In our case, as a dealer and bank, the required insurance coverage is relatively complete, and the insurance rebate of this car is still very overlord
Second, is it necessary to buy full insurance for auto mortgage insurance?
Yes, in our place, seat dealers and banks have reduced their risks to a minimum, and the required types of insurance are relatively complete. At the same time, they also got the insurance rebate of this car, which is still very overlord.
3. Is it necessary to fully cover the loan to buy a car?
You don't need all insurance to buy a car with a loan
Loan buyers must also meet the following conditions:
Car buyers must be at least 18 years old and be China citizens with full capacity for civil conduct.
Car buyers must have a relatively stable job, a relatively stable economic income or assets that can be easily realized in order to repay the loan principal and interest on schedule. Assets that are easy to realize here generally refer to securities and gold and silver products.
During the loan application period, the car buyer shall deposit no less than the down payment stipulated by the bank in the account of the bank savings counter.
Provide bank-approved guarantees to banks. If the personal account of the car buyer is not local, it should also provide joint liability guarantee, and the bank will not accept the mortgage set by the car buyer for the car purchased by the loan.
Car buyers are willing to accept other conditions that the bank deems necessary.
Insurance for buying a car
Buying a car with a loan doesn't have to be fully insured. By buying a car with a loan, the owner will be under greater pressure to repay the loan. If a major traffic accident occurs during the loan repayment period, car owners will encounter greater economic difficulties and the risk of bank lending will also increase.
It is reasonable and legal for banks to require car owners to buy auto insurance through loans, but banks do not force car owners to buy all insurance.
Some commercial banks require car damage insurance, theft insurance, third party liability insurance and personal accident insurance. In addition to the necessary types of insurance, small types of insurance are sometimes advertised by promoters, while banks have no mandatory requirements for glass insurance, scratch insurance and other types of insurance.
4. Is it necessary to buy full insurance for auto mortgage insurance?
Loans to buy a car must be insured, but not necessarily fully insured. If the car dealer tells consumers that they must buy all insurance, it may be inconsistent with the regulations. Only some banks need full insurance to borrow money to buy a car. Banks require loan cars to buy insurance in order to reduce the risk of bank loans.