are bank car loans and credit card installment loans. Which is more suitable for loan to buy a car? Which is better? Let's analyze it.
1. Bank car loan
Advantages: the loan interest rate is low -- the bank's traditional car loan basically covers all brands and models. Its interest rate is based on the people's Bank of China, the interest rate is lower than that of other channels, and the repayment method is flexible.
Disadvantages: strict conditions and long payment time -- it is difficult to apply for traditional car loan from the bank. The applicant shall provide a series of supporting materials to the bank, such as ID card, work certificate, bank flow, social security certificate, real estate certificate name, house sales contract certificate or house purchase invoice certificate. Some banks also need third-party guarantees and pledges.
2. Credit card installment car purchase
The application process of this kind of loan is relatively simple. As long as the lender has good credit and qualification, it can apply for car purchase by stages. The number of credit card installments is 6, 12, 24 and 36. One period is one month.
Advantages: loose conditions and convenient repayment - the handling procedures of car purchase by stages with credit card are simpler than those of traditional car loan. The basic materials such as ID card and income certificate are very important for the applicant's credit investigation record. No stains. Repayment is the same as that of ordinary credit card. Users can repay in a variety of ways, which is flexible.
Disadvantages: there are restrictions on car selection and loan amount and handling charges - each bank credit card has its own partner car brand, so the applicant's choice of model is limited. The credit card of the bank's installment car purchase business has a quota limit, which depends on the credit qualification approved by the bank. Although credit card installment car purchase does not generate interest, there are Bill installment handling charges, and the rate of each bank is different.