·Used car loan mortgage upgrade loan selection "shopping three"

Along with the rapid growth of China's automobile stock market and the change of domestic consumer concept, second-hand car transactions are heating up, and the competition for used car consumer loans has also spread from offline to online –

In 2015, China has become the world's largest auto market, and the used car market has quietly warmed up, followed by the rise of used car consumer loans. According to the data, the China Automobile Circulation Association data shows that the cumulative transaction volume of the used car market in China was 94.271 million units in 2015, an increase of 2.32% over the 9.2 million units in 2014, and the accumulated transaction volume for the year was 553.54 billion yuan.

The "Economic Daily" reporter survey found that the current second-hand car market in China is dominated by intermediaries. Intermediaries can be divided into offline traditional and online trading platforms according to their sales models. The main players in the used car credit market include three parts: commercial banks, microfinance companies and P2P online lending platforms. The traditional offline intermediaries are mostly banks, and the online lending platform is rich in cooperation. Usually covering the above three, the borrower has a large choice.

Online and offline transactions heat up

Ji Xingbo, 39, has just experienced the “river and lake” of used cars.

“I used to work in a financial institution. I resigned and started a business at the end of last year. I need to equip my company with a high-end brand car. However, buying a new car will take up more liquidity from the company.” Ji Xingbo told reporters that after repeated consideration, he decided I bought a used car and finally chose to buy a car from a car brand in 2014 at the price of 739,000 yuan in the old car market in Huaxiang, Beijing. "The new car is currently selling for about 1.4 million yuan, and used cars are almost half cheaper!"

Many people who buy used cars have the same considerations as Ji Xingbo. According to analysis by industry experts, as China's automobile production and sales have been in the forefront of the world for many years, the automobile inventory market has grown rapidly. At the same time, the change of domestic consumer concept has improved the popularity of used car transactions, and the liquidity of automobile assets has also increased significantly. .

According to the data of China Automobile Dealers Association, the national second-hand car market was active in 2015. From the perspective of trading models, the basic passenger cars accounted for the highest proportion, reaching 59.91%. From the perspective of regional distribution, China East China and North China occupied the total trading volume. Half of the country, reaching 51.92%; from the price point of view, the transaction price is the highest in the proportion of 30,000 yuan, 43.74%, 30,000 to 50,000 yuan accounted for 18.97%, 50,000 to 100,000 yuan accounted for 20.34%, accounting for 16.95% of the total of 100,000 yuan.

The reporter visited several used car trading markets in Beijing. According to the staff in the market, the current used car trading process is the “selling car individual-intermediary-buy car individual” structure, that is, the seller transfers the car to the middleman, and the middleman will use the vehicle. After the renovation is completed, the sale will be made, and the difference will be earned. The buyers and sellers will not directly transfer the transaction.

As far as the middlemen are concerned, they can be divided into offline and online according to the sales model: the former is represented by the “Beijing old car market” located in Huaxiangqiao, Beijing, and a large number of middlemen are gathered in the market. Each of the "door curtains", this is also the traditional trading mode; the latter is a vertical subdivision platform represented by "everybody car", "cargo car used car", "youxin used car", "58 market", etc. The slogan of “selling straight” claims that there is no middlemen’s fare increase. It is entirely a personal-to-individual direct transaction. The platform only provides information matching, vehicle evaluation and follow-up services.

Transferring the car to Ji Xingbo's “Zhongsheng Famous Cars” is an offline middleman in the Beijing Huaxiang old car market, and also has an online trading platform. "The price of each car in the hall is the final price of the car. It already includes the transfer fee, the insurance, the purchase tax, and even the vehicle and vessel use tax. The car buyers only need to pay the commercial insurance of the year according to their own needs." Sales manager Liu Wei said that the purchaser provides the corresponding materials, and the transfer and application for loans can be handled by the intermediary.

In contrast, the online trading platform model is usually for consumers to first select a car on the Internet. After the appointment is successful, they will watch the car accompanied by the website car purchase consultant. After the selection, they will sign the tripartite contract, pay the deposit, and the car consultant will accompany the consumer. For the transfer of cars, transfer fees and taxes, etc., consumers need to pay back.

"The used car transaction seems to be simple, but there are quite a lot of doorways inside." Ji Xingbo said that there are certain differences in the processing procedures between offline and online intermediaries. In addition, transaction details, taxes, residual value assessment, loans, etc., many details need to be cared by car buyers.

Lending agency "You fight for me"

"Through the platform, about 40% of car buyers ask for "you have a loan" every day. The demand for used car loan is very large." Zhu Xiaoping, deputy general manager of the car.

The reporter found that the main players in the used car credit market include three categories: commercial banks, microfinance companies and P2P online lending platforms. Among them, the traditional offline intermediaries are mostly banks and online trading platforms. The lenders are more abundant, usually covering the above three, and the borrower has a large choice.

The loan partner of “Zhongsheng Mingchehui” is a single commercial bank. In the exhibition hall, each of the used cars for sale is affixed with a “scheduled guide” for the loan: a car with a price of 598,000 yuan, an estimated loan of 299,000 yuan, and a one-year daily allowance of 873 yuan, 2 years. The daily supply is 457 yuan, and the 3-year daily supply is 318 yuan.

Ji Xingbo told reporters that his second-hand car purchased for 739,000 yuan had a loan instalment, with a down payment of 50% or 370,000 yuan.

The reporter found that the banks currently involved in the use of used car consumer loans include Ping An Bank, Bohai Bank and Shanghai Pudong Development Bank (600,000 shares), and the participation of state-owned banks is relatively low. For example, in addition to working with intermediaries, Ping An Bank also launched the “Orange e Network” platform, set up an auto finance zone, and provided services such as new car loans, used car loans and auto mortgage loans. Specific to second-hand car loans, the bank requires: the vehicle identification value shall not be less than 80,000 yuan, the down payment ratio shall not be less than 50%, the loan term shall be up to 3 years, the borrower shall purchase the vehicle for a period of not more than 5 years, and the vehicle mileage shall not be More than 100,000 kilometers and so on.

Compared with the pre-emptive bank, e-commerce microfinance companies and P2P online lending platforms have a longer-term advantage.

In July 2015, Alibaba's auto finance division teamed up with the group's small loan company to launch a “car-second loan” product in cooperation with a number of automakers. The borrower can choose the Chinese and Italian models on Tmall and Taobao, and submit the online loan application. The small loan company evaluates the credit line according to the credit information of the borrower. The evaluation result can be known within half an hour. The maximum amount can reach 200,000 yuan, the average amount. 70,000 yuan, then the borrower can go to the corresponding offline store to see the car and talk about the price of the car.

The P2P online loan platform car loan business is skyrocketing. According to data released by the Zero Financial and Economic Research Institute recently, as of the end of 2015, the overall transaction volume of P2P car loans reached 58 billion yuan, an increase of 28.9% compared with last year. The top 20 P2P platform car loans totaled 36.05 billion yuan, accounting for 62.1. %. The top three are Microfinance Network, Investment Network and Rongjin Institute. In 2015, the total amount of loans reached 16.37 billion yuan, 5.18 billion yuan and 4.54 billion yuan respectively.

Loan choice "shop around three"

In the face of a wide variety of lending institutions, how should car buyers choose the loan products that suit them? Industry insiders suggest that we should consider the factors such as the down payment ratio, the number of installments, the loan limit, the loan interest rate, the guarantee method (credit loan or collateral loan), and whether it can be repaid in advance.

In terms of down payment ratio, most lenders will control the ratio between 30% and 40%. However, in order to seize market share, many banks have introduced “zero down payment” concessions, such as Shanghai Pudong Development Bank and Jiangsu Bank. It is understood that Jiangsu Bank's “zero down payment” product is a credit loan with an annual interest rate of 6% and a maximum amount of 300,000 yuan. The Shanghai Pudong Development Bank “zero down payment” product has additional conditions. The borrower must have a real estate in Beijing to apply, but do not take it. The property is used as a mortgage. The product is also a credit loan. The annual interest rate is slightly lower at 5%, and the maximum amount is also 300,000 yuan.

Judging from the number of loan installments, each lending institution is “in step-by-step” and has launched one, two and three-year products. It is worth noting that the annual interest rate of most P2P online lending institutions follows the number of installments, while banks use fixed interest rates. From the perspective of loan quotas, there are two kinds of common ones: 300,000 yuan and 500,000 yuan. Taking the “People's Loan” product of the P2P online lending institution docked by the “People's Car” online trading platform as an example, the annual interest rate of the 1-year loan is 7.74%, and the 2-year loan year is provided when the borrower provides the pledge. The interest rate is 7.61%, and the 3-year loan has an annual interest rate of 7.68%. If the borrower applies for a credit loan, the one-year loan has an annual interest rate of 8.87%, and the 2-year loan has an annual interest rate of 8.75%. No 3-year loan is provided.

In response to the loan interest rate that borrowers are most concerned about, the reporter found that because the bank's credit threshold is relatively high, its capital price is also low, and the annual interest rate is usually between 5% and 7%. Although P2P online lending institutions are more flexible, Due to the relaxation of risk access, the price of funds is also higher, with a common annual interest rate of 8% to 10%.

Take the three loan products docked on the online trading platform of “Zhuzi used car” as an example. If the loan amount is 300,000 yuan, the loan period will be repaid in 36 years in 3 years, and the monthly supply of Shanghai Pudong Development Bank will be 9708 yuan. The monthly supply of the two P2P online lending institutions is 10,973 yuan and 11,303 yuan respectively.

From the perspective of the difference in guarantee methods, banks still have certain advantages. Banks are still the main force providing credit loans, such as Shanghai Pudong Development Bank, Ping An Bank, and Jiangsu Bank. In contrast, most of the loan products of P2P online lending institutions need to be collateralized.

In addition, a number of second-hand car sales managers have suggested that the details of “can you repay in advance” are often ignored by car buyers and need to be paid more attention. “Most banks do not accept early repayment. Although P2P online lending institutions can repay in advance, borrowers need to pay a certain percentage of liquidated damages. It is recommended that car buyers pay attention to the details of loan contracts,” said Liu Wei, sales manager of Beijing old car market. He suggested that when buyers choose a lending institution, they need to “shop around” and consider it comprehensively.

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