WHY DOES A CAR MORTGAGE NEED A VALUATION?

Asset appraisal at the request of the bank is understood as the fact that the bank/credit institution or the asset owner hires an independent appraisal company to determine the value of the mortgaged assets at the bank in cash units. to borrow capital or liquidate assets.

Why Should Collateral Valuation When Borrowing Bank Loans?

When reviewing a customers loan application, one of the first things the Bank needs to evaluate is determining the value of the assets securing the loan - also known as collateral. Currently, most banks stipulate loan disbursement levels for customers to be between 70 - 85% of the value of the mortgaged assets.

Therefore, the appraisal of collateral prices is not only a mandatory requirement of the law but also a legal basis for banks to consider a reasonable and safe loan level for their loans.

In other words, the appraisal of collateral assets at the Bank aims to ensure that loans are safe and capable of recovering loan capital when due. Therefore, such collateral must be appraised according to the standards and regulations of the Law on Valuation of Vietnam.

Bank appraisal process.

Step 1: Receive information about collateral, and classify assets according to the regulations of the appraisal industry
Step 2: Make a valuation plan
Step 3: Field survey, collect information about the property
Step 4: Build appraisal report
Step 5: Control the report
Step 6: Issue deed and appraisal report

CAR ASSESSMENT SERVICE COST

Car appraisal is a professional service, serving many different purposes such as buying and selling, investing, getting a bank loan, handling debt, and proving finance,...

Factors affecting the resale price of a vehicle.

In addition to the vehicle brand, vehicle model, registration period, mileage, and vehicle condition, the following factors also affect the resale price.

• The color of the car (Depending on market demand and trends, some colors will be easy to resell such as Black, Silver, and White. Outstanding colors such as Red, Yellow, and Blue, although difficult to resell, are easy to get a good price. if a suitable buyer is found.)
• Equip additional features on the car: If your car is equipped with more valuable features and better support for the owner later than other original cars, the price can be increased. Additional equipment can be calculated such as a Dashcam, reverse camera, leather seats, car lights, and sound system...
• Maintenance, on-time maintenance, full-service invoice
• The car has been serviced, checked, and replaced with damaged parts before resale

Therefore, depending on each specific condition, the cost of car appraisal will be adjusted accordingly.

To know the exact value of the property, please provide pictures of the legal documents of the property to be appraised so that SunValue staff can quote the most accurate and reasonable service fee to the customer.

Currently, banks often associate with independent, specialized appraisal units to value the collateral assets of customers to ensure the most objectivity and accuracy.

SunValue is currently a strategic partner associated with Financial Institutions with more than 20 prestigious banks at home and abroad such as Vietnam International Bank (VIB), BIDV, Vietcombank, Vietinbank, Sacombank, MSB, Agribank, Techcombank, SHB, HSBC, Siam Commercial Bank Public, Woori Bank, Standard Chartered Bank, Bank of India, Shanghai Commercial Savings Bank, etc., creating the best conditions when customers need to appraise assets or mortgage to get a bank loan. row. The cooperation agreement between SunValue and banks defines a long-term cooperation relationship between the two parties and is committed to providing customers with the best Valuation service.

With more than 21 years of establishment and development, SunValue is proud to become one of the leading real estate appraisal units in Vietnam, the leading brand in Vietnam in 2023, the strong brand in Asia in 2021, with a system of nearly 50 Branches, transaction offices across the country. As a reputable, independent valuation unit, pioneering the application of technology in valuation, helping to monitor real estate price fluctuations, and completing price data to support the development of Vietnams real estate market and International.

SunValue - A national brand that has actively contributed to the development of the valuation industry in Vietnam.