What documents are required for a mortgaged vehicle?
2 Answers
Mortgaged vehicles require the identity documents of both the mortgagor and the mortgagee, as well as the vehicle registration certificate. Introduction to Vehicle Mortgage: Auto mortgage loans are loans obtained from financial institutions or auto consumer loan companies using the borrower's or a third party's vehicle or self-purchased car as collateral. The purpose of loans using vehicles as collateral is primarily for quick capital turnover. Conditions and Materials for Vehicle Mortgage: Original ID card, household register, or other valid residency documents, along with their photocopies; proof of occupation and economic income; purchase agreement, contract, or letter of intent to purchase a car signed with the dealer; other documents and materials required by the cooperative institution.
I've personally handled the matter of car mortgages. The key documents include the original vehicle registration certificate, which serves as proof of ownership—without it, you can forget about proceeding. You'll also need the ID card, which must be the car owner's original plus a copy, as required these days. The loan contract is crucial too, signed and stamped by both borrower and lender, including all the repayment terms. Don't overlook the vehicle appraisal report—some institutions require a professional appraiser's certification to confirm the car's value and prevent future disputes. Bring the insurance policy as well, ensuring it's valid to control risks during the mortgage period. A friend of mine had to make an extra trip because he forgot the appraisal report, wasting time. Bottom line: have all these documents ready—it's better to be over-prepared than under, ensuring smooth processing and avoiding hassles.
