Can You Buy a Mortgaged Car Without Transferring Ownership?

[RileyAnn]

Mortgaged cars can be purchased without transferring ownership, but there are certain risks involved. Below is relevant information about mortgaged cars: 1. Introduction: A mortgaged car refers to a vehicle that the owner has used as collateral with a bank or lending institution when taking out a loan. 2. Advantages of car mortgage: Quick access to cash for financial needs; No local household registration required—only the car needs to be under the owner's name for mortgage loans; Flexibility—the owner can repay the loan and retrieve the car immediately when funds are available, without any penalty fees. No long waiting periods; loans can be obtained for legally registered and compliant vehicles without any upfront deposits. Only legitimate and qualified vehicles are accepted, excluding cloned or assembled cars. When necessary, forensic vehicle inspections or handling by public security authorities may be required.