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Car loans are usually provided by commercial banks to buy cars and trucks from official dealers in the primary market.
The car loan is issued on the security of collateral. One or more of the following may be accepted as collateral for a car loan:
• property collateral (in most cases, the purchased car is accepted as collateral);
• third party guarantee;
• guarantee of two individuals with a stable income in the main place of work;
• insurance policy.
Documents required to apply for a car loan:
- Agreement with the car dealership;
- Passport and its copy;
- Certificate of income from the workplace for the last 12 months;
- Documents securing the loan repayment.
commercial banks may require additional documentation based on domestic credit policy requirements.
source: carzone.uz