How do I Get a Car Loan with Bad Credit?

Credit card installment car purchase is a credit card installment service launched by banking institutions. Cardholders can apply for a credit line of 20,000-200,000, some banks depend on the situation; there are three types of instalments: 12 months, 24 months, and 36 months.

Credit card installment

Credit card installment car purchase is a credit card installment service launched by banking institutions.

As a general credit card

(1) Apply. After optimistic about the proposed vehicle, fill in

Except for China Merchants Bank and Bank of Ningbo, which clearly stipulate the number of periods and commission rates, other banks' installment car purchase periods and fees, interest rates and other fees need to be determined according to the model.

CCB's installment of car purchase period and charging standards:

Stages	12	twenty four	36
Installment fee rate	0-3%	4% -7%	10-12%

Bank of China's installment car purchase period and charging standards:

Stages	12	twenty four	36
Installment fee rate	2.8%	5.1%	7.5%

China Merchants Bank's installment car purchase period and charging standards:

Stages	12	twenty four	36
Installment fee rate	3.5%	7%	11%

Number of installment installment period and charging standard of Bank of Ningbo:

Stages	12	twenty four	36
Installment fee rate	4.39%	8.36%	11.9%

You cannot pay by credit card for the down payment

CCB credit card purchase fees need to be paid in a lump sum at the first repayment;

If the installment is to be repaid in advance, the handling fee cannot be refunded;

Vehicles purchased by credit card instalments must be insured against motor vehicle theft and vehicle loss insurance, and the insurance period is consistent with the installment period.

detail

Credit card installment purchases have also become

advantage

Low commission and zero interest rate:

Compared with bank loan car purchases and car financial institution loan car purchases, credit card installment car purchases have no interest. Of course, the so-called zero interest rate will have an expense on the commission, but for the lower commission, compared to the other two loans Way is a better choice.

Fast approval:

Fast approval is also an advantage of credit card installment car purchase. Some banks can purchase and approve a credit card loan as fast as 40 minutes, and the longest will not exceed 3 days. Although the approval process is fast, this is also due to some limitations of credit card purchases. As a result, everything has its own advantages and disadvantages, and the disadvantages of credit card instalment purchase will be mentioned later.

Cheap and affordable:

Credit card instalment loan purchase of a car is exactly the same as buying a car in cash, except for paying part of the handling fee. From the dealer's discount activities, we can often refer to the whole series of cash discounts of XX million. For car buyers, credit card installment is the same as paying the car in one installment, whether it is a discount or a gift from a dealer. In addition, most credit card banks have credit card credit activities. After buying a car and credit card, they can also exchange the corresponding point gifts at the bank, which can be said to serve two purposes.

Disadvantage

Limited to brands

Each bank that has a credit card installment car has a corresponding cooperation brand and a model that can enjoy business. If you want to purchase other models in installments, you can only find a bank or auto financial institution to borrow.

Limited to a certain amount

As with the use of credit cards, credit cards for the instalment car purchase business also have a certain amount of credit, which is also related to the work and financial affordability of the cardholder. No bank will lend huge amounts of property to people without guarantees. Therefore, those who want to buy a luxury car, still do not choose credit card installment loan.