What is the process for handling vehicle mortgage procedures?
2 Answers
The vehicle owner submits the required materials to the financial institution, which will then conduct a home visit investigation based on the provided materials. A preliminary valuation of the mortgaged vehicle is conducted to determine the loan amount, and the vehicle owner must complete the notarization of entrustment and loan agreement. The financial institution will collect the relevant documents submitted by the vehicle owner and proceed to the vehicle management office to complete the mortgage registration procedures. After completing the above procedures, the financial institution will disburse the loan to the vehicle owner based on the vehicle's value. Required documents include the vehicle owner's second-generation ID card, the borrower's personal bank debit card, the vehicle registration certificate, and the vehicle license, among others.
I just went through a car mortgage process last month, and the whole thing was actually quite straightforward. First step, I had to find a reliable loan company or bank to apply, preparing my ID card, vehicle license, vehicle registration certificate (the green book), and income proof among other things. Second step, they sent someone to evaluate how much my car is worth, which directly affects how much loan I can get. Third step, signing the mortgage contract—had to read the terms carefully, not missing the repayment plan and interest rates. Fourth step, going to the vehicle management office to register the mortgage, changing the green book and adding a mortgage mark. This step involved some waiting but usually gets done in half a day. Fifth step, the money was deposited, and I just had to make monthly repayments on time. After paying it off, I had to go back to the vehicle management office to remove the mortgage, and only then was the car truly mine. I think the key is choosing a legitimate institution, otherwise, the car might be mishandled. The whole process took me a bit over a week, cost some fees, but solved my financial tightness. The lesson is that maintaining the car well usually leads to a higher valuation, making the loan more cost-effective.
