In principle, a car bought with a loan cannot be used for a bank loan before the loan is repaid. The details are subject to the bank.
Because the property rights of a mortgaged car belong to the lending institution and it only has the right to use it, the ownership of the car is not entirely in the name of the car owner. For mortgages with unclear property rights, banks will not accept mortgages, making it impossible to obtain a mortgage loan. Because the car in the mortgage is mortgaged to the bank, this kind of car cannot apply for a mortgage loan until the mortgage is released. Therefore, the borrower can only use it as collateral to apply for a loan after the borrower has paid off the car loan and completed the mortgage release procedures. In addition, even if you have full ownership of the car, banks usually will not accept car mortgage loans. Because the car depreciates quickly and the risk is high, banks will not accept it.
Bank car mortgage loan conditions
1. Car mortgage loans are obtained from financial institutions or car consumer loan companies using the borrower's or a third party's car or a self-purchased car as collateral. loan.
2. The purpose of loans using cars as collateral is mainly for car consumption.
3. Cars depreciate quickly, and traffic accidents are more likely to affect the value of the vehicle. Financial institutions are less likely to use cars as a single mortgage to issue loans.
4. Car loan application materials:
1) Original ID card, household register or other valid residence documents, and provide their copies;
2) Proof of occupation and economic income;
3) Car purchase agreement, contract or letter of intent to purchase a car signed with the dealer;
4) Other documents required by the cooperative agency.
5. If you want to apply for a car mortgage loan at a bank and the bank agrees, first your car must be appraised by an appraisal agency recognized by the bank to see what the appraised value is, and then you will be given a maximum of 50 based on the appraised value. You make loans.
6. If the bank cannot apply for a car mortgage loan, you can also consider going to a small loan company or a pawn shop.