1. Apply for vehicle mortgage loan
First of all, the applicant needs to prepare personal documents, vehicle driving license and other related materials, and choose a suitable lending institution to apply. Generally speaking, loan applications can be made online or offline.
2. Evaluate the value of the vehicle
After receiving the loan application, the lending institution will send a professional appraiser to evaluate the applicant's vehicle, and evaluate the value of the vehicle according to its brand, year, mileage and maintenance. The evaluation results will be used as the basis for subsequent loan quotas.
3. Pay mortgage fees and insurance premiums
After passing the assessment, the applicant needs to pay the vehicle mortgage fee and insurance premium to the lending institution. Mortgage fee refers to the fee paid by the applicant to the lending institution for vehicle pledge, and insurance premium is the fee for vehicle insurance. Usually these expenses will be deducted from the loan amount.
4. Sign a contract to mortgage the vehicle
When the applicant pays the above fees, the lending institution will sign a loan contract with the applicant and require the applicant to hand over the vehicle to the lending institution for mortgage. In this step, the applicant needs to hand over the vehicle title certificate to the lending institution for safekeeping, and sign the relevant ownership certificate transfer agreement.
5. Complete the loan procedures.
Finally, when all the above steps are completed, the lending institution will draw the loan amount from the borrower's account according to the signed contract and complete the loan lending procedures. At this point, the entire vehicle mortgage loan process has been completed.
Second, matters needing attention
1. Understand the credit standing and qualification of lending institutions.
When choosing a lending institution, the applicant needs to know the credibility and qualification of the lending institution to avoid the financial losses caused by non-performing lending institutions. Screening can be carried out by consulting others, reading the evaluation of lending institutions and consulting relevant materials.
2. Pay attention to the loan interest rate
After choosing a lending institution, the applicant needs to carefully understand the calculation method of loan interest rate to avoid problems such as insufficient loan amount and high interest rate.
3. Make a repayment plan
Applicants need to make a repayment plan when making a loan, and they can choose the repayment method of average capital or equal principal and interest to ensure timely repayment and avoid the situation that vehicles are disposed of due to overdue repayment.
4. Pay attention to the legality of vehicle mortgage procedures.
In the vehicle mortgage loan, the applicant needs to ensure the legality of the vehicle mortgage procedures. For example, the vehicle owner must be the applicant or legal representative, and the vehicle driving license and other relevant documents must be complete.
In short, although the vehicle mortgage loan is a common loan method, the applicant still needs to pay attention to some details when mortgaging the vehicle to ensure that his rights and interests will not be harmed.