Can a Vehicle Be Mortgaged to an Individual?

[MacLena]

Yes, a vehicle can be mortgaged to an individual. Here is some extended information: Required procedures: Mortgage registration at the vehicle management office to check if the vehicle is fully paid, so the first step is best done at the vehicle management office. Notarization: Corresponding notarization at the local notary office. Generally includes: loan notarization, entrustment of mortgage and release notarization, entrustment of sale notarization, and compulsory execution notarization. Conditions for mortgage: The vehicle must be purchased in a one-time payment. If the vehicle is purchased in installments, it must be fully paid. Required materials: Identity proofs of the mortgagor and mortgagee; vehicle registration certificate; the principal contract and mortgage contract legally concluded by the mortgagor and mortgagee.