Can a car be mortgaged with the owner's ID number and vehicle license?
1 Answers
This is not possible. To mortgage a car, property documents may be required, and the owner must be present. Auto Mortgage Loan: An auto mortgage loan is a loan obtained from financial institutions or auto consumer loan companies by using the borrower's or a third party's car or self-purchased vehicle as collateral. The primary purpose of using a car as collateral is for quick capital turnover. (Of course, since cars depreciate quickly and accidents can significantly affect the vehicle's value, financial institutions rarely offer loans using the car as the sole collateral. Generally, the loan evaluation is 50-80% of the car's value.) Auto Mortgage Considerations: Most auto mortgage loans follow the principle of 'pledging the documents but not the car.' This means that by mortgaging the relevant documents of the car to the loan institution, one can obtain the loan, while the car can still be used as usual after installing a GPS. Therefore, before proceeding with the mortgage, it's advisable to first understand whether the auto mortgage requires the car to be pledged, so as to avoid institutions that require the car to be pledged.