Can Used Cars Get Bank Loans?
1 Answers
Used cars can get bank loans, but the conditions are very stringent. Below are the loan conditions for used cars: Explanation of Used Car Loans: A used car loan, also known as a used car mortgage loan, refers to a loan issued by commercial banks to individual borrowers for the purchase of consumer-used second-hand cars, with the purchased vehicle serving as collateral for the loan. Required Loan Materials: Generally, the borrower must provide proof of intent to purchase the vehicle, a vehicle evaluation report, the seller's vehicle ownership certificate, the annual vehicle inspection certificate, and ensure that the loan amount does not exceed 50% of the total vehicle price. Some banks even require that the applicant for a used car mortgage loan must have real estate as collateral; otherwise, even if all five conditions are met, the loan will not be approved.