What is the process for new car registration and mortgage loan?
2 Answers
First, the borrower should submit the loan application materials to the bank. The bank will conduct a preliminary review of the application materials submitted by the borrower. If the bank's initial review and credit investigation are passed, the loan application will be approved. After the customer's qualifications and materials are approved, the contract can be signed, and procedures such as mortgage registration and insurance can be completed. Generally, the bank will disburse the loan within 2 to 3 weeks or 1 month after the approval process is completed, with the fastest disbursement possible in 1 day.
The process of new car registration and mortgage pledge, from the perspective of an auto salesperson, starts with selecting a vehicle. After helping the customer place an order and signing the contract, I guide them through applying for a mortgage loan. They need to prepare their ID card, income proof, and bank statements for bank approval, which usually takes one or two days. Once the bank approves, the loan contract is signed, and the car serves as collateral. Next, insurance must be purchased, including compulsory traffic insurance and commercial insurance, to proceed with the mortgage registration and license plate application at the DMV. Before registration, the purchase tax must be paid, followed by a vehicle inspection and license plate selection. Finally, the license plate is installed to complete the process, which typically takes about a week. As a dealer, we usually coordinate with the bank and DMV to make the process smoother for the customer.
