What is Required for Car Installment Purchase?

[McGia]

Detailed information about car installment purchase is as follows: 1. Materials required for installment purchase. Personal loan application; valid identification of the applicant and spouse; proof of occupation, position, and income of the applicant and spouse; original ID card, household register, or other valid residence documents, along with copies; car purchase agreement, contract, or letter of intent signed with the dealer; proof of down payment or initial deposit; documents or materials required for guarantee; other documents required by cooperative institutions. 2. Conditions for installment purchase. Must be at least 18 years old and under 60 years old; must be a resident with a permanent household registration in the local area and have a fixed residence; must have the ability to repay the loan principal and interest, with a stable income, and the monthly installment should not exceed 60% of the family's disposable income; during the loan period, one must purchase "Motor Vehicle Consumer Loan Guarantee Insurance" from an insurance company recognized by the bank and continuously insure "Motor Vehicle Insurance"; a third-party natural person must provide a guarantee, but spouses cannot guarantee each other.

[VanDelilah]

When financing a car purchase, there are several key things to handle. Identification documents are essential—original ID card and driver's license must be prepared. Credit history is a major focus for banks, so it's best to pull a credit report in advance to check for issues like overdue loan payments. Proof of income is also crucial, such as pay slips or bank statements from the last three months, showing stable income to ensure timely repayments. The down payment typically ranges from 10% to 20% of the car's price, so I need to save enough cash for this part; otherwise, the approval might be rejected. During the process, after submitting the loan application, waiting for approval can take varying amounts of time—but don’t forget to budget monthly payments to stay below 30% of income to avoid financial strain. Providing supplementary materials like a property ownership certificate can help banks approve faster with greater confidence.

[JordanAnn]

The core of installment car purchase lies in solid financial conditions. First, I focus on organizing identity and income documents—copies of ID card and household register can quickly verify identity. Income proof needs to be detailed, with pay stubs or bank statements from the last six months ensuring stable deposits. During bank approval, emphasize a credit score target of 650 or above; otherwise, higher interest rates or a guarantor may be required. I recommend a down payment of around 20%, and calculate the monthly car loan payment to avoid excessive burden. Don’t overlook related documents like proof of address (utility bills). Throughout the process, consider differences in loan terms and interest rates for a more cost-effective long-term choice. Researching conditions across different financial institutions in advance can save hassle.

[OKimberly]

When applying for an installment car purchase, I immediately prepare my ID card and driver's license. A good credit record is essential; otherwise, the bank may reject the application. Use payslips or tax returns as proof of stable income. A 20% down payment is common, so have the cash ready in advance. After submitting the loan application, wait a few days for approval. Car insurance is also mandatory; otherwise, the vehicle cannot be picked up. Keep all documents complete throughout the process to avoid delays.