What Are the Basic Knowledge Points About Auto Loans?

[LauraMarie]

Auto loans refer to car mortgage loans. Below is the relevant introduction: 1. Overview: A car mortgage loan is a loan obtained from financial institutions or auto consumer loan companies by using the borrower's or a third party's car or self-purchased car as collateral. The primary purpose of using a car as collateral is for quick capital turnover. (Due to rapid car depreciation and the high probability of traffic accidents affecting vehicle value, financial institutions relatively rarely issue loans using cars as the sole collateral. Generally, the loan evaluation is 50-80% of the car's value.) 2. Relevant regulations: Article 22 of the "Motor Vehicle Registration Regulations" clearly stipulates that if a motor vehicle owner uses the vehicle as collateral, they must apply for mortgage registration at the local vehicle management office. The application requires presenting the motor vehicle registration certificate, the identity proofs of the mortgagee and the mortgagor, and filling out the "Motor Vehicle Mortgage/Cancellation Mortgage Registration Application Form."