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Can a Car on Installment Plan Be Used for Loans?

2 Answers

LillianaAnn

07/25/25 2:58am

Yes, a car on an installment plan can be used to apply for loans. The borrower can mortgage the car again to apply for a second mortgage loan. As long as the car has remaining loanable value and the borrower meets the conditions set by the bank or lending institution, it is possible. There are three types of loans available: credit loans, car mortgage loans, and loans without car collateral. Relevant information about car loans is as follows: 1. Introduction: A car loan refers to the loan issued by the lender to the borrower applying to purchase a car, also known as a car mortgage. 2. Loan Conditions: The borrower must have a stable job and the ability to repay the loan principal and interest, with good credit; must be able to provide recognized assets as collateral or pledge, or have a third party with sufficient repayment capacity as a guarantor who will repay the loan principal and interest and assume joint liability.

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MacTessa

08/10/25 4:48pm

A car under installment payment can indeed be used for a loan. For example, I personally encountered this situation when my car was still under financing, and I urgently needed funds for cash flow. I went to the bank to inquire about a car equity loan. They first assessed the car's current market value and the remaining loan amount. If the car was valued at 150,000 yuan with a remaining loan balance of 70,000 yuan, the net equity of around 80,000 yuan could potentially qualify for a partial loan. The process was relatively convenient—I prepared the car purchase contract, ID card, and income proof, and after approval, I received 50,000 yuan in funds. However, the interest rate is generally higher than that of a new car loan. My monthly repayment increased by a few hundred yuan, adding to the financial pressure. The risk is that if I couldn’t repay, the car could be repossessed, which would be a significant loss. It’s advisable to carefully assess your repayment capacity beforehand and avoid impulsive decisions. Other options, such as borrowing from friends or family or opting for a small personal loan, might be more secure.

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