The vehicle refinancing of CM FinanceCar Loan is a financing method in which you can place a car that has been removed in your name as guarantee of the payment of the installments.
Also known as Vehicle Credit under Guarantee CM, is a way that the financial found to dilute the risks of default of the installments of the loans with differentiated conditions in relation to the values of credits and the interest rates applied through a good as collateral.
In that case, a vehicle. Thus, the car is placed in fiduciary alienation, which means that it is tied to the financial institution, but remains in the owner’s possession. The vehicle shall be withdrawn only from the applicant if he fails to pay the installments of the loan.
This mode of vehicle refinancing is widely used to pay off other debts. Thus, many opt to swap a high-interest debt for a lighter fee, in which it is still possible to continue to enjoy the collateralised car.
What are the conditions of the refinancing of vehicles in CM FinanceCar Loan?
It is possible to dispose of light vehicles (motorcycles and cars) and heavy vehicles (trucks and buses). The payment term varies for each type of vehicle up to 5 years for cars and motorcycles, up to 10 years for buses and 20 years for trucks.
The cash credit granted by CM FinanceCar Loan is up to 70% of the assessed value of the vehicle used as collateral and the monthly income that may be committed in the payment of installments is up to 30% of gross income.
Some prerequisites are required for anyone who wants to refinance a vehicle. The car must be cleared, that is without any type of open financing, in good condition and with the updated documents. The vehicle must be in the name of the applicant who must be at least 18 years old.
What documents are required to complete the refinancing?
To contract the refinancing, the following documents must be submitted before proceeding:
- RG or CNH;
- Proof of income;
- Proof of address;
- Documents of the vehicle (DUT).
Step by step to request refinancing at CM FinanceCar Loan?
On the CM FinanceCar Loan site, you will find the step by step how to take out the credit with warranty vehicle, which are:
Step 1: Request service
The request for proposal is initiated by completing a form. To do so, visit the CM FinanceCar Loan website.
Step 2: Send your documents
When requesting the refinancing, you must send your documents, as already presented in this post.
Step 3: Wait for the financial analysis
An analysis is made to see if the request is in accordance with your profile. It is allowed to combine the income of more people, who may be a relative or spouse, to have more chance of being approved.
Step 4: Legal evaluation
An analysis of the vehicle and all its documentation is done by paying a valuation fee of goods.
Step 5: Signing and releasing credit
Once the credit is approved, you must sign the documents and the money is released into your account.
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