What Does It Mean to Buy a Car on Mortgage?
1 Answers
Buying a car on mortgage refers to a situation where a borrower applies to purchase a car by paying a portion of the down payment first, with the remaining amount being issued as a loan by the lender to the buyer in installments. Below are specific details about mortgages: Required documents for buying a car on mortgage: 1. Original and photocopy of ID card, household register, or other valid residence documents. 2. Proof of occupation and economic income. 3. Car purchase agreement/contract/letter of intent. 4. Other materials required by the cooperative institution. Conditions for applying for a car mortgage: 1. Possession of valid identity proof and full civil capacity. 2. Provision of proof of fixed and detailed address. 3. Stable occupation and ability to repay on schedule. 4. Good personal social credit, with no adverse credit records.