Buzz
When opting for loans based on motorcycle or car registration, you need to possess registration papers for a motorcycle or car valued at least 15 million VND. Without needing to surrender your vehicle, you can borrow up to 70% of its value through flexible installment payments.
Borrowing money against ownership papers at F88 and Tima
Interest rates for loans also depend on the value of the vehicle, with higher-value vehicles typically attracting lower interest rates, usually starting from 2.17% per month (though this may vary depending on the financial institution).
To complete the loan application process, you will need the following documents: Household Registration Book/Temporary Residence Permit, ID Card, ID Photo, Original Vehicle Registration/Certificate. The entire process of submitting documents and receiving the loan usually takes only about 2 - 3 working days.
Similar to many other unsecured loan options, you will repay the debt through monthly installments of principal + interest until the principal amount is fully repaid.
What should you keep in mind when borrowing money against motorcycle or car registration?
The advantage of applying for a personal loan using vehicle registration documents for motorcycles/cars is that you only need to prove ownership without demonstrating income, making it possible to quickly obtain cash with simple procedures. Additionally, you can borrow a large amount to meet your spending needs.
With this method, customers can still use their assets by simply submitting vehicle registration papers (depending on the requirements of the financial institution, you may not be detained) and still receive a loan. However, before deciding to borrow, you should consider the necessity of the loan as well as your ability to repay the debt, avoiding borrowing beyond your consumption needs to avoid high interest payments. Moreover, in many cases such as traffic violations, proving ownership of a vehicle without registration can be very inconvenient.
The above are quite detailed and specific information about borrowing money based on motorcycle and car registrations. If you need more information, you can directly contact some financial institutions for loans such as FE Credit VPbank, Tima, Vay tiền a-z, F88, etc.
However, whether borrowing money with vehicle registration or by other means, you need to clearly understand the interest rates, loan procedures at Avay, F88, Tima, etc., to make an informed decision in choosing a financial institution that meets your needs and to prepare complete loan documents.
