Can a Vehicle License Be Used for a Loan?
1 Answers
A vehicle license is not recognized by banks as collateral for loans, therefore it cannot be used to apply for a bank mortgage loan. Below is relevant information: 1. Mortgage Loan: Refers to a loan obtained by a borrower from a bank using certain collateral as a guarantee. It is a form of lending by capitalist banks. Collateral typically includes securities, government bonds, various stocks, real estate, as well as bills of lading, warehouse receipts, or other documents proving ownership of goods. Upon loan maturity, the borrower must repay the full amount; otherwise, the bank has the right to dispose of the collateral as compensation. 2. Additional Information: Small loans can be applied for at local banks. Small loan application requirements: The applicant must be a Chinese mainland resident aged eighteen or above; have a stable address and place of work or business; have a stable source of income; have no bad credit record, and the loan purpose cannot be for stock speculation, gambling, or other such activities. Other conditions required by the bank.