Can a car under mortgage be sold?
1 Answers
A mortgaged car can be sold, but the loan must be settled first. Below is relevant information about mortgaged cars: 1. Definition: Refers to a car purchase where the borrower pays a portion as down payment first, and the remaining amount is provided by the lender to the buyer in installments; 2. Application Requirements: Must have valid identification and full civil capacity, provide proof of fixed and detailed address, have stable employment and the ability to repay the loan principal and interest on time, maintain good personal social credit, and hold a car purchase contract or agreement recognized by the lender; 3. Required Documents: Original ID card, household register or other valid residency documents, along with copies, proof of occupation and economic income, and a car purchase agreement, contract, or letter of intent signed with the dealer.