Is it difficult to pay the down payment for buying a car in Shenzhen? I am from other places and have no social security. May I?

When applying for a loan to buy a car, the lending institution does not pay much attention to whether the applicant has purchased social security, because most car loans now require the applicant to purchase auto insurance. Therefore, as long as the applicant has a stable job and income in the local area, a good credit record and repayment ability, he can apply for a loan to buy a car even if he does not buy social security locally.

People who need attention, if the applicant is a foreigner and goes to the local bank to apply for a car loan, should pay attention. Foreigners apply for car loans at local banks. In order to avoid the loan risk, the conditions for applying for a loan to buy a car in a bank will be higher. If the applicant has not purchased social security for a certain number of years in the local area, the chances of successful bank loan to buy a car will be relatively low.

However, in addition to seeking bank loans, you can also seek loans from local auto financing companies and intermediary guarantee companies. Just because you can't borrow money from a bank to buy a car doesn't mean you can't borrow money from other loan companies to buy a car. Generally, applicants have the ability to make down payment and repayment, or they can apply for a loan to buy a car from an auto financing company or an intermediary guarantee company without buying social security.

However, to apply for a loan to buy a car through an auto financing company, the borrower must first understand the relevant charges, so as to make a repayment plan in advance and avoid overdue.

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