Can You Get a Loan on the Same Day with a Mortgaged Car?
1 Answers
You will not receive the loan on the same day you apply for a car mortgage loan. Introduction to Mortgaged Cars: Mortgaged cars are divided into fully paid mortgaged cars and non-fully paid mortgaged cars. Fully paid mortgaged cars are legal and can be traded, while non-fully paid mortgaged cars refer to vehicles that are still under mortgage status with the vehicle management office and the bank. If the owner sells such a car privately, it is illegal and should not be purchased. Timeframe for Submitting a Car Loan Application: After submitting a car loan application, it takes several days for the review process. Once approved, the user will be notified to sign the car loan contract, followed by a few more days for the loan disbursement. Therefore, it is not possible to receive the loan on the same day as the application. Typically, a car loan takes about a week to process.