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Can auto loans not pay off bank mortgage loans?

Time: 2017-01-22         Source: South China Fortune Net         Author: Southern Wealth Network

As we all know,Car MortgageAt the same time, lending institutions also required vehicles for mortgages. So, can auto loans not pay off bank mortgage loans?

Mortgage loans refer to loans that borrowers use as collateral to secure loans to banks. It is a form of bank lending, collateral usually includes securities, national bonds, various stocks, real estate, as well as bills of lading of goods, bills of lading or other various proofs of ownership of the documents. When the loan expires, the borrower must return it in full, otherwise the bank has the right to process the collateral as a compensation.

According to Xiaobian, if the borrower’s car loan has not yet been paid off and is currently in the process of repayment, then it is not possible to apply for a mortgage because the loan has not yet been paid off and the vehicle is also mortgaged to the bank. Mortgage registration procedures also cannot handle mortgage loans.

If the lender’s personal qualifications are good, with stable work and income, strong repayment ability and good personal credit, then it may be possible to passPersonal unsecured loansTo get cash flow, unsecured loansLoan amountGenerally about 10 times of the monthly income of the lender, if the lender's personal credit rating is better, then the loan amount will increase.

In addition, because automobiles are consumables and depreciate quickly, even if the lender’s car meets mortgage terms, banks will not easily accept loans in order to control loan risks. For this reason, lenders are better off looking for local private lending institutions. Get a car mortgage loan.

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