After Loan Approval
What are the collaterals which may be required for loan applications?
You will be asked to provide vehicle pledge and motor insurance (which are standard requirements) based on the credit evaluation. However, you may be asked to provide guarantor, bank letter of guarantee or cash deposit if it is considered necessary.
As a final step…
You need to sign Consumer Loan and Pledge Agreement together with other related documents provided by the vdf representative . You will keep a copy of the agreement.
Where will your loan amount be deposited?
After completion of all loan processing, loan amount will be paid to the authorize dealer on your behalf.
After granting the loan, can interest rate be changed?
Interest rate will not change after vehicle is delivered and loan amount is deposited to authorized dealer’s bank account (in other words, after loan is opened). This requirement is included in the Consumer Loan and Pledge Agreement.