Can someone other than the vehicle owner apply for a car mortgage?

1 Answers
JanelleFitz
07/30/25 12:37am
Someone other than the vehicle owner can apply for a car mortgage. Here are the precautions for mortgaging a car not under one's own name: 1. Complete documentation: Using a relative's car as collateral requires all necessary documents to be complete and in order, with none missing. Generally, the required materials include the borrower's and the car owner's ID cards, vehicle license, motor vehicle registration certificate, car purchase invoice, tax payment certificate, and car insurance policy. 2. Forms of mortgage loans: The borrowing forms can be roughly divided into two types. First, the car owner and the borrower apply for a loan together, becoming nominal co-borrowers who jointly fulfill the loan repayment obligations. Second, the actual fund user acts as the borrower, and the car owner does not need to be present to complete the relevant procedures. 3. Fee standards: Different borrowing forms have different fee standards. If the borrower and the car owner act as co-borrowers, the monthly management fee rates for mortgaging the car and mortgaging the documents without the car will differ. If the car owner is not present and the borrower unilaterally uses someone else's car as collateral, the handling fee rates will increase sharply, with separate increases for mortgaging the car and mortgaging the documents without the car.
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