In other words, buying a car mortgage is to transfer the car to the lender's name, and then return the car to the borrower (mortgagor) after paying off all the loans. Another way to buy a car is to pay in full. After this payment, the car is already in your name.
If you want to buy a car by mortgage, you need to meet some application conditions and prepare to provide some application materials to prove that you have the financial strength to repay the loan.
Extended data:
In order to increase the sales of cars. The government and financial institutions jointly launched a personal loan to buy a car. At present, there are two main ways for personal loans to buy a car in the market finance industry.
The first is to buy a car with real estate as collateral (using real estate as collateral). Second, personal credit loans to buy a car (unsecured and unsecured, generally require you to have good credit and stable work income). This form of loan can generally be used for five years, with a down payment of more than 30%.
At the same time, in order to successfully apply for a loan, it is necessary to meet the standards set by the bank. The materials that must be provided include: the original ID card, household registration book or other valid residence documents, and provide their copies; Proof of occupation and economic income; The car purchase agreement, contract or letter of intent signed with the dealer; Other documents required by the Cooperation Organization.
Baidu encyclopedia-mortgage to buy a car