According to cashtime, a loan secured by a vehicle can be arranged entirely online through the mobile app — from submitting the application to signing the documents without trips to an office.
How to apply and how the vehicle is assessed
The process begins by submitting an application in the mobile app: the client provides information about themselves and the vehicle, uploads documents and photos of the car. The company then verifies the details and carries out an appraisal of the vehicle, after which the client is offered the available financing terms.
Before signing the documents, the app allows users to review the loan amount, term, repayment schedule and other conditions. The client can examine all clauses of the agreement before completing the process.
Signing the agreement and disbursement of funds
Documents are signed remotely via the app, which enables completion of the process without visiting an office. After the agreement is signed, the loan funds are transferred to the bank card in accordance with the contract terms.
The signing procedure includes prior review of the financing terms and final confirmation in the app. Once the necessary steps are completed, the client receives the funds on the specified card.
Ownership, encumbrance and loan management
The vehicle and ownership title remain with the owner; however, the vehicle is used as collateral and a corresponding encumbrance is registered on it. The client may continue to use the car during the loan term.
If desired, the client can hand the vehicle over to the financial company’s parking facility to qualify for a larger available loan amount. After full repayment of the loan, the encumbrance is removed on the day of settlement.
