신한 마이카 중고차대출“Shinhan My Car Used Car Loan vs. Used Car Loan from Other Banks”
It’s too complicated. We have summarized how to roughly check the used car loan limit on the Shinhan My Car website without downloading the app, signing up, or submitting documents. In addition, we have compared the interest rates of 5 other banks and included 3 precautions, so please read them.
2023.9.13
standard
1. K Bank
car loan
2. Hana Bank
1Q Auto Discussion
3. Shinhan Bank
Myka
4. Woori Bank
Our dream car
5. Kookmin Bank
KB Magica
new car interest rate
4.80%~9.79%
5.13%~6.27%
5.79%~6.39%
5.82%~7.02%
6.07%~7.57%
used car interest rates
5.51%~9.80%
5.13%~6.27%
5.80%~6.40%
6.01%~7.21%
7.23%~8.73%
loan limit
New car 80 million won
Used car 50 million won
New car 60 million won
Used cars 40 million won
New car 60 million won
Used cars 40 million won
New car 60 million won
Used cars 40 million won
New car 60 million won
Used cars 40 million won
loan period
New car 1~10 years
Used car 1~5 years
New car 1~10 years
Used car 1~5 years
New car 1~10 years
Used car 1~5 years
New car 1~10 years
Used car 1~5 years
New car 1~10 years
Used car 1~5 years
loan target
Employment/business income earner with annual income of 20 million won or more
Those who have been employed for more than 6 months/can provide proof of business income for more than 1 year
Those who have been employed for more than 6 months/can provide proof of business income for more than 1 year
Those who have been employed for more than 6 months/can provide proof of business income for more than 1 year
Those who have been employed for more than 6 months/can provide proof of business income for more than 1 year
Limit inquiry
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Shinhan My Car used car loan interest rates are just average. K Bank or Hana Bank interest rates are better. However, preferential interest rate conditions are important. If you frequently use Shinhan Bank, this may be the most advantageous. (Refer to preferential interest rate conditions below)
Sometimes people misunderstand. The minimum interest rate of 5.80% (used cars) is applied only after receiving the preferential interest rate of 0.6% (maximum).
What is unusual is that there is a 0.5% preferential treatment for vehicles with a level 5 emissions. This may be the best condition for those who are purchasing an old, non-polluting vehicle with a used car or looking to replace their existing car loan. Other banks have no choice but to give preferential treatment to eco-friendly cars (electric cars, hybrid cars). The remaining conditions are simple because they apply to almost all people who mainly transact with Shinhan Bank.
Shinhan My Car used car loans are repaid through equal repayment of principal and interest. Just the name is difficult, but it is a method of dividing the principal and interest together, dividing it by the loan period, and repaying the same amount every month. In fact, if you borrow 30 million won for 60 months (5 years), you repay about 580,000 won every month.
“Be sure to calculate in advance your expected loan amount.”
“It’s a little complicated, but you need to know.” 1st financial car loans use the Seoul Guarantee Insurance guarantee as collateral. It is completely different from a second-finance car loan that uses the vehicle itself as collateral. You must obtain a warranty.
These are the conditions of Seoul Guarantee Insurance. It’s trickier than you think. This is basically why it is not easy to get a car loan with 1st financing.
📌Differences in pros and cons between 1st finance VS 2nd finance car loans (ft. K Bank’s different methods)
It may look complicated, but it’s very simple to follow. Please go to the Shinhan My Car integrated loan limit inquiry website below.
Search for “Shinhan My Car Loan” on Naver or Google. Click [Check integrated loan limit]. Now select a product, enter your personal information, and verify your identity with your mobile phone.
After verifying your mobile phone, click Agree. Afterwards, click [Apply for Limit Inquiry] and roughly enter vehicle information, loan application amount, and application period.
Finally, enter your salary and annual income and click [Search] to see the limit. Here, the expected interest rate is the interest rate that does not include the preferential interest rate. You can estimate the final interest rate assuming that you receive up to 0.6%.
You can then apply by clicking [Apply for Loan].
You must have the Shinhan Sol app and account before applying.
Loan applications are only available through the Shinhan Sol app. Please select [Shinhan Sol App>Product>Loan>Car Loan>Used Car/New Car/Refinance Loan (Transfer)].
Afterwards, enter various information. After completing the loan suitability checklist, selecting the preferential interest rates, entering information on the vehicle you plan to purchase, and verifying your identity, the loan application will be reviewed.
After entering all information, the loan application will be reviewed online. Soon after, the loan will be approved, the loan will be executed, and the money will be deposited directly into the used car company’s account.
Now, if you purchase a vehicle with the loan proceeds, the entire process is complete.
For any inquiries, please contact Shinhan Bank’s Auto Loan Call Center MY CAR Counseling Center (1577-9561).
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