Many people borrow money to buy a car, mainly because the down payment of the loan is relatively low, which gives many friends who could not afford a car the opportunity to buy a car. But there are many procedures for buying a car with a loan, and there are still several very important things to do after the loan is repaid. The car is really yours when it is finished, otherwise it will be mortgaged to others. Today, I will tell you what to do after paying off the loan and share my experience in buying a car. I hope it will help you.
The car I am driving now was bought with a loan. At that time, the loan company was Toyota Finance. At that time, the loan procedure was quite complicated, similar to the procedure of buying a house. It is much more troublesome than now to need the bank's running water and the unit's income certificate. Now all you need is an ID card.
It's a bit like when we were young, we had to pay the tuition in rice at home, which was very troublesome, but now we are free of tuition, which is not only convenient but also free. It's just that no matter before or now, as long as you get a loan to buy a car, you have to go back to the 4S shop to go through the formalities and get your own things back after paying off the loan, so that the car can really be yours. Let's talk about it in a few minutes.
First of all, when handling the vehicle loan, our green copy, that is, the registration certificate and spare key of this car, will not be given to us, so we must get these things back as soon as possible after paying off the loan. I remember that I received a text message saying that I was going to go through the decompression procedure soon after I repaid the loan. But before you go through the decompression procedure, you have to go to the 4S shop for after-sales service, because these green papers and spare keys are sent back to the 4S shop first, so you have to go to the 4S shop to get these things before you go through the decompression procedure. At that time, there was a decompression program directly after the sale.
Second, after going through the mortgage cancellation procedures and getting your own things back, if you pay off the loan in advance, don't forget the following. When buying insurance, the beneficiary of the insurance is the lending institution, not you personally. Be sure to go to the insurance company and change the beneficiary to an individual. If you don't pay off the loan in advance, you can buy it when the insurance expires. The problem is not big.
Third, if you borrow from a large institution, you don't need to dismantle the GPS installed on the car. However, if you buy a car with loans from some small private lending institutions outside, you must pay attention to dismantling the GPS equipment as soon as possible after paying it off, otherwise it may reveal your privacy and suffer big losses.