Car loans can be paid off in one lump sum, but different banks have different regulations. If the terms of the car loan state that it can be repaid in advance, then there is no problem. If it is stated in the clause that repayment cannot be made in advance, repayment can only be made as agreed. Call the bank customer service to make an appointment before repaying the loan in advance. After the appointment is successful, ask the customer service what documents and materials they need to bring. Materials generally include: ID card, loan repayment application form, loan contract, monthly bill and other materials specified by the bank. After the materials are ready, go to the bank counter and follow the instructions of the bank customer service.
Pay attention to the problem of liquidated damages in early repayment. It means that when one party to no performance at all's debt can't perform the debt normally, it must pay a certain amount of money or property other than money to the other party as agreed. Liquidated damages is a contract economic model and an economic sanction for breach of contract. The establishment of liquidated damages is to ensure the performance of debts, even if the other party has not suffered any property losses, it should also be given liquidated damages according to the provisions of the law or the contract.
The standard of liquidated damages shall be determined by both parties according to law or agreed in writing in the contract. There are two kinds of liquidated damages, punitive liquidated damages. If property losses are caused to the other party due to breach of contract, the breaching party shall pay liquidated damages and compensate the other party separately. Compensatory liquidated damages are a kind of pre-estimation of the property losses that one party may suffer due to the other party's breach of contract. Paying liquidated damages will exempt the breaching party from the responsibility of compensating the other party's property losses. To sum up, liquidated damages are to urge the parties to perform the contract, compensate the losses caused by one party's breach of contract to the other party, and sanction the breaching party.
When repaying in advance, be careful. If the penalty is higher than the outstanding interest of the car loan, it is not recommended to repay in advance. You can deposit it in a bank and other banks for automatic deduction. If the loan is already halfway, it is not recommended to repay in advance, and the liquidated damages are not appropriate. If the liquidated damages are acceptable, you can refer to the above materials for processing.
How to pay off the car loan in one lump sum?
The following is about "how to pay off the car loan at one time?" Related introduction:
When repaying all car loans in advance, you need to fill in and submit a written application. After the application is passed, you should bring valid identity documents, loan contracts and other related materials. Please refer to the provisions of the lending institution for specific procedures. Tips:
1. Whether there is extra charge for prepayment, please check the loan contract or contact the loan bank for consultation;
2. For partial prepayment, you can choose to reduce the monthly repayment amount but keep the term unchanged or shorten the repayment period;
3. Self-service pledged loans can be repaid in advance through online banking or mobile banking.
I borrowed money for three years when I bought a car, and now I have paid back the loan for two years. I want to pay off the rest of the car loan in one lump sum. What should I do?
If you need to repay in advance, you must first make an appointment at least one week in advance and prepare relevant materials.
Specifically, it mainly includes: the loan contract signed by the bank, the applicant's ID card, the loan repayment application form filled out by the bank, the repayment form of last month, the prepayment agreement and other information stipulated by the bank.
In addition, if the loan is less than one year, prepayment may require a certain penalty. Some banks have restrictions on the minimum amount of one-time repayment, so it is recommended to consult the loan bank.
After preparing these materials, you can go to the vehicle management office to cancel the car mortgage registration. Fill in the Application Form for Motor Vehicle Mortgage/Mortgage Cancellation at the local vehicle management office, and then submit the prepared materials to cancel the vehicle mortgage registration.
Extended data:
When handling the mortgage cancellation registration procedures, the following materials must be prepared:
1. Valid identification documents of the borrower, the applicant and the vehicle owner;
2. The loan contract signed with the bank;
3. Loan repayment card;
4. Original motor vehicle registration certificate. After the car loan is settled, the bank will provide proof of settlement. As long as you bring the settlement procedures and the car book, the owner himself will bring his ID card to the vehicle management office!
One-time payment process of automobile loan
The process of paying off the car loan at one time: first, call the bank staff in advance to explain the situation and make an appointment; Then on the date, bring your ID card, bank card and other related documents to the bank to go through the formalities; After that, the lender will register the information given by the bank with the vehicle management office to pay off the car loan.
First, get the motor vehicle registration certificate back.
Motor vehicle registration certificate is the legal proof of automobile ownership. All legal information and related tests will appear on the certificate. After paying off the car loan, you must get it back from the repayment bank or guarantee company in time to avoid any trouble in the future.
Second, lift the vehicle mortgage.
After taking out the loan, you can take the car away, but during the loan period, the ownership of the car belongs to the bank or loan company, and this information is filed in the vehicle management office. After paying off the loan, remember to take your motor vehicle registration certificate and other related materials to the vehicle management office to cancel the mortgage relationship, so that the vehicle will become your asset.
Third, change the beneficiary.
During the loan period, the first beneficiary of insurance is not the owner, but the bank or loan company. Remember to change the name of the beneficiary after paying off the loan. Otherwise, when you want to use insurance in the future, it will cause some unnecessary trouble. Lucky meow reminds you, don't forget to do these three things well after you try to repay the loan. At the same time, it should be noted that if the loan is made by a small financial company, it is likely that GPS will be installed in the car, because you are afraid that you will not find anyone in default. Remember to remove the GPS after paying off the loan.
Four, but there are exceptions to everything. If you buy a car with a credit loan, you really don't need to do anything after paying off the loan in this way. Because the credit loan is actually a car loan issued to us by the bank according to our personal credit information, and no mortgage is needed. After the down payment, the green paper of the car is directly in our own hands, and there is no mortgage registration information written on it. In essence, it is to borrow money from the bank, which has nothing to do with the car.
Then if we buy a car by mortgage, we need to go through the mortgage formalities when we pay off the loan. Mortgage means that when buying a car, the vehicle registration certificate (that is, the green copy) of the vehicle is mortgaged to the lending institution, but the car and driving license are still in their hands, so many people will mistakenly think that the money is enough. In fact, I have to go to the lending institution to cancel the mortgage and get the Green Paper back. It should be noted that you should take the Green Paper, don't take it and leave, and ask them to issue a "loan settlement certificate".