In the past few years, we can often see stories of using credit cards to cash in to buy houses. Especially when the house price is relatively low, once the operation is successful, the profit will be huge. Of course, it is difficult to do this now, and banks have stricter checks on the whereabouts of credit card funds.
Generally speaking, there are two ways to buy a car with a credit card. One is to apply for a credit card installment service from the bank; the other is to use the existing credit card to buy a car directly. They both use credit cards to buy cars. The difference between the two is actually very big.
Credit card installment: a convenient way to buy a car in installments
There are many ways to buy a car by installment. There are bank car loans that everyone is more familiar with, and there are also auto finance company loans and financial leasing to buy a car. But credit card installment car purchase is more convenient and relatively low cost.
Many banks now have credit card installment products, which are actually a type of car loan. The general process is as follows:
Choose the model you want to buy and determine the price;
Fill in the application materials and apply for the installment quota;
Bank approval;
Pay the down payment and pick up the car after getting on the car insurance;
Regular monthly repayment.
The specific procedures of different banks are different, but they are similar. However, it should be noted here that a down payment is required to purchase a car by credit card installments, and the proportion is not less than 20%, but banks generally require a minimum of 30%. At the same time, the first payment is not allowed to pay by credit card. In general, the credit card installment process is basically the same as the car loan process.
In order to facilitate the repayment, some banks will arrange a credit card for the applicant. This credit card will have a corresponding repayment limit every month. Some of the newly created cards cannot be used for consumption, but some credit cards have a consumption limit in addition to the repayment limit, which can be used for daily consumption. The former is generally invalidated after the repayment is completed, and the latter can continue to be used after the repayment is completed.
Generally speaking, credit card installment is considered to be a convenient, fast and low-rate way to buy a car in installments, but the actual situation may not be the case. Credit card installments generally charge an installment fee, and the repayment has no interest.
| down payment | Installment amount | Number of periods | Installment rate | Collection method |
| 30% | 30,000-700,000 yuan | Issue 12 | 5.5% | MinuteShare |
| 30,000-700,000 yuan | Issue 24 | 10.5% | ||
| 30,000-700,000 yuan | Issue 36 | 14.5% |
However, according to the applicant's credit evaluation level, there is generally a discount when actually buying a car, and some can even be discounted in half. In this case, the service charge rate is relatively low.In the BMW 3 Series installment plan provided by a well-known joint-stock bank, the installment rate is 5.5% for one year, 10.5% for two years, and 14.5% for three years. Calculated on the basis of the car price of 300,000, the down payment is 30%, which is 90,000 yuan, and the credit card is required to install 210,000 yuan. If the repayment is made in 36 installments, the installment fee reaches 30,450 yuan, and the interest rate converted into equal principal and interest repayment is 9% per annum, which cannot be said to be low.
Although each bank's credit card installment quota is different, the maximum quota is generally considerable. It can also be seen from the above figure that the maximum amount of 700,000 can be applied for, and most of the car purchase needs can basically be met.
In addition, most bank credit card installment car purchases have their own cooperative dealers, and the car models may not be so rich. In certain regions, the number of dealerships that can support credit card installment purchases by a bank may be limited, and there is not much room for choice.
Buying a car with a credit card: the full amount is also 0 down payment
Compared with the need to apply for a credit card installment to buy a car, it is much more convenient to directly use an existing credit card to buy a car, and you only need to apply for the bill installment afterwards. Buying a car in this way means buying the car in full or with zero down payment.
For dealers, after the car owner swips the credit card, their account will receive the entire purchase price. For car owners, as long as the bill is instalmented, then only monthly repayments are required. Credit cards have an interest-free period and a fixed repayment date. As long as the repayment starts before the repayment date, it can be said that this is a real zero down payment for a car purchase.
In the bank credit card installment car purchase plan, not only a down payment of not less than 30% must be paid, but also additional purchase tax, auto insurance and other expenses must be paid. For example, for a 120,000 Corolla, the down payment is 30%, which is 36,000. The down payment needs to add about 18,000 yuan, such as purchase tax and auto insurance, and the total down payment is about 54,000 yuan. If you purchase a car directly with a credit card, it is equivalent to installing all the expenses, including purchase tax and auto insurance.
Of course, buying a car in this way has no small restrictions. The first is the credit card limit. Generally speaking, there are very few users with a credit card limit of more than 200,000. For most users, direct credit card purchases are only suitable for cars with relatively low prices. But as long as the credit card is used reasonably and there is no overdue, it is not difficult to increase the amount.
The second is the issue of installment fees. Previously, a specific number of installments was basically used to correspond to a specific rate. Now more and more bank credit card centers are introducing dynamic risk control to evaluate installment rates in real time. The aforementioned installment rate of a well-known joint-stock bank has been adjusted from 2017 to a fixed rate of 0-1.67%, and the specific rate needs to be determined based on the credit evaluation results of the customer who applies for the bill installment. Generally speaking, the shorter the number of periods, the higher the single-period rate, and the longer the number of periods, the lower the single-period rate. Unlike credit card installment purchases, which are generally only divided into 12/24/36 installments, credit card bill installments are more flexible, 2/3/6/10/12/18/24/36 and other installments are available, which is more flexible.
Overdue consequences are more serious
When it comes to overdue credit cards, the consequences are generally more serious. Except for overdue within a few days of grace period, other credit reports will be uploaded. This will not only affect future applications for credit cards and loans, but existing credit cards may also be reduced. .
At this time, another advantage of the bill installment is reflected. After the car is bought, the car is completely personal, and even if it is overdue, it will not be involved in the purchased car. When applying for a credit card to buy a car in installments, in some cases, you need to apply for a vehicle mortgage. Once the time is over, you will not only upload the credit record, but also be towed or detained. The car can only be taken after the overdue arrears, late fees and towing fees are paid off. return.
Of course, no matter which way you buy a car, you still have to repay on time to develop good credit. This will not only lower the installment rate, but also increase the amount. In this way, it is no problem to buy a better car directly by swiping the credit card.
Write at the end
Seeing this, do you think the key problem lies in the credit card limit? As long as the limit is sufficient, you can completely avoid troublesome applications and easily solve the problem of buying a car with a credit card. Especially when the number of credit cards issued is close to 1 billion, banks have also stepped up the investigation of credit card risks, and many users' credit cards suffered deductions in the first half of this year. Therefore, you still have to swipe your card reasonably. Here are a few small operations for raising the amount for your reference:
Keep a certain credit card quota ratio, not too low or too high;
Try to avoid single credit card consumption, and diversify consumption appropriately;
Avoid consumption of products and services with undesirable tendencies;
You can try to install the bill in installments and repay the payment on time, which will help you increase the amount.
Email: