The invoice for the loan to buy a car does not need to be mortgaged to the bank, only the vehicle mortgage registration certificate needs to be handed over to the bank for safekeeping. If the bank stipulates that car buyers need to buy a certain amount of insurance, the insurance beneficiary is the lender.

The loan process for buying a car is as follows:

The customer chooses a car at the bank's special dealer and signs a car purchase agreement or contract;

The borrower applies to the loan bank for personal automobile mortgage;

Sign the contract after investigation and consent;

Go through the formalities of notarization and mortgage of automobiles;

Lenders (banks) handle loans;

After the loan is paid off, the lender (bank) cancels the pledge certificate and returns it to the customer.