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Where to get a no-deposit car loan
A car title loan is a loan product that uses your precious vehicle as collateral when you need urgent cash, and is a service that many people need. Let’s take a look at car title loan products offered by various financial institutions.
Eligibility: Owner of a vehicle within 7 years of delivery
Loan limit: 500,000 won up to 50 million won
Loan interest rate: 4.75%~19.9% per year
Loan term: minimum 2 months to maximum 36 months
Qualification conditions: Own a vehicle in your name, be between 20 and 65 years of age, and have a NICE credit score of 571 or higher.
Loan limit: Minimum 1 million won to maximum 50 million won
Loan interest rate: 11.2%~19.39% per year
Loan term: minimum 3 years to maximum 5 years
Qualification conditions: Those who have a vehicle in their name, have owned the vehicle for more than 3 months
Loan limit: Minimum 3 million won to maximum 60 million won
Loan interest rate: 3%~17% per year
Loan term: minimum 1 year to maximum 5 years
Qualifications: Those who have owned a vehicle in their name for more than 3 months
Loan limit: Minimum 1 million won to maximum 100 million won
Loan interest rate: 4%~16% per year
Loan term: minimum 1 year to maximum 10 years
Qualifications: Credit score of 351 or higher, vehicle owner in your name
Loan limit: Minimum 1 million won to maximum 70 million won
Loan interest rate: 5.9%~19.9% per year
Loan term: minimum 1 year to maximum 5 years
When it comes to car collateral loans, it is important to compare the terms and interest rates of each financial institution to choose the best product. If you urgently need cash, feel free to take out a loan using your vehicle as collateral.
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