How to Apply for a New Car Mortgage?
1 Answers
The borrower needs to prepare valid identification documents, a driver's license, the car purchase contract, and other supporting materials to apply for a loan at the lending institution. After submitting all the required loan documents, the lending institution will review the submitted materials. Upon approval, the lending institution will evaluate the vehicle provided as collateral by the borrower and determine the loan amount based on the assessed value of the vehicle. After completing the vehicle evaluation, the lending institution will sign a loan agreement with the borrower and then disburse the loan.