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What to Pay When Buying Installment Loans

When Buying Installment Loans, What Should I Pay For? 1

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

+ Identification

  • 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%

+ Level

  • 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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