Is it possible to buy a car on installments to solve bad debt? How to buy a car on installment

Currently, bad debt will make your loans at the bank difficult. And when having bad debt, many customers have asked questions Can I buy a car with installment payments with bad debt?? Which financial companies support customers to buy cars on installments when they have bad debt? All will be provided by us to you through the article below.

Find out what is the form of buying a car on installment?

The form of buying a car on installment is a way that customers can buy a car even if they do not have enough money. And now there are many banks and car dealers that support customers to buy in this form. Helping customers to buy their favorite car in the simplest and easiest way. So many people have chosen to buy a car under this installment method. Can I buy a car with installment payments with bad debt?

When buying a car on installment, customers will need to pay a certain amount of money worked by both parties. After that people can use the car, and the remaining amount will be paid in the following months. Including interest and monthly installments negotiated previously. Everyone will pay regularly every month until the specified time is okay.

Can I buy a car in installments if I have bad debt?

We have had a lot of questions related to buying a car on installments. And the question that most people ask is, can I buy a car on installment if I have bad debt? With this question, it is also necessary to consider each customer's bad debt case.

Currently, bank bad debts are divided into many different groups. So you need to know which bad debt group you are in? And how can I check bad debt. Once you know that information specifically, then people can know if they are supported to buy a car on installments or not.

» Learn about bad debt groups and how to check bad debt on CIC

Bad debts are now divided into 5 groups which are bad debts group 1,2,3,4,5. For customers who are in the group bad debt 1,2. Then after paying off everyone's debt will be able to buy a car on installment. And now there are also some companies that support you to buy on installments while still in bad debt group 1 and 2.

These for those groups bad debt 3,4,5 then you will Installment purchase cannot be made. Even if the customer has paid off the outstanding debt. When people are in those bad debts. Then most banks or companies will not support customers to buy cars on installments.

Instructions on how to buy a car on installments when you have bad debt

So when the customers in the group bad debt 1 and 2 want to buy a car on installment. So how to do? Here we will guide everyone on the process of buying a car by installment. Specifically, please refer to the implementation process below: Can I buy a car with installment payments with bad debt?

Step 1: Everyone needs to conduct a car selection process at the dealership. Then proceed to work with the employee to determine how much to pay upfront. People can choose to pay up to 40% or 70% of the car's value. Depending on people's financial ability. (If people can prove their assets, the down payment amount will be even lower, about 20 to 30%).

Step 2: Next, choose a reputable financial company or bank. To apply for a car loan with installment payments. People can also be introduced to car companies that are affiliated with that bank or company. Everyone met the bank staff and carried out the procedures to apply for an installment loan and conduct an appraisal.

Step 3: After completing the registration of the installment contract, the consultant will guide everyone to complete the procedure for buying a car on installment. After that, you proceed to pay the amount according to the contract you have worked before.

Step 4: After completing the procedures, everyone can receive the car and use it. In the following months, you need to pay the full amount of interest and principal according to the previous contract.

Formula to calculate interest rate when buying a car on installment

When buying a car on installments, people need to pay attention to the amount of principal and interest to be paid. So how is the monthly installment payment amount that customers have to pay when buying a car? Here we will guide you about the following calculation formula:

Amount to be paid monthly = (Total loan amount) / (Borrow period).

Monthly profit = Remaining principal amount / 12 months x interest rate.

=> The monthly amount the customer has to pay is the Monthly Principal + Monthly Interest.

Some car companies offer installment purchase when having bad debt

In addition to the above question, many customers have wondered about companies that will support installment purchases when bad debt. Here we will introduce everyone to the firms that will support bad debt customers. Want to buy a car on installments:

Yamaha: This is also a product that will receive many positive customer reviews. And its branches will also be distributed across the country. In addition to these simple conditions and procedures. People can register for installment purchase when bad debt here.

Toyota: For those who have used means of transport, it is impossible not to know this car company. Toyota supports customers to register for simple procedures and also supports customers with long debts. You can register to buy a car in installments at your office.

Honda's motobike: This is a product that will come from Japan and has a long history in many places. There are many types of vehicles here to suit the needs of each customer. And here, the bad debt subjects of group 1,2 can proceed to register to buy a car on installments.

The company supports customers to buy cars on installments when they have bad debts

Almost when having bad debt, banks will not support customers to apply for loans. But there are still financial companies that still support customers to apply for loans. Here we will introduce to everyone a few companies that support customers to apply for installment loans below:

M Credit: Here people can proceed to apply for a car loan with installment payment. But request that customers are in bad debt group 1 and do not pay late payments continuously.

Fe Credit: Fe Credit supports customers with installment loan requirements. Customers are in bad debt group 1 and 2. And have completed bad debt at the bank.

Home Credit: For those who are in bad debt group 1 and 2 and have a stable job. Then everyone can trust to register for a loan at the company.

Epilogue

This article answers everyone's question Can I buy a car with installment payments with bad debt?? Guidelines for registering to buy a car in installments while having bad debt. With useful information here. Hope everyone got the information they needed. Thank you for reading the article of nganhangmobile.com.

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