Is There Interest-Free Loan for New Energy Vehicles?

[Billy]

New energy vehicle loans are interest-free. The process for obtaining an interest-free loan for a new energy vehicle is as follows: The borrower submits loan application materials to the bank; The bank conducts an initial review of the application materials submitted by the borrower; The bank performs a credit investigation and customer evaluation on the borrower; The bank reviews the loan application that meets the lending criteria after passing the initial review and credit investigation; If approved, the borrower is notified to complete relevant procedures such as contract signing, loan disbursement, mortgage, or pledge; If not approved, the borrower must be provided with an explanation; After the loan contract takes effect, the handling bank disburses the loan. A special disbursement method is adopted, where, according to the loan contract terms, the handling bank directly transfers the loan to the dealer's account from which the borrower purchases the vehicle. Precautions for interest-free loans are as follows: Check for handling fees when applying for an interest-free auto loan: Currently, only a portion of vehicle models in the market offer installment payments that are both interest-free and handling-fee-free. Many credit card installment purchases for vehicles, while zero-interest, require customers to pay a certain handling fee. The credit card installment purchase handling fee is generally paid in full when making the first monthly installment payment. Pay attention to insurance when applying for an interest-free auto loan: Since the vehicle still belongs to the bank before the consumer repays the loan, the bank will propose protective risk measures, requiring the consumer to purchase various insurances. For example, the customer may be required to insure the following types: third-party liability insurance, vehicle damage insurance (full coverage), and theft insurance (full coverage). When consumers choose an interest-free auto loan, they should carefully review the terms and compare costs before making a decision.