The Difference Between Full Payment and Installment for Car Purchase
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The difference between full payment and installment is that full payment only requires paying the market price of the car, while installment involves paying a down payment first, followed by monthly payments for the remaining price of the vehicle and loan interest over the next 3 years. Below are the relevant conditions for installment car purchase: 1. The buyer must be at least 18 years old and a Chinese citizen with full civil capacity. 2. The buyer must have a stable job and a relatively stable income or possess easily liquidated assets to ensure timely repayment of the loan principal and interest. Easily liquidated assets generally refer to securities, gold, silver products, etc. 3. Provide a bank-approved guarantee to the bank. If the buyer's household registration is not local, they must also provide joint liability guarantees. Banks do not accept mortgages set on the purchased vehicle as collateral for the loan.