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. Property rights of loans signed with banks;
3. Loan repayment card;
4. Original motor vehicle registration certificate.
Auto loan refers to the loan issued by the lender to the borrower who applies for buying a car, also called auto mortgage.
Object of loan: The borrower must be a permanent resident of the place where the loan bank is located and have full capacity for civil conduct.
Loan conditions: the borrower has a stable job, the ability to repay the principal and interest of the loan, and good credit; Can provide recognized assets as collateral or pledge, or a third person with sufficient compensatory ability as a guarantor to repay the principal and interest of the loan and bear joint liability.
Loan amount: The maximum loan amount generally does not exceed 80% of the price of the purchased car.
Loan Term: The loan term for automobile consumption is generally 1-3 years, and the longest is no more than 5 years.
Loan interest rate: uniformly stipulated by the People's Bank of China.
Repayment method: you can choose one-time repayment method of principal and interest and installment repayment method (equal principal and interest, equal capital).
An auto financing or guarantee company, as a guarantor who repays the principal and interest of the loan and assumes joint liability, is a third party with sufficient compensation capacity.
References:
Automobile Loan (Baidu Encyclopedia)