Vehicle Mortgage Procedures?
2 Answers
The mortgagor must first apply for mortgage registration, then visit the vehicle management office to fill out the Motor Vehicle Mortgage/Cancellation of Mortgage Registration Application Form. Vehicle mortgage requires identification documents from both the mortgagor and the mortgagee. The Motor Vehicle Registration Certificate must be presented during vehicle mortgage procedures. The mortgagor and mortgagee shall legally execute the principal contract and mortgage contract. The vehicle management office shall record the mortgage registration details on the Motor Vehicle Registration Certificate within one working day from the date of acceptance.
Last time before applying for a car title loan, I visited several financial institutions for comparison, and the procedures were largely similar. First, you need to bring the original ID card, the vehicle registration certificate (green book), the driving license, and the original car insurance policy. At the lending institution, they will ask you to fill out an application form, while an appraiser will inspect the car on-site, take photos, and record the vehicle's condition. Key point: When signing the contract, make sure to carefully review the interest calculation method and default liabilities, as some institutions charge high service fees. Finally, you need to go to the vehicle management office to complete the mortgage registration, and remember to get a copy of the registration certificate. The entire process can be completed in as little as three days, but don’t forget to complete the release procedures after repaying the loan, otherwise, you won’t be able to transfer or sell the car in the future.
