You want to buy a car but don't have enough cash right now. Currently, some banks have a service to support you to buy a car on installments. So what documents and procedures are needed? Let's go find out together!
Knowledge to Know When Buying a Car on Installment
1. Installment Car Purchase Process
+ Continue to apply for a loan: The customer prepares some necessary documents as required for the bank's approval.
+ Approve profile: The Bank carries out procedures for analyzing and appraising loan repayment ability of borrowers.
+ Make a loan decision: The bank gives a notice of loan approval if the customer's profile meets the requirements.
+ Disbursement progress: The bank disburses to the car seller.
+ Customers receive the car
2. Installment Car Loan Application
- Passport or KT3
- Marriage Registration/Single Confirmation
+ Profile of loan purpose
- Loan request form
- Car sales contract
- Deposit slip…
+ Debt repayment source file
- Labor contract
- Payroll/salary statement
- Business registration, books
- Rental contract of house, car…
+ Other Profiles
- Legal papers of collateral
- Credit contract at another bank
3. Car Loan Package
+ Interest rate
- Preferential interest rate for 6 months: 7% – 7,5%
- Preferential interest rate for 12 months: 7,5 - 8,5%
- Preferential interest rate for 24 months: 8,5 - 9,5%
- Floating preferential interest rate: 9,5 - 11,5%
- From 75% to 80% of the car value to borrow to buy
- From 90% - 100% if there is collateral
+ Borrowed time: From 6 to 8 years depending on the type of vehicle (old, new)
+ Approval time: From 3 to 5 days (depending on the bank)
Hopefully the article will help you understand the basic information about the procedure to buy a car on installment. If you need to buy a car, please contact the dealer where you bought the car directly, make sure the staff here will advise you more specifically. Wish you buy the best car, the most convenient way!
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