신한마이카 중고차 대출Shinhan My Car Loan is a loan product for vehicle purchases provided by Shinhan Card.
Loan limits and interest rates vary depending on credit card performance, and you can receive various benefits by using a credit card.
Additionally, if your credit rating is high and your income is stable, you may receive preferential interest rates.
Now, let’s learn about how to use Shinhan MyCar loan when purchasing used or new cars.
Welfare benefits you cannot receive if you do not apply now
Customers who hold or plan to hold a Shinhan Card, customers aged 19 or older who can issue insurance policies through Seoul Guarantee Insurance, those who have signed a contract for a new or used car from a car dealer, those who have earned wages for more than 6 months, and who have been in business for more than 1 year with a business registration certificate. Business income earners and pensioners are eligible for loans.
Vehicle types eligible for loans include passenger cars, private taxis, trucks under 2.5 tons, camping cars, caravans, and large two-wheeled vehicles over 260cc. When purchasing a used car, only vehicles that are less than 15 years old are eligible.
When applying for a loan, you must be able to prove your occupation and income, and those who are unemployed must use a capital car loan.
Before applying for a loan, you must carefully check whether the down payment can be returned if the loan is not possible at the time of signing the contract.
The loan limit varies depending on the vehicle type, and can be up to 60 million won for a new car and up to 40 million won for a used car.
Loan limits vary depending on annual income. You can check your limit more quickly by checking your limit directly on the Internet.
The loanable amount is 100% of the vehicle value, and insurance premiums and registration taxes are not eligible for loan. If you are under 25 years of age, you can borrow up to 80% of the vehicle value.
For both new car loans and used car loans, the highest interest rate is 6.10% based on credit rating level 1.
If you meet the preferential interest rate requirements, you can receive an interest rate reduction of up to 0.6%.
However, most customers find it difficult to meet the preferential interest rate requirements, so they receive loans at interest rates in the mid-5% range.
You can receive a discount of up to 0.1% when recommended by a dealer, and you can receive an additional discount of up to 0.5% if you submit a local government confirmation of an old polluting vehicle in Seoul, have three or more children, or are a person of national merit.
The loan period is up to 10 years for new cars and up to 5 years for used cars.
The repayment method adopts the principle and interest repayment method in equal installments, and a certain amount must be repaid in installments every month.
Early repayment is possible, but a surrender charge is incurred in case of early repayment, and the surrender charge rate is 0.8% for fixed interest rates and 0.7% for floating interest rates.
Therefore, careful decisions are required when repaying early.
Documents required when purchasing a vehicle include vehicle documents and documents to verify income and employment.
For new cars, a vehicle sales contract and car registration are required, and for used cars, a sales contract and car registration are required.
Verification of employment and income is mostly possible through digital scraping, but if submission of documents is required, workers must submit employment certificate and proof of income amount, and business owners must submit business registration certificate and proof of income amount.
If you want to use the Shinhan My Car loan, you can apply at the Shinhan Card website or branch.
When reviewing a loan, your credit rating, income, length of employment, and whether or not you have delinquent payments are checked.
Currently, it is not recommended to take out a car loan due to high interest rates, but if you need to purchase a car in a situation where you are short on funds, the My Car loan product provided by Shinhan, a first-tier financial institution, offers relatively satisfactory interest rates.
This product is also advantageous for credit rating management and has a loan limit of up to 60 million won for new cars and up to 40 million won for used cars.
However, any shortfall beyond the loan limit must be prepared separately, and this loan product is for individuals and cannot be used by corporations.
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