How to get a mortgage car: detailed explanation of the whole process and precautions
With the popularity of car consumption, buying a car with a mortgage has become the first choice for many consumers. This article will introduce in detail the car mortgage application process, required materials, cost details and frequently asked questions to help you easily complete your car purchase plan.
1. Basic process of mortgage car purchase
| steps | content | Things to note |
|---|---|---|
| 1. Select car model | Determine budget and vehicle needs | It is recommended to compare quotes from 3-4 4S stores |
| 2. Submit application | Fill out the loan application form | Proof of true income is required |
| 3. Qualification review | Bank/Financial Institution Review | Usually takes 1-3 working days |
| 4. Sign a contract | Sign loan and car purchase contracts | Read the breach of contract clause carefully |
| 5. Pay down payment | Pay the agreed down payment | Generally 30%-50% of the car price |
| 6. Pick up the car license plate | Handle insurance and licensing procedures | Full auto insurance required |
2. Materials required for car mortgage
| Material type | Specific requirements |
|---|---|
| Proof of identity | Original and copy of ID card |
| Proof of income | Bank statements/payslips for the past 6 months |
| Proof of residence | Real estate certificate/rental contract + utility bill receipt |
| credit report | Some banks require |
| Other materials | Marriage certificate (married persons)/Business license (self-employed) |
3. Details of mortgage car expenses
| Expense items | Calculation method | Approximate range |
|---|---|---|
| down payment | Car price × down payment ratio | 30%-50% |
| loan interest | Loan amount × interest rate × term | Annual interest rate 4%-8% |
| handling fee | Loan amount × rate | 2000-5000 yuan |
| GPS cost | One-time charge | 1000-3000 yuan |
| insurance cost | Pay annually | 5,000-10,000 yuan/year |
4. Frequently Asked Questions about Car Mortgage Purchase
Q1: What are the conditions required to purchase a car with a mortgage?
A: The main conditions include: being over 18 years old, having a stable source of income, good credit record, and being able to pay the down payment. Specific requirements may vary between financial institutions.
Q2: How many years can a mortgage loan generally last?
A: Usually 1-5 years, no longer than 7 years. The longer the loan term, the smaller the monthly payment pressure, but the higher the total interest expense.
Q3: What are the restrictions on early repayment?
A: Most banks allow early repayment, but may charge liquidated damages (1%-3% of the remaining principal). It is recommended to understand the terms of the contract in advance.
Q4: How to dispose of the vehicle during the mortgage period?
A: Before the loan is settled, the vehicle registration certificate is mortgaged to the bank. Some institutions require the installation of GPS positioning devices. The vehicle may not be transferred or modified without consent.
5. Tips for buying a car with a mortgage
1. It is recommended to choose a regular bank or car finance company to avoid the usury trap
2. Carefully compare the interest rates and fees of different loan options
3. Keep all transaction documents and contract documents
4. Pay your bills on time to avoid credit damage
5. Consider your own repayment ability and avoid over-indebtedness
Through the above detailed introduction, I believe you have a comprehensive understanding of mortgage car purchase. Plan your finances reasonably, choose a car purchase plan that suits you, and drive your car home as soon as possible!
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