An automobile loan is a personal loan service offered to an individual borrower for him/her to buy an automobile made in China (including made by a Sino-foreign joint-venture car maker). The automobile so bought may be used for personal uses or for rent and lease.
You may go directly to a nearby SPDB branch and apply for an auto loan once you conform to the following basics
1. Local permanent residence or other valid certificate of local residence.
2. You have a fixed job and stable incomes.
3. You are definitely intended to buy a car or have signed the formal car-purchasing contract and paid at least 30% of the total price as down payment.
4. You own the proprietary of the car to be bought.
You shall provide the following documents to the bank
1. A valid ID card and a certificate of permanent residence.
2. Certificate of marital status.
3. Certificate of income.
4. Documents confirming the consumption action, such as the car-purchasing contract etc.
5. Loan application form (available at any SPDB branch).
6. Other documents required by the bank.
If you place the car in question or other real estate as mortgage for the loan, the maximum loan amount may be equivalent to 70% of the car price.
Maximum 5 years
Application---Review by bank---Sign the loan contract and go through the relevant formalities---Grant the loan---Repayment