It is a common thing to buy a car now. Even if you don't have enough money for the time being, friends in Wuxi can choose to borrow money to buy a car. However, friends of Wuxi car owners must pay attention to the fact that they should remember to go through the formalities of understanding and mortgage after the car loan is repaid, so that they can really be "car owners". What will happen if the car loan is paid off and the mortgage is not settled?

1. It affects the sale of cars

Generally, a car will be changed after 5-1 years of driving. If you want to sell this car, the vehicle management office can't transfer it, because the ownership of the car is still in the bank. Strictly speaking, the bank is the "owner", and a car without documents is like a stolen car, which is a "black household".

2, affect the transfer

If you want to give the vehicle to your family, then you need to transfer the vehicle to your family or someone else's name. It can't be done without understanding the mortgage, and you must first release the mortgage.

3. Affect insurance claims

If there is traffic, the insurance company's claims may be directly connected with the bank or loan company, and you cannot get the compensation you deserve.

4. There are certain risks

It would be better to choose a bank car loan at that time, because the bank is formal and reliable, and it will not move its mind. If the mortgage is a weak auto finance company, it will be in big trouble. In case the company runs away, closes down or cancels, you still don't know where to look. And when you meet a dirty institution, you may mortgage your car without authorization, which will be miserable and you will be in debt for no reason.