If the car loan is paid off, does the car completely belong to the owner?

After paying off the car loan, will the car belong to you? If you don't pay attention to these 4 points, you will regret it

With the development of the country's economy, people's lives are getting better and better, and the amount of money they have on hand is gradually increasing. At the same time, the banking industry is developing faster and faster, with a wide variety of products to support people's loans to buy houses and cars. Although people have more and more money in their hands, there are still a small number of young rich people. Most young people have a very small chance of buying a house or a car at one time without the help of their elders. However, with the rapid development of society, the continuous growth of housing prices, and the increasingly convenient transportation, the demand for cars has increased, and under the pressure of their elders, many young people choose to take loans to buy houses and cars, and repay them in installments later.

To borrow from a bank to buy a car, you need to pledge the car to the bank as collateral or other collateral of equal value, not a credit loan. If the car owner does not repay the loan to the bank within the agreed time, the car itself will no longer belong to the car owner, and the car will even be owned by the bank. On the contrary, car owners should not easily think that the car belongs to them after paying off the loan. When repaying a car loan, you need to pay attention to the following 4 points, otherwise you will regret it.

The first point is the vehicle mortgage recovery procedures. When you repay the last loan to the bank, remember to ask the bank for the vehicle mortgage procedures. This is very important. If you forget to retrieve it, the bank will generally follow the rules and give you the vehicle mortgage procedures, but other situations may not be avoided. , so be sure to remember to return it. On the contrary, if the car owner does not repay the loan, the bank will not return the vehicle mortgage to the original owner. Therefore, when the car owner gets the vehicle mortgage back, he does not have to worry about whether his loan has been repaid.

The second point is to receive the "Green Book". After the vehicle mortgage is recovered, the car owner needs to go to a designated location to get the car's identity certificate, that is, the green book, which is called the motor vehicle registration certificate. This certificate is very important.

The third point is to release the vehicle mortgage. If the car owner completes the above two points and thinks that the car belongs to you, that would be a mistake. The third step is that car owners need to bring relevant documents to the local vehicle management office to release the vehicle mortgage on their car.

The fourth point is to change the first beneficiary. Most people who buy a car will go to an insurance company to buy car insurance as soon as possible. Please note here that after repaying the loan to the bank, the car owner needs to go to the insurance company to confirm who the first beneficiary of the car is. If it is not the car owner, then change the first beneficiary of the car's insurance to the car owner or someone close to the car owner. If an accident occurs in the future, the car owner or the car owner’s relatives can receive compensation.

Nowadays, more and more people are buying cars with loans. After paying off the car loan, you must pay attention to the above four points, otherwise the car will not completely belong to you and you will regret it.