Car mortgage means paying a down payment and buying a car in installments.
Buying a car by mortgage means that the borrower who applies for buying a car pays part of the down payment first, and the lender issues loans to the buyer in installments for the rest.
In order to increase the sales of cars, the government and financial institutions jointly launched the business of personal loans to buy cars. At present, there are two main ways to buy a car with personal loans in the market finance industry:
1, it's a real estate mortgage loan to buy a car (using real estate as collateral). Generally, a car can be mortgaged for up to 5 years with a down payment of more than 30%. The interest rate is mainly determined according to your loan type and your personal qualifications.
2, personal credit loans to buy a car (unsecured and unsecured, generally require you to have good credit and stable work income), this form of loan to buy a car can generally be borrowed for 5 years, with a down payment of more than 30%.