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Lending operations

Car loan: four car loan business

Domestically, mainstream car business has the following 4 forms, first bank property mortgage car loans business, second credit car loans business, and the third is car loans auto finance company, the fourth is the Bank car loans business. Below, we will target the mainstream car business a detailed description.
the first mortgage: what your real estate or securities as collateral for the Bank (deposits can also include family and friends), and then made a certain amount of loan. In fact less to do this and car loans, as long as the mortgage, banks risk little, happy to lend money to consumers. Advantages
:
    1. because of the mortgage value exists, so there is no need for mandatory insurance and to provide civil security procedures, cost saving, and car ownership is individuals.
    2. higher loan to value mortgage, approval not only easy for banks, and lending a relatively fast time.
    3. licensing, vehicle insurance programs generally do not specify, vehicle ownership and beneficiary is not a bank.
weakness:
    1. need to have higher loan collateral of large value, so this is somewhat too high a threshold for many people especially the young.
    2. While there is a certain risk, mortgage banking, after all, the value is much higher than the loan amount, if the loan is not returned on time, banks have the right to deal with the collateral. 2012 Bank lending interest rate are as follows, from six months to one year (inclusive) is 6.56%, most of the banks are floating on the basis of interest rates. 1-3 years (inclusive) is 6.65%, of course, the interest rate is mostly float. In General, the one-year interest rate is probably around 7.05%. So this kind of loans for people who have a mortgage of high-grade car users.
credit car loan business of the second kind: using credit cards to apply for car loan business or bank credit card application car loan car loan business. Advantages
:
    1. not mortgaged, procedures for convenient and flexible.
    2. general approval in the 7-15 days, good personal credit loans faster.
    3. no interest charge one-time charge, a case study of China Merchants Bank, the one-year fee 5%, two-year 10.5%. Meet Bank promotion period, fees can be reduced. Sometimes free of charge.
weakness:
    1. some dealers also took the opportunity to reduce the discount, although no explicit, but often encountered in the actual car.
    2. major credit cards loans specified types of insurance, is close to full, and no matter how many loans, insurance the first beneficiary is the Bank. If the claim number is greater than the banks approval section, you need to report to the Bank. This will no doubt bring some car trouble. BACK