Does a Bank of China car loan require an interview before the loan can be disbursed?

Yes.

The car loan will not take effect if it has not been interviewed. The car loan application process is for the bank to review the submitted information. After passing the application, the lender will be notified to conduct an interview, sign the loan contract and handle the vehicle mortgage. Registration and other procedures are completed, and finally the bank transfers funds to the dealer's account, and the loan will officially take effect.

The car loan may not be disbursed after the interview. If the bank checks the credit again during the loan period and finds that the lender has added a large amount of debt, etc., the risk is high and the loan may be rejected. You still have to ensure your credit, otherwise no one will give you a loan. Do I need to be present for the loan?

Yes. The loan must be present in person, and the person must sign when signing the contract. Signing on behalf of others is not allowed. After all, loan contracts are legally binding. If I am not present to sign, the contract is generally difficult to process. After all, the loan involves later repayments, and I will be responsible for repaying the loan after signing.

Currently common loans include home loans, credit loans, mortgage loans, car loans, etc. The materials submitted for different loans are different. For example, to apply for various loans, the borrower needs to be over 18 years old and have Full civil capacity, and the user must have the ability to repay; the borrower must have good credit when applying for a loan, these are the basic requirements for a loan.

If the lender is applying for a home loan, the user will also need to submit the last six months of transactions, a home purchase contract and proof of down payment, as well as other loan conditions stipulated by the bank. It generally takes 30 days to apply for a bank home loan. If there is no reply for a long time, you can call the bank to consult. There are generally two repayment methods for mortgage loans, namely equal principal and interest and equal principal. Under the same loan conditions, the total interest for equal principal and interest repayment is higher than the total interest for equal principal repayment.

However, during the epidemic, many banks have launched online services. Instead of face-to-face interviews at the counter, bank APP remote video interviews are required. For details, ask the bank designated by the developer or the bank of your choice. If it is a first-hand house, in most cases, it is the bank designated by the developer. The bank also needs sales and profits, so the developer will usually do it for you. It is easier to communicate in this situation. If this is not possible, you can negotiate with the bank and use a compliance authorization letter that meets the requirements.

However, whether it is an online remote video interview or an interview at the counter, the loan must be signed in person. Just imagine, if you lose your ID card, is it possible for someone else to use your ID card and information to make a loan? Therefore, in order to avoid such a situation, when it comes to loans, you must be present in person for the interview. Will the car loan be disbursed if the contract is not signed?

No disbursement will be made. If the bank has approved the loan and the contract has not been disbursed and the contract has not been signed, it can be canceled. If a deposit is paid, it may not be refunded.

Legal basis:

Article 11 of the "Interim Measures for Personal Loans of the People's Republic of China" Personal loan applications should meet the following conditions:

( 1) The borrower is a citizen of the People's Republic of China with full capacity for civil conduct or an overseas natural person who complies with relevant national regulations;

(2) The purpose of the loan is clear and legal;

( 3) The amount, term and currency of the loan application are reasonable;

(4) The borrower has the willingness and ability to repay;

(5) The borrower has good credit status and no Major bad credit record;

(6) Other conditions required by the lender. If one spouse fails to sign for a car loan, is the loan valid?

If one party of a couple applies for a car loan, the loan will be valid even if one party does not sign, and the loan needs to be repaid on time.

Mortgage car purchase process:

1. The customer selects a car at the bank’s authorized dealer and signs a car purchase agreement or contract;

2. The borrower applies to the lending bank Apply for a personal car mortgage loan;

3. Sign a contract after investigation and approval;

4. Handle car notarization, mortgage and other procedures;

5. Lender (Bank) handles the loan;

6. After the loan is paid off, the lender (Bank) cancels the pledge certificate and returns it to the customer.

A car loan refers to a loan issued by a lender to a borrower who applies to purchase a car.

Car consumption loans are a new loan method that banks issue RMB-guaranteed loans to car buyers who purchase cars at their authorized dealers. The interest rate of automobile consumer loans refers to the ratio of the loan amount and principal issued by banks to consumers, that is, borrowers, for the purchase of self-use cars (non-profit family cars or business cars with 7 seats or less (inclusive)). The higher the interest rate, the greater the repayment amount the consumer will have to pay.

Car loan borrowers must be permanent residents of the location where the loan bank is located and have full civil capacity.

Loan term:

The term of automobile consumer loans is generally 1-3 years, with a maximum of 5 years. Among them, the loan period (including extension) of second-hand car loans shall not exceed 3 years, and the loan period of dealer car loans shall not exceed 1 year.

Loan interest rate

Baseline interest rate: According to the regulations of the Central Bank, car loans implement the loan benchmark interest rate, but each financial institution can float within a certain range above and below the benchmark interest rate. The car loan period of major banks generally does not exceed 5 years. The interest rate of car loans directly determines the cost of people's loans, and thus becomes an important factor in deciding whether people take loans for consumption.

How to calculate the car loan interest rate

The formula for calculating the monthly car loan payment: A=P(1+i)[(1+i)^n-1]/n^2 /i

A: Monthly payment

P: Total payment amount

i: Monthly interest rate (annual interest/12)

n: Total number of months of payment (year × 12)

Loan conditions:

1. Have valid identity certificate and full capacity for civil conduct;

2. Be able to provide proof of a fixed and detailed address;

3. Have a stable career and the ability to repay loan principal and interest on time;

4. Have good personal social credit;

6. Other conditions stipulated by the cooperative agency.

Loan repayment method:

The one-time principal and interest payment method, also known as the one-time principal and interest payment method at maturity, means that the borrower does not repay the principal and interest monthly during the loan period. , but to repay the principal and interest in one go after the loan expires. This is the method adopted by the People's Bank of China for personal housing loans within one year (including one year) recently promulgated. Currently, various banks stipulate that if the loan period is within one year (including one year), the repayment method is a lump sum of principal and interest upon maturity, that is, the loan principal at the beginning of the period plus the interest throughout the entire loan period.