Never take out a car mortgage! Do you agree with these reasons?
;?Although many people cannot afford to buy a house, most of them own a mobility scooter. When they are in urgent need of money, they can borrow a mortgage on that car to obtain working capital. But some people say you should never get a car mortgage loan, so why do they say that? See if everyone agrees with these reasons.
Why should you never get a car mortgage loan? 1. The loan amount is low: Cars will depreciate over time, and a car mortgage loan can only be up to 80% of the appraised value. If the use period exceeds 4 to 6 years, the depreciation price of the car will be very low, basically below 50%. For customers who are in urgent need of capital turnover, the amount of car mortgage loans may not be able to meet the needs. 2. There are many fees to be charged: A car mortgage will involve guarantee fees, evaluation fees, and GPS installation fees, etc. These are all borne by the car owner, and the fees are relatively high. For example, the evaluation fee is around 500~5,000, and commercial The guarantee rate of sex guarantee agencies is generally 2-4%, and the GPS installation fee is hundreds or thousands. 3. Car use is restricted: There are two types of vehicle mortgage loans: pledged car and un pledged car. If the car is pledged, the car cannot be used before the loan is repaid; if the car is not pledged, the car can be used, but all problems will be determined by the lending institution due to the installation of GPS positioning. controlled. 4. If you are overdue, you will be towed: Don’t overdue your car loan easily without pledging the car. There is a lot of news about some car owners whose loans are overdue. The lending institution will tow the car directly after finding it through GPS positioning. The owner will still have to pay to get the car back. Pay extra for towing. The above is the relevant introduction of "Never get a car mortgage loan". I hope it will be helpful to everyone. Of course, if you don’t care about these and just want to get money through car loans, then you can still consider it. Never do a car mortgage or monthly car loan, here’s why!
;In addition to credit loans, you can apply for loans for large deposits, houses, and cars. Some users said that you should never sign a monthly car mortgage loan, otherwise the consequences will be very serious. So let’s briefly talk about this topic. I hope it will be helpful after reading it.
Never do a car mortgage loan or a monthly car loan! Because after applying for a car mortgage, some car loan companies will pledge the user's vehicle. Although the user has obtained the loan funds, he will not be able to use the vehicle normally. If you apply for a pledge without pledging the car, generally GPS also needs to be installed, which means that the user's driving trajectory is monitored in the background and will be contacted once it goes out of range. Moreover, users are required to pay the cost of installing GPS, and some irregular companies charge very high fees. In addition to GPS fees, evaluation fees, pre-service fees, etc., they are all a large expense. After the car mortgage loan is overdue, not only will you face the problem of breach of trust, but you will also be charged liquidated damages, which are usually charged on a daily basis. If the situation is serious, the car loan collection department will directly come to the door to tow the car. Then the user will not only face the breach of trust, but also the car itself. assets are gone. The above is the answer to "Never do a car mortgage loan or a monthly car loan". Generally speaking, there is no problem with the car mortgage loan itself, but the car loan institutions found by some users are irregular, with high fees and high interest rates, and some users cannot accept the behavior of car mortgage certificates and GPS installations, so they are unwilling to make mortgages. Loan users can try credit first. Never get a car mortgage? These reasons are worth pondering
;? As we all know, in addition to high value preservation, real estate can also be used as collateral. When you are short of money, you can go to a financial institution to apply for a mortgage loan. . The amount of a mortgage loan is generally determined based on the value of the collateral, and a car is a common collateral. Why do you say you should never get a car mortgage loan? These reasons are worth pondering!
Never get a car mortgage loan?
1. The loan interest rate is too high. Because cars are special collaterals, other real estate properties will most likely increase in value as time goes by. As time goes by, cars basically depreciate in value. Therefore, as collateral for mortgage loans, the risk is relatively high, so major financial institutions usually charge higher interest rates when approving loans.
2. Loan term limit: Because cars are depreciating commodities, most financial institutions have time limits for car loans.
If you take out a loan to buy a new car, you can apply for a loan term of up to five years. If you mortgage your car, you can basically only apply for a three-year loan term. Even some small loan institutions usually only support car mortgage loan services within 6 months, so car mortgage loans may not meet the borrower's loan amount and term needs.
3. More additional fees Although according to regulations, in addition to paying loan interest, the borrower does not need to pay additional loan fees. However, the lending institution needs to evaluate the value of the car and determine the loan amount that the borrower can apply for based on the evaluation results. The cost of this evaluation is borne by the borrower. In addition, in order to control risks, lending institutions will also install GPS positioning on the vehicles used for mortgage by car owners, and when it comes to guarantee issues, these GPS installation fees and guarantee fees need to be borne by the borrower. The above is the relevant content sharing about "Never get a car mortgage loan". I hope it can help everyone!