Can You Get a Loan on the Same Day with a Mortgaged Car?
2 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.
Can you get a loan on the same day with a car as collateral? I personally experienced this last time. I urgently needed money and went to a small local loan company. In the morning, I brought all the required documents—ID card, vehicle registration certificate, and insurance policy—with me. The appraiser quickly checked the car's condition, found no major issues, and within two hours, the contract was signed and the money was transferred, arriving in my account that afternoon. The key is to choose institutions specializing in fast loans, as they have simplified processes. But be warned: if documents are incomplete, such as missing IDs or time-consuming vehicle assessments, it might delay the process to the next day. Keeping your documents ready in advance can save you a lot of trouble.
