You want to buy a car but don't have enough cash right now. Currently, some banks have a service that allows you to buy a car on installments. So what do records and procedures need? Let's find out!
Knowledgeable Things to Know When Buying Installment Vehicles
1. Installment Vehicle Purchase Process
+ Next loan profile: Customers have prepared a number of necessary documents as required for bank approval.
+ Approve records: The Bank shall carry out procedures for analyzing and evaluating the repayment capability of borrowers.
+ Make a loan decision: The Bank will issue a notice of lending agreement if the customer file meets the requirements.
+ Advancing disbursement: The bank disburses to the car seller.
+ Customers receive the car
2. Installment Loan Loan Application
- ID / Passport
- Household or KT3
- Marriage registration / Confirmation single
+ Loan purpose file
- Loan request form
- Sales contract
- Deposit slip, ...
+ Records of repayment sources
- Labor contract
- Payroll / statement of pay
- Business registration, books
- Contract for renting a house, car ...
+ Other records
- Legal documents of collaterals
- Credit contracts at other banks
3. Car Loan Package
+ Interest rate
- 6-month preferential interest rate: 7% - 7.5%
- Preferential interest rate for 12 months: 7.5 - 8.5%
- Preferential interest rate for 24 months: 8.5 - 9.5%
- Preferential floating interest rate: 9.5 - 11.5%
- From 75% - 80% the value of the car to borrow
- From 90% - 100% if there are collaterals
+ Borrowed time: From 6 - 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 installments. If you want to buy a car, please contact the dealer where you buy the car, make sure the staff here will advise you more specifically. Wish you buy the best car, the most convenient way!
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