1. Apply for a loan: the borrower fills in the loan application form and provides relevant information.

2. Loan review: After receiving the borrower's application and the materials that meet the requirements, the bank will review the credit standing, repayment ability and authenticity of the materials of the borrower and guarantor in accordance with the regulations, and make a reply after passing the review.

3. Signing a contract: After the bank approves the loan, the borrower should go through the following procedures: the bank signs a loan contract and a guarantee contract with the borrower, and handles notarization, mortgage registration and insurance.

4. Lending: After the borrower completes the relevant procedures, China Merchants Bank will pay the loan to the borrower's personal account and transfer it to the relevant payee's account according to the borrower's entrustment.

With the emergence of a large number of risks in auto loans, banks have raised the threshold of auto loans to varying degrees and tightened the approval of auto loans.

Based on China's commitment to open the auto consumer credit market to the outside world after its entry into WTO, the China Banking Regulatory Commission promulgated the Measures for the Administration of Auto Finance Institutions in June 2003 and the Detailed Rules for the Administration of Auto Finance Companies in June 2003.

12 On February 29th, just two months after the above news was released, China approved the establishment of three auto financing companies: SAIC-GM, Volkswagen (China) and Toyota (China). Less than a year later, SAIC General Motors Finance Co., Ltd. announced its opening in Shanghai.

Baidu Encyclopedia-automobile mortgage