신한 마이카 중고차대출Therefore, if you are planning to purchase a used or new car, please actively apply for the Shinhan My Car loan product explained in this article.
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Among the Shinhan My Car loan products, there are a variety of products that can be borrowed when purchasing a new car. In this article, we will explain based on the most representative product, the ‘New Car My Car Loan’ product.
Those eligible for the loan are customers aged 19 or older who have entered into a new car purchase contract with an automobile dealer and have passed the eligibility screening of Seoul Guarantee Insurance.
However, only customers who can provide proof of occupation and income as follows can apply.
In other words, unemployed people who have difficulty proving income cannot use this product. Therefore, please refer to the article below to borrow the funds needed to purchase a vehicle.
👉 Summary of easy small loans for the unemployed and the most realistic methods
Cars eligible for loans include:
The loan limit is from a minimum of 3 million won to a maximum of 60 million won within the vehicle sales price range. The loan interest rate is as low as 6.51% per year and as high as 7.11% per year. However, this interest rate is calculated based on customers with Shinhan Bank’s internal credit rating of level 3.
It is a variable interest rate that changes at regular intervals according to changes in the base interest rate. Therefore, the base interest rate has risen a lot recently and the loan interest rate has also increased a lot, but if the base interest rate falls in the future, the loan interest rate for this product will also be lowered.
The loan period is up to 10 years. The repayment method is repayment of the principal in equal installments. Therefore, the principal must be repaid in installments along with the interest each month during the loan period.
Repaying the principal in equal installments puts a lot of pressure on the monthly repayment amount. However, since the principal is reduced each month, there is an advantage in that the loan interest can be greatly reduced.
You can apply for a loan through the Shinhan Bank website, Shinhan My Car website, or mobile app. You can also apply by visiting the branch in person.
When applying for a loan, required documents include a sales contract, etc. However, when purchasing a large two-wheeled vehicle, a Type 2 compact license is also required.
※ Note (car card installment)
Some people need a loan when purchasing a new car due to lack of funds, but some people may need to take out additional credit loans in the future. And some people may be worried about their credit score dropping.
For these people, it would be a good idea to use a car credit card installment product. This is because this product is not a loan product. In other words, you can understand that car credit card installment products are the same as purchasing expensive home appliances with credit card installments.
Therefore, if you want to use a car card installment product that has little negative impact on your credit score and does not affect the loan limit when using a loan in the future, please check the article below.
👉 Car card installment advantages, disadvantages, best products, interest rate comparison
Among Shinhan My Car loans, there are three products that can be borrowed when purchasing a used car. Among these, we will explain based on the most representative product, the ‘Used Car My Car Loan’ product.
Those eligible for the loan are customers aged 19 or older who have entered into a used car purchase contract with an automobile dealer and have passed the eligibility screening of Seoul Guarantee Insurance.
However, only those who can provide proof of occupation and income as follows can apply.
If you are currently unemployed, please refer to the article below to borrow the funds you need at a low interest rate.
👉 Government-backed loans for the unemployed – the most accurate information provided by a former banker
However, as of the loan execution date, only vehicles that are within 15 years of the first vehicle registration date are eligible for a loan.
The loan limit is up to 40 million won within the range of the vehicle price. And the interest rate ranges from a minimum of 6.52% per annum to a maximum of 7.12% per annum.
The interest rate may feel a bit high considering it is a first-tier financial institution loan. If the Bank of Korea’s base interest rate falls in the future, you will be able to use loans at an annual interest rate of 3% to 4% as before.
The loan period is up to 5 years. The repayment method is repayment in equal installments, in which the principal and interest are repaid together every month.
You can apply for a loan through the Shinhan Bank website, Shinhan My Car website, or mobile app. You can also apply by visiting the branch in person.
When applying for a loan, required documents include a sales contract and vehicle registration certificate. However, when purchasing a large two-wheeled vehicle, a Type 2 compact license and certificate of cancellation are also required.
※ Note (Used car installment)
Please check the article below as we have attached a helpful article for those who want to use installment financing for used cars.
👉 What do I need to know when using a used car installment plan?
