What to Pay Attention to When Buying a Car with Installment Loan

What to Pay Attention to When Buying a Car with Installment Loan 2

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

+ Identification

  • ID/Passport
  • 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%

+ Level

  • 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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