What are the requirements and documents needed for installment car purchase?

[McJosie]

Installment car purchase requires the following conditions and documents: 1. Application form: Filling out the auto consumer loan application form is crucial. Generally, key information in the form, such as age and repayment ability, will be important factors determining loan approval. 2. Personal documents: Household register, guarantor's ID card, housing certificate, personal income proof. All documents must be provided in original and copies, usually requiring two sets of copies. 3. Repayment proof: Installment car purchase requires a stable income source, and you need to provide your bank statements for the last 3-6 months. Note: Generally, the monthly installment should not exceed 60% of the family's disposable income. 4. Guarantee provision: A third-party individual must provide guarantee for loan principal and interest repayment. Note: Spouses cannot guarantee each other. 5. One-time insurance: During the loan period, you must purchase insurance from a bank-approved insurance company in one payment. 6. Other conditions: Additional requirements stipulated by the bank.

[LeAngelo]

I just went through the car financing process last year. The main requirements are having a good credit history, stable income to prove you can afford the monthly payments, being over 18 years old, and preparing a down payment—usually 20%-30% of the car's price. For documentation, bring your ID card or household register to prove your identity, pay slips or bank statements to show income sources, employment proof to demonstrate job stability, and a credit report to display your credit status. I remember when I applied, having all these documents ready helped me get approved smoothly. Don’t forget to calculate your monthly expenses in advance to ensure it doesn’t affect other aspects of your life—otherwise, the pressure can become overwhelming. Also, interest rates may vary based on the down payment ratio, so choosing a low-interest option is more cost-effective. This whole process really tests your attention to detail.

[LaKevin]

When our family of three was buying a car on installment, we placed great emphasis on income and budget. The basic requirements include having reliable proof of income to ensure timely repayments, a decent credit score, appropriate age, and sufficient down payment. The required documents include the family's ID cards, income proofs for the couple such as tax returns or employment certificates issued by the company, utility bills for the residential address, and the central bank's credit report. During the preparation, we carefully reviewed our bank statements to ensure that the monthly payments would not exceed 30% of the family's income. If there are flaws in the credit history, considering a co-signer as a guarantor can make it easier to pass the approval. In short, taking time to plan finances is crucial—don't just go for convenience and overlook repayment capability.

[Jeremiah]

I just graduated from college and bought my first car on installments. The requirements are being at least 18 years old, having proof of stable income from a fixed job, a clean credit record, and being able to afford the down payment. The documentation is simple: bring your personal ID card, a work certificate issued by your company, a copy of your payslip, and if necessary, provide bank statements showing fund flows. Remember not to make the down payment too low, or the monthly payments will be high and stressful; it's best to check your credit report before applying and correct any issues promptly. The whole process isn't complicated, and with these documents prepared, the application will be quick.

[VonKylie]

I rely on stable income and assets to finance my car purchase through installments after retirement. The conditions include sufficient income to cover monthly payments, a strong credit history, being within the valid age range, and preferably a higher down payment. Required documents include ID card, pension or retirement fund proof, bank fixed deposit records, and property ownership can serve as supplementary asset proof if available; a complete credit report is also essential to reassure lenders. It's advisable to set aside emergency funds to prevent unexpected expenses from affecting repayments; early repayment can save on interest, a method I've found very cost-effective.