Is there a contract for a mortgage car?

[McHaley]

There is a contract for a mortgage car. Definition of a mortgage car: A mortgage car refers to a car purchase where the borrower pays a portion of the down payment first, and the remaining amount is disbursed to the buyer in installments by the lender. Required documents include: original ID card, household register, or other valid residence documents, along with copies; proof of occupation and economic income; car purchase agreement, contract, or letter of intent signed with the dealer; and other documents required by the cooperative institution. Mortgage car application methods: To increase car sales, the government, in collaboration with financial institutions, has initiated personal loan services for car purchases. Currently, there are two main methods for personal car loans in the financial market: property mortgage loan for car purchase (using property as collateral). Property mortgage loans for car purchases generally have a maximum term of 5 years, with a down payment of 30% or more. Interest rates are determined based on the loan type and personal qualifications. Personal credit loan for car purchase (unsecured and unguaranteed, generally requiring good credit and stable work income). This form of car loan usually allows for a 5-year term with a down payment of 30% or more.