With the rapid increase of car ownership, used cars have got rid of the old, broken, old, poor and low-grade situation, and many quasi-new cars and high-grade cars have appeared on the market. At the same time, in the second-hand car trading market, some merchants even slogan "We can do it by stages". So, how to pay for used cars in installments? In this article, Xiao Bian introduced China Wu Tong. Com will tell you!

What is installment payment for used cars?

The meaning of second-hand car installment payment: second-hand car installment payment is also called second-hand car mortgage loan, which is a loan approved by the bank when the borrower applies to the bank to buy a second-hand car for consumption and uses the purchased car as collateral for the loan. Generally, the amount of second-hand car loans does not exceed 60%-80% of the purchase price, and the loan period does not exceed five years.

Applying for installment payment of used cars generally requires the borrower 18 ~ 60 years old; Have permanent residence in cities and towns or valid residence status; Have a stable economic income and be able to repay the principal and interest on schedule; Have a fixed property in the local area; Personal credit is good; Other conditions stipulated by the cooperation organization.

How to pay by installment for used cars

After the car buyer intends to buy a car, he will go to the bank's business outlets for consultation, and the bank will recommend the used car dealer who cooperates with the bank to the car buyer.

Car buyers go to dealers to choose used cars to buy and sign car purchase agreements.

Car buyers bring relevant information to bank outlets to apply for loans.

Banks will generally review the information provided by car buyers within 15 working days.

Banks sign loan contracts and corresponding guarantee contracts with borrowers who meet the loan conditions, clarify the guarantee methods, and go through relevant procedures.

Banks issue loans, and car buyers handle corresponding auto insurance.

Pick up the car

Now the used car market is getting bigger and bigger, and there are more and more used car dealers and intermediaries all over the country, and more and more financial capital comes in. From brand used car dealers to used car intermediaries, there are cooperative used car mortgage businesses. This enables more people to buy a car with a lower down payment like buying a house, which lowers the consumption threshold of the whole automobile market and provides more choices for ordinary consumers. The above is an introduction about how to pay for used cars in installments, hoping to help you.