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Loan secured by a vehicle
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Key questions about secured loans
Yes, the rates really aren't lower. It's not nonsense. Because the financial institution uses the car as collateral, this generates confidence in lending the money.
In addition to this guarantee, an analysis of your profile is carried out. This analysis seeks to verify your name, your credit score, your ability to pay, and your payment history. For these reasons, proof of income and proof of residence are requested.
Depending on the financial institution, other credit assessment criteria may be considered, and other documents may also be requested.
After this initial assessment, your car also undergoes an evaluation. Or your motorcycle, if that's the case.
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