The reporter learned from the Chongqing Banking Regulatory Bureau yesterday that the China Banking Regulatory Commission officially approved Qingling Motors (Group) Co., Ltd. to build Chongqing Auto Finance Co., Ltd., which is the first auto finance company approved by the China Banking Regulatory Commission and the first car in the west. Finance company.
It is understood that Chongqing Auto Finance Corporation has a registered capital of 500 million yuan, which was initiated by Qingling Motors (Group) Co., Ltd., and the other two funders are Yanfu Group and Chongqing Rural Commercial Bank. The three state-owned key enterprises in Chongqing jointly acted as investors and created a new model for the establishment of auto finance companies by “automobile manufacturing enterprises + local method banks + investment group companiesâ€. By making full use of the market resources of shareholders, auto finance companies are expected to be transformed into an integrated auto finance business service system. It is understood that the first domestic auto finance company was Shanghai General Motors Finance, which was established in 2004.
After the establishment of the company, it will provide purchasing vehicles, operating equipment, exhibition hall construction, spare parts and maintenance equipment loan services for all types and brands of passenger car and commercial vehicle dealers; for various types and brands for personal and institutional consumption and operation. Passenger car and commercial vehicles provide car loan services; provide car financing lease services for passenger cars and commercial vehicles of various types and brands selected or recognized by individual and institutional tenants.
The establishment of Chongqing Auto Finance Co., Ltd. not only further improved the category of Chongqing financial institutions, but also facilitated the acceleration of Chongqing's financial center construction in the upper reaches of the Yangtze River; it also expanded the automobile consumption market, promoted automobile production, and promoted upstream and downstream enterprises such as auto insurance, consulting, and leasing. Rapid development. At present, the company is in the midst of a preparation group and is expected to open in the first half of next year.
Chongqing Morning News (trainee reporter Wang Qiu Si) In China, most car owners are still accustomed to bank loans. Although bank loans have higher requirements for customer qualifications and longer review time, the advantage of this loan model is low interest rates. Most car buyers still choose bank loans because of lower interest rates. This is a key factor.
The loan threshold is relatively low
Compared with banks, auto finance companies' car loan business is characterized by relatively low thresholds, slightly higher interest rates than banks (different interest rates of different auto finance companies), and faster processing. If there is difficulty in borrowing from a bank, or if you are eager to use the car to shorten the processing time of the loan, the auto finance company loan can better meet the customer's needs.
Loan company will visit home
How do car owners apply for loans at financial companies? The reporter learned that, for example, Volkswagen Financial Corporation, after the owner chooses the model in the 4S shop, fill out the loan application form and provide proof of identity, real estate, salary and household registration. Then, after the owner of the vehicle is approved, the loan company will visit the home, collect relevant supplementary materials, and then sign the car purchase contract and the car loan contract. Then the owner pays the down payment and the vehicle purchase tax, handles the relevant procedures such as the registration of the new car and the mortgage registration procedures, and finally picks up the car and repays the loan according to the loan contract.
There are generally three types of loan terms.
At present, the loans provided by auto finance companies are classified into three-year, two-year and three-year loans. Unless the qualifications are quite excellent, they will not provide longer loans.
Many of the one-year and two-year loans have zero interest, while the three-year loan is low interest, which is quite attractive to car buyers. For Volkswagen Finance, the down payment is generally 30% or 40%, and consumers with good credit can get a 20% down payment. One-year loans are commonly referred to as “half-pay and half-loan†activities. Car buyers only need to pay 50% down payment, and the remaining 50% of the loan amount will be paid off in the 12th month. The 2-year loan is also a down payment of 30%. The 3-year loan is almost all interest-free, and the maximum is to provide low-interest loans.
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