MORTGAGE OF AUTOMOBILE CAR NEEDS TO PRICE VEHICLES

Currently, there are a number of banks and credit institutions that lend money to customers based on their old car mortgage. However, mortgage of old cars is not really popular and not all cars can be used as collateral.

There are many customers who are concerned about mortgage loans of old cars really safe? Bank interest when mortgage car loan high or low? When there is a need for a loan, what are the documents and procedures for getting a loan of the amount you want?

In the past, to borrow money from banks in the form of mortgages, customers often had to prepare collateral such as houses, construction works attached to land, savings books, salary books, etc. These assets must belong to ownership, right to use and management of the customer. Although not as popular as the above forms, mortgage car loan service is also provided by some big banks such as VIB, VPBank, Vietcombank, etc. to meet customers capital needs. Here we will explore specific information about this type of loan.

With car mortgage lending to customers who own cars, banks will rely on the value of cars to provide mortgage loans. When borrowing money from a bank to buy a car, the customer must be responsible for paying both principal and interest monthly at the bank branch where he / she has borrowed money. The disbursement time for a car loan is from 3 - 7 days depending on the dossier.

Benefits of mortgage loans at banks?

Simple procedure, quick loan application for mortgage papers
Valuation car bank loan car mortgage higher than other forms
Help you choose the best bank loan product with preferential interest rates, lowest interest rates, reasonable loan period, not dependent on any bank.
Covered banking services: prove purpose, revenue, maturity, notary ... with the lowest cost, because no intermediaries or intermediaries.
Directly handled by credit specialists, avoiding brokers and intermediaries.
Conditions for mortgage car loans?

To borrow money, the borrowers financial situation and the condition of the car used as collateral must meet the requirements set by the bank. For borrowers: Most banks will require borrowers to meet the following conditions:
Customers have Vietnamese nationality. Some banks may accept borrowers who are Vietnamese with foreign spouses.
Customers must be 18 years of age when applying for a loan and no more than 75 years old when the loan is due.
Customers own cars in cities or provinces with branches of the bank that they want to borrow.
Customers have a stable monthly income to ensure repayment. There are also cases where customers want to borrow less (less than 50%), they will not have to prove income.
For collateral: Mortgaged assets are cars being used by customers. But not all cars are eligible for a loan. Your old car usually will not be more than 4 - 7 years from the factory date.
Limits and interest rates on auto mortgages

When considering to provide a loan to customers, the bank will conduct evaluation of the remaining value of the car according to the market value at the time of valuation. Normally, a bank will not grant a loan exceeding 50% -75% of the value after appraisal.
However, the value of the remaining collateral is only an important factor, the amount of the loan depends on many other factors such as financial capacity, income sources of customers. In addition, loan conditions will have specific changes depending on the regulations of each bank.
Lending interest rates usually fluctuate in the range of 7-8% / year in the first 12 months and follow the adjusted interest rates in subsequent years. Loan period can be up to 7 years.
Limits and interest rates when taking out a car mortgage Interest rates on a used car mortgage are similar to other forms.
Mortgages of used cars have the advantage of quick disbursement time, the procedure is quite simple. In the difficult economic situation, this can become a popular form for many customers. If in need, please contact the counselors for assistance in preparing the most accurate records required by the bank.
For further information please contact:

Indochina International Investment & Appraisal Joint Stock Company (INA)

Address: 121 Nguyen Van Troi, Ward 12, Phu Nhuan District, Ho Chi Minh City
System of branches and transaction offices nationwide see HERE
Hotline: 0934 252 707 / Email: info@inavn.vn