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Personal Auto Loan

The Personal Auto Loan is issued by ABC to individual customers for buying a vehicle, whether for private or commercial use.

The loan meets the financing needs of customers with difficulties in purchasing auto.

Qualifications of the Applicant
1. Chinese citizens with full capacity for civil conduct; residents from Hong Kong, Macao, and Taiwan or aliens having dwelled within China for a continuous period of one year or more;
2. Have a valid identity certificate or proof of long-term abode;
3. Have a fixed and detailed address;
4. Have stable legal income or legal personal assets enough to service the loan principal and interest;
5. No bad credit record;
6. Be able to provide a legal guarantee;
7. Meet other conditions as required by ABC.

Loan Types
The Personal Auto Loan may be used to purchase a private-use or commercial-use vehicle. The first type of vehicle is not for profit, while the latter is for profit, including bulldozers, excavators, mixer, pumps and other engineering vehicles.

Loan Term
The loan term for new vehicles is up to five years. However, the maximum term of either a commercial-use vehicle loan or a second-hand passenger automobile loan is three years. Besides, the combined age of the second-hand passenger automobile plus the loan term shall not exceed six years

1. The customer submits an application for a personal auto loan and the required documents.
2. ABC conducts an investigation and examination and makes an approval.
3. The two parties sign the Loan Contract.
4. Complete insurance purchase, notarization, guarantee, and other formalities.
5. ABC grants the loan.

1. Who will not receive approval for the loan?
ABC will reject any applicant who has a balance due on the day of application or a bad credit record for three successive terms or six cumulated terms.

2. What insurance coverage is required under the loan?
·Vehicle damage insurance, third party liability insurance, and robbery and theft insurance shall be purchased for vehicles under a personal auto loan.
·ABC shall be indicated as the first beneficiary in the additional clause to the insurance policy.
·The insurance term shall not be shorter than the loan term in principle, unless coverage renewal issues are contracted for.

3. Can borrowers apply for a pre-approved Personal Auto Loan first and then go through purchase formalities after the loan is approved?
Customers who plan to purchase auto for personal use may apply for a pre-approved loan in the mode of registration after loan granting, i.e., the customer can obtain loan approval first and then register for a new auto provided that the distributor agrees to bear phased joint warranty liabilities, obtain all documents for auto purchase (such as invoices for auto purchase, purchase tax, etc.), and go through the formalities for auto registration.

Note: Please contact your local branch for detailed information about the service.

Customer Service Center : 95599


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