Can parallel imported cars be financed?
2 Answers
Parallel imported cars can be purchased through financing. Below is the relevant introduction to the loan application process for purchasing imported cars: 1. Customer application: The customer submits an application to the bank, fills out the application form in writing, and provides the necessary documents; 2. Signing the contract: After the bank reviews and approves the application documents submitted by the borrower, both parties sign the loan contract and guarantee contract, and complete relevant notarization and mortgage registration procedures as needed; 3. Loan disbursement: Once the loan is approved by the bank, all procedures are completed, and the bank transfers the loan directly to the car dealer's account as stipulated in the contract; 4. Repayment on schedule: The borrower repays the loan principal and interest according to the repayment plan and method specified in the loan contract. 5. Loan settlement: Loan settlement includes normal settlement and early settlement.
When considering purchasing a parallel import car, financing is indeed a viable option. I remember last year when I bought a U.S.-spec model, I applied for a loan at the bank. It required providing the car's import documents, purchase invoice, and personal credit report. The bank's approval process was quite strict, typically requiring a down payment of 30% or more, with slightly higher interest rates. Going through a professional auto loan intermediary can make the process smoother, as they are familiar with the financing procedures for such vehicles. Before making a choice, be sure to confirm the car's legal origin, otherwise the loan might be denied. Additional note on maintenance costs: Parts and after-sales service for parallel import cars may not be as convenient as for regular models, so researching in advance can help avoid future hassles.
