Buying a car with installment payments is not too strange to many people. However, to ensure your benefits, you need to know the procedure, interest rate for buying a car on installments
Buying a car by installment is a mortgage loan (an asset is the car you intend to buy or other assets such as a red book, savings book …).
Conditions for buying a car by installment payment
To purchase a car with installment payment, you must meet the following conditions: Be a Vietnamese citizen from 18 to 60 years old; have a permanent residence address or local KT3 for loan application; have a stable salary or business income, be able to prove the source and afford monthly installments; for legitimate car purchase and mortgage loan purposes and collateral for car loans.
What procedures do you need to buy a car by installment?
People buy cars installment prepare identification (ID / ID card, certificate of celibacy or marriage certificate); proof of income (labor contract, payroll, savings book …); prove valuable assets such as houses, land, cars, machines …
In case the company or business borrows the car on installment payment, it is required to have the following documents: business license, director’s appointment paper, tax identification number, latest 1-year tax report, company charter, business contract Input output …
The process of buying a car by installment payment
Step 1: The buyer goes to the bank and provides all required documents and documents.
Step 2: The bank will conduct appraisal of the application. When the application meets the requirements, the bank will announce the loan guarantee, pay a reciprocal amount to the car dealership.
Step 3: After you get the invoice from the car dealer and send the dossier, you go to do the tax payment procedures, press the number plate, register.
Step 4: Once you have received the license plate and the original vehicle registration, you need to go to the bank to sign the credit agreement and pay the relevant fees.
After completing the above steps, the bank will now issue you a copy of the vehicle registration and transfer the money to the car dealer.
Step 5: When the car dealer receives the money from the bank, you come to pick up the car and complete the transaction.