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Can a Car on Installment Plan Be Used for Loans?

2 Answers

McRafael

09/06/25 5:29am

A car on an installment plan can be used to apply for a loan. The borrower can mortgage the car again to apply for a secondary mortgage loan. As long as the car for the secondary mortgage has available loan space and the borrower meets the conditions set by the lending bank or institution, it is feasible. There are three types of loan methods: credit loans, car mortgage loans, and loans without car collateral. Relevant information about car loans is as follows: 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. Loan Conditions: The borrower must have a stable job and the ability to repay the loan principal and interest, with good credit; they must be able to provide recognized assets as collateral or pledge, or have a third party with sufficient repayment capacity to act as a guarantor for repaying the loan principal and interest and assume joint liability.

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PaisleyMarie

09/18/25 5:20am

I know this well! A mortgaged car can indeed be used for another loan, which we call a 'second mortgage.' However, the key is to see how much residual value the car has left. For example, if you bought a car for 200,000 yuan and have paid off 100,000 yuan in loans, then theoretically, there’s 100,000 yuan of space. But banks and lending companies have a lot more to consider: your monthly repayment ability, vehicle wear and tear, and whether it has been in any major accidents. Currently, clients using their own cars as collateral generally face an additional 5%-15% interest cost. Recently, some car owners wanted to take out another loan after just two years, but the evaluation showed the car depreciated too quickly, leaving the loanable amount insufficient to even cover the handling fees.

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