After the car loan is paid off, whether the loan can be continued depends mainly on the applicant's credit record and the applicant's repayment ability. You have gone through the formalities of car loan once, accumulated a good repayment record and formed your own good credit, which is very helpful for re-approving the loan.

After paying off the car loan, the owner also needs to pay attention to completing the remaining procedures:

1, green copy (motor vehicle registration certificate) and mortgage cancellation. Some financial institutions or banks will require green capital mortgage when handling installment loans, and will not release the mortgage until the loans are fully paid off. Generally, car owners only need to prepare personal and vehicle-related documents or materials, first go to the bank or financial institution to complete the payment certificate, get back the green paper, and then go to the vehicle management office to understand the charging procedures.

2. Remove the global positioning system. Generally, vehicles with installment loans will be forced to install GPS, but now if banks borrow money to buy cars, they will basically not install GPS on vehicles, because banks will decide through personal credit information, and it is impossible to lend money because of poor credit information.

(Photo/Text/Photo: Ling Xiufang) @20 19