Loan Against Car Pledge

Such method of borrowed money granting is a widespread phenomenon. Today it is the best option for obtaining money from bank if there is no opportunity to provide information about income. One of the most advantageous conditions of the deal is that the borrower may continue to use the car, but only without the right of trip abroad if he has not received bank’s consent in a written form. Besides, such car is impossible to sell, exchange and etc.

In case of credit obtaining against vehicle pledge the bank most often grants the loan not exceeding eighty percent from the real vehicle cost. The assessment of a car is carried out by special authorized experts. One who purchases a new but not a second-hand car will be able to obtain the similar credit much quicker. It is so because if the client will violate contractual commitments the bank will be able to realize easier and more profitably just a new vehicle.

The agreement on pledge is signed at the availability of the same documents as in case of regular car loan registration except that fact that instead of the income certificate the bank receives the car against pledge.

Sometimes banks require insuring the pledged vehicle that leads to expenses on payment for assessment of the care by a commission of experts and expenses for notarized agreement. However such conditions are claimed by not every bank, therefore it is better to find one which does not claim such requirements.

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