How to buy a car by installment
With the upgrading of consumption concepts and the popularization of automobile financial services, installment purchase of cars has become the preferred method for many consumers. This article will give you a detailed introduction to the process, precautions, and hot topics on the Internet in the past 10 days to help you buy a car easily.
1. Advantages of buying a car in installments
1.Reduce financial pressure: Installment payment can spread the cost of car purchase over multiple months, reducing the pressure of one-time payment.
2.Flexible term selection: You can choose a repayment period of 12, 24, 36 or even longer periods according to your own financial situation.
3.Enjoy car life in advance: You can pick up the car without saving the full amount, improving your quality of life.
2. The process of buying a car in installments
| steps | Specific operations | Things to note |
|---|---|---|
| 1. Select car model | Determine your budget and needs, and choose your favorite model | It is recommended to choose a 4S store or regular dealer |
| 2. Submit application | Fill out the installment application form and provide proof of identity, income proof and other materials | Ensure the information is true and valid |
| 3. Review and Approval | Credit status review by a bank or financial institution | Those with good credit have a higher chance of passing |
| 4. Sign a contract | Confirm the installment plan and sign the car purchase and loan contract | Read the contract terms carefully |
| 5. Pay down payment | Pay the down payment as agreed (usually 20%-30%) | Keep proof of payment |
| 6. Pick up the car and pay off the loan | Apply for insurance, take delivery of the car after getting the license plate, and make monthly repayments | Pay on time to avoid overdue payments |
3. Hot topics on the Internet in the past 10 days
The following are recent hot discussion topics about buying a car on installment basis:
| topic | heat index | Main content |
|---|---|---|
| Installment discount for new energy vehicles | ★★★★★ | Many car companies launch 0 down payment, low interest rate installment plans |
| Used car installment trap | ★★★☆☆ | Exposing some platforms’ inflated car prices and hidden fees |
| Credit loan for car purchase | ★★★★☆ | Compare the pros and cons of bank credit loans and car finance companies |
| Early repayment liquidated damages | ★★★☆☆ | Many financial institutions adjust early repayment policies |
4. Things to note when buying a car in installments
1.Interest rate calculation method: Distinguish between equal principal and interest and equal principal repayment, and calculate the total interest expense.
2.Hidden fees: Be wary of additional charges such as handling fees, GPS fees, and agency fees.
3.insurance requirements: Some financial institutions mandate the purchase of comprehensive insurance, which increases the cost of using a car.
4.Liability for breach of contract: Understand the penalty interest standards for late repayment and the impact on your personal credit report.
5. Comparison of installment plans for popular models
| car model | guide price | down payment ratio | installment period | Monthly payment reference |
|---|---|---|---|---|
| BYD Qin PLUS DM-i | Starting from 113,800 | 20% | Issue 36 | About 2700 yuan |
| Tesla Model 3 | Starting from 231,900 | 15% | 60 issues | About 3400 yuan |
| HondaCR-V | Starting from 185,900 | 30% | Issue 24 | About 5,400 yuan |
6. Summary and suggestions
When buying a car in installments, you need to comprehensively consider your own financial situation, car needs, and financial options. Suggestions:
1. Give priority to the manufacturer’s financial plan, usually with lower interest rates;
2. Maintain a good credit record and get more favorable terms;
3. Act within your ability, and the monthly payment should not exceed 30% of the family income;
4. Check the car carefully when picking up the car to avoid subsequent disputes.
With proper planning, buying a car in installments can make it easier for you to realize your car dream. I hope this article can provide you with valuable reference information.
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