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Provident Fund loans to buy it?

Time: 2013-10-08         Source: Financial 360 original         Author: bamboo

Many have not bought a house to buy a car, their own CPF friends often ask: "provident fund can be used to buy a car loan?"

This question is actually a very good answer, no, the provident fund is state regulations, on-the-job workers in proportion to pay based on wages to pay public housing fund has a mandatory, welfare, protection, mutual assistance nature. Contributions paid by employees of the public owned, no one else have the right to use. The main purposes of the provident fund are: for the purchase, construction, renovation, overhaul of self-occupied housing, repaying the principal and interest of purchase loans, subsidized rent and more than the family wage income.

If you do not have enough money to buy a car, you can get loans through the following channels:

(1)Credit card installmentCar: The most significant advantage of a credit car loan is the fast approval process is relatively simple. If used by consumersCredit card loansCar, as long as there is a credit card used within a valid period and a good credit card, to provide identification card to bank card can be staged car. Even without a credit card, car dealers can also apply for credit card purchases, usually within 3-7 business days can be completed. Compared with other ways,Credit limitNot high, suitable for buying a family car.

(2) Auto Finance Company Loan: The procedure for applying for a car loan through an auto finance company is relatively simple. In general, the entire process takes only two or three days and the customer can get the car conveniently and quickly. The main disadvantage of this approach is the single car brand, interest rates higher.

(3) Bank car loans: the traditional bank car loan up to five years, a higher amount of repayment pressure less. But the more negative is that the bank car loan interest rates need to go up 20% or more, many banks are basically not carried out. In addition, strict examination and approval, for a long time is also a huge shortage.

(4) Unsecured loans: Unsecured loans can be used to buy automobiles, but most unsecured loan products will have a interest rate of more than 10%. Loans will focus on a year or so, putting more pressure on borrowers. The advantage of unsecured loans is that approvals are fast and consumers are free to pick up their car brands.

Urgent money? We evaluated hundreds of small loan products! Concerned about the WeChat public number "pay fast" (ID: chuqiankuai), reply "urgently needed money", 2017 no longer afraid to borrow money.

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