Many people want to take out a loan to buy a car but are not aware that a loan to buy a car also requires conditions, you must meet the requirements of the following conditions to successfully take out a loan to buy a car. 1.the applicant is at least eighteen years old. Minors who have not reached the age of 18 are not eligible to apply for a loan because they do not have full civil capacity. 2. be able to provide a valid identity document. The loan procedure requires proof of the lender's identity, so you need to bring an ID card or passport and other personal documents that prove your identity. 3.the down payment reaches the required percentage. The down payment for the car loan is generally a minimum of about 20 per cent of the total price of the vehicle, although some 4S stores offer zero down payment incentives.
4.can repay the loan on time. The borrower needs to have a stable source of economic income and be able to provide sufficient proof of economic income, such as bank statements, certificates of deposit, etc. The bank flow is generally required to be at least twice the monthly payment of the car loan.If the borrower's credit report contains bad records or even illegal records, then the bank or car company will reject your loan request.
Customers who meet the above requirements can apply for a loan to buy a car by the following procedures: Step 1: Select a car and sign a contract. Choose the car you want to buy at the 4S store, and sign the purchase contract agreement with the staff.1 When signing the contract, you must read the terms and conditions carefully, especially to understand the fees charged; and the early repayment provisions, such as whether to charge a default fee and the repayment time requirements. Step 2: Apply and submit information. The customer receives a loan application form through the 4S staff to fill out and then submits the form to the staff along with the prepared personal ID card, proof of financial income (bank flow, deposit slip, etc.), the purchase contract agreement with the car dealer and the down payment receipt and other related materials.
Step 3: Loan review and appraisal. After receiving the customer's loan application, the bank will review the financial strength, check the credit report, and will arrange an appraisal agency to assess the specific value of the purchased vehicle. Step 4: Signing, down payment and mortgage. After receiving the approval notice, the customer goes to the bank to sign the loan contract, then pays the down payment to the 4S store, and then goes to the local DMV to register the vehicle mortgage. Complete the above steps you will complete the loan process and can go to pick up the car.