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Loan secured by a vehicle
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Requirements for applying for a vehicle-secured loan
First, your vehicle needs to be fully paid off and registered in your name. Furthermore, the car needs to be in good condition and, of course, in working order.
It should be the family car, meaning it's intended for leisure trips. And not linked to a company, for example.
With this in mind, you can apply for the loan, and the financial institution will assess the asset and determine its actual value, which can be used as collateral.
Remember that the vehicle cannot be registered in someone else's name, nor your spouse's, and certainly cannot be subject to another debt.
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