Automobile double loan, also known as automobile second-hand loan, means that customers mortgage their used cars to banks or other financial institutions to obtain a certain amount of loans, and at the same time entrust the sale of their mortgaged used cars. Customers can still use the vehicle during the repayment period. After the loan is paid off, the owner can choose to continue to own the vehicle or buy the vehicle by the bank. This is a standard car double loan.

To a certain extent, the double car loan can meet the urgent needs of used car owners, while retaining the right to use the car, which can be described as killing two birds with one stone. The loan amount of automobile double loan is usually influenced by the brand, age, kilometers and market conditions of the mortgaged automobile, which needs customers to know clearly. The repayment period of auto double loan is usually between 6-24 months, but it should be noted that banks or financial institutions will also charge certain formalities fees.

What are the precautions for double car loans?

First of all, customers need to consult the relevant business regulations of banks or other financial institutions to clearly understand the relevant information such as handling fees and interest rates. Secondly, customers need to accurately evaluate their mortgaged cars. Finally, during the repayment period of the double-car loan, the customer needs to repay the loan in time according to the contract, otherwise it will have a bad influence on personal credit, and the bank or financial institution has the right to dispose of the mortgaged vehicle according to law.