Can a car be mortgaged without the green vehicle license?
2 Answers
Vehicles cannot be mortgaged without the green vehicle license. Vehicle-secured loans: After completing the vehicle mortgage registration, the car must be stored in the lender's designated garage and can no longer be used. This method offers higher loan amounts, lower interest rates, and longer loan terms compared to non-vehicle-secured loans, and does not require GPS installation. Non-vehicle-secured loans: Only the vehicle's relevant documentation needs to be mortgaged, allowing continued use of the car after obtaining the loan. However, GPS installation is required, with the installation fee borne by the borrower. This method provides lower loan amounts, no interest rate advantages, and typically involves short-term borrowing.
Last year, I lost my vehicle's green book (vehicle ownership certificate) and was in urgent need of a mortgage loan. I visited several banks, but none of them would process my application. They emphasized that the green book serves as proof of vehicle ownership, and without it, they couldn't verify the car's legality. I had no choice but to go to the DMV to apply for a replacement. The process wasn't difficult but took some time. Only after receiving the new green book was I able to secure the mortgage. The lesson I learned from this experience is: the green book is like a car's ID card—it must be presented during a mortgage to prove you're the legitimate owner. Attempting to mortgage a car without the green book can easily lead to scams, and your car might even be taken away. Everyone, please don't take the risk; going through the proper channels to get a replacement is the safest option. Looking back, it still gives me chills—I almost went down the wrong path that time.
