Toyota Mỹ Đình said Should buy cars on installment?

Toyota Mỹ Đình This is the question that many people need to buy car concern because not everyone is available a large amount to pay when buying a car. So there car loan benefits and note what you need to not aggrieved when purchasing automobile installment.

Car buying is a form of installment payment to help you own a car that only need to prepay 30%, or about 10% of the vehicle value. The rest banks will pay in advance, you will have to pay for a long time. Typically, the agents will be the intermediary between the bank and the buyer 

So, you just got 30% of the car's value may have the opportunity to own car just for yourself. However, whether you decide to buy a car depends on your monthly income.

For example, you want to buy 1 car around 500 million, you will have previous 150 million and the remaining installments within 5 years.

With a 5-year loan package for 350 million, the average interest rate of approximately 12% / 1 year. So for the first month principal and interest you will pay around 10 million. The next year will be less than the amount of interest due to diminishing. As provisional fast each month you lose about 8 million in 5 years. Plus the cost of fuel, maintenance, parking and travel, you will take an additional 3-5 million / month.

Thus, the total monthly installments of your car will spent 11-15 million. Here, you can calculate the monthly income is how much your new car loan should be, right?

Once you have carefully calculated to car loan, you should note the following issues:

 

- Interest rate installment loans

Most banks typically offer 2 options package rate:

Fixed rate for the duration of the monthly interest loan but must return calculated on the total balance of the original debt. Example: You buy the car for $ 1 billion, 300 million upfront you (30%) while 700 million bank loan with a fixed interest rate of 9% / year, every month you will pay a portion of the principal amount plus always calculate the gross interest rate of 700% original.

The advantage of this way of interest rates and fluctuations influenced by regulation of banks. However, this case the buyer will not benefit if market interest rates fall, and later as real interest rates rise. Therefore, only those with stable income form new option this loan.

2nd form will also have initial fixed interest rate, but then adjusts approximately every 3 months according to each bank's policies. Most banks are now applying the interest rate from 12% to 15%, much higher than the first form.

- The costs and procedures

The procedures for buying cars usually have 2 main sections papers: Group identity papers and group financial proof.

Besides vehicle purchase fee, the buyer must also consider other costs to actually own the car. Other fees include: vehicle registration fees, the cost of registration tax, registration fees, insurance, car insurance with bank loans and some other fees depending on the regulations of the bank and the total value vehicles.

In addition, buyers also need to consider the cost to the vehicle during use, such as road maintenance fees, maintenance fees, monthly charges ... looks parking to ensure eligibility for debt financing and interest rates.