1. Do I need a mortgage to buy a car in installments?
1. To buy a car by installment, you need to go through the formalities of car mortgage. After applying for a car loan, users need to go to the vehicle management office to go through the formalities of car mortgage, and the words mortgage will be displayed on the car registration certificate. After paying off the car loan, you need to go to the vehicle management office to cancel the mortgage. After successful processing, the car registration certificate will show that it has been cancelled. The vehicle can only be transferred after the mortgage is released, so if the mortgage is not released after the car loan is paid off, the ownership of the vehicle will still be owned by the lending institution.
2. Legal basis: Article 386th of the Civil Code of People's Republic of China (PRC).
Unless otherwise provided by law, when the debtor fails to perform the due debt or the security interest agreed by the parties is realized, the holder of the security interest has the right to be paid in priority for the secured property.
2. Can banks mortgage car loans?
Banks can mortgage car loans. Most banks have car loans. Borrowers can apply for loans as long as they meet the conditions. Loans need to meet the following conditions:
1. The vehicle has clear property rights and can be mortgaged after bank evaluation;
2. The loan car is not used for other mortgages;
3. The borrower holds valid identity documents;
4. The borrower is at least 18 years old and has full capacity for civil conduct;
5. The borrower has a fixed work unit and a stable income, and can repay the loan principal and interest on time;
6. The borrower's credit status is good and there is no bad credit record.