When the borrower applies for personal car loan business, he should use the purchased car as mortgage guarantee or a combination guarantee based on the purchased car mortgage. Specific ways are:
(1) This automobile mortgage refers to the personal automobile loan business that the borrower applies to the handling bank only with the purchased vehicle as collateral. Before the implementation of vehicle mortgage procedures, natural persons, dealers and guarantee companies that meet the requirements of these Provisions may temporarily assume the staged guarantee responsibilities.
(2) This vehicle is mortgaged+guaranteed by natural person. This kind of guarantee refers to the mortgage of the purchased vehicle, and the natural person with 1 person or more (inclusive) shall bear the joint and several liability for the whole process.
(3) Mortgage of this vehicle+dealer guarantee. This kind of guarantee refers to the mortgage of the purchased vehicle, and the dealer bears the joint and several liability for the whole process.
(4) This vehicle is mortgaged+guaranteed by the guarantee company. This kind of guarantee refers to the mortgage of the purchased vehicle, and the guarantee company bears joint and several liability throughout the whole process.