You can't mortgage a loan. Because the vehicle itself was purchased by installment loan, it has been mortgaged once by installment, so it cannot be used as collateral for refinancing.

According to the regulations, the owner of the mortgaged vehicle only has the right to use it before the installment payment is paid off, so the property right does not belong to the individual and cannot be mortgaged for the second time. If an individual pays off the automobile mortgage in advance and goes through the formalities of canceling the car mortgage, he can apply for automobile mortgage when the car completely belongs to the car buyer.

How to buy insurance for the second year of car purchase by installment?

1. You can take your ID card to the insurance company to renew your insurance, or you can find another insurance company.

2. It can be purchased from online channels of insurance companies, such as official website, official WeChat account of insurance companies or other online channels.

You can renew or reinsurance with insurance broker or agent.