No, under normal circumstances, the owner of the loan does not need to mortgage the vehicle, but the lender can only apply for a loan if it meets the corresponding conditions for the owner's loan application. Because there is no need to mortgage the vehicle, the lender generally does not need to go through the formalities of releasing the vehicle after paying off the owner's loan.

Car owners' loans are loans issued by lending institutions for specific groups of people. The loan amount is relatively high, and of course the audit is also strict. After the loan application is successful, the customer must remember to repay on time. Once overdue, it will cause serious damage to personal credit information.