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How much is suitable for car loan down payment

Time: 2017-01-19         Source: Financial 360 finishing         Author: 360 Financial consolidation

Personal carloanHow much a down payment is based on your personal financial situation, there is no more down payment. Under normal circumstances, the minimum amount of car loan down payment is 30% of the invoice price, and the car purchaser can arrange to purchase the down payment of the car loan according to their own income and investment plan. What needs to be explained is that, depending on the type of loan, there will be differences in the amount of down payment for car loans.

1. WithPledgeIn case of applying for a loan or a joint liability guarantee provided by a bank or an insurance company, the first payment shall not be less than 20% of the purchase price, and the maximum borrowing amount shall not exceed 80% of the purchase price. So, when buying a car, you must have enough money to make a down payment, and if it is less than 20% down payment, you cannot buy a car.

2. If the loan is applied for by the purchased vehicle or other real estate mortgage, the first payment shall not be less than 30% of the purchase price, and the maximum loan amount shall not exceed 70% of the purchase price.

3. If a third-party guarantee method is used to apply for a loan (except banks and insurance companies), the initial payment amount shall not be less than 40% of the purchase price, and the maximum borrowing amount may not exceed 60% of the purchase price.

The term of a car loan is generally 3 years, and the maximum period is no more than 5 years (including 5 years), and there are differences depending on the nature of the loan applicant. For taxi companies or car rental companies, the maximum loan period does not exceed 3 years; for other companies and institutions, the term of loans must not exceed 2 years in principle;personal loanThe period is usually 3 years. Buying a car loan usually does not require the mortgage of other things, and the purchased car is the mortgage. However, in order to prove that the loan applicant has the ability to repay the loan, when buying a car loan, it is usually required to produce a certificate that can prove the financial strength, such as a real estate license.

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