What Happens if We Cannot Pay the Vehicle Loan?

Today, vehicles have become a basic necessity. Individuals who do not have a car as soon as possible to have a car to apply for vehicle loans through banks or vehicle loans are tested with vehicle loans. What happens if we can’t pay after using the vehicle loan? What will happen if we cannot pay the vehicle loan, we will discuss the problems that will arise in case the vehicle loan is not paid.


What is Vehicle Loan?

Vehicle Loan?

Vehicle Loan is a kind of loan that we can only use when buying a car. Motor vehicle insurance value of your loan application is done while taking into account a calculation and realized you do not lending out these costs. The amount approved in vehicle loans is not transferred to the buyer but directly to the person who sells the vehicle. In other words, the person who withdraws the loan never sees the money, the bank pays directly to the seller. Now let’s move on to the most curious question. What happens if we can’t pay the vehicle loan?


What happens if we cannot pay the vehicle loan?

What happens if we cannot pay the vehicle loan?

You have used a car loan and have not been able to pay after a certain installment, your facilities did not allow, and your loan payments were hampered. Does the bank confiscate your vehicle directly? If you are delaying your loan for the first time, your bank will not confiscate the vehicle directly. First of all, you can relax. Banks will never ask to extend the business and want to take the money the easy way. Rather than start attorneyship and sales to get the money, it first rings your door. As a result of your mutual negotiations, the payment plan that is most appropriate for your current situation is selected and your debt is structured in a way. So you will continue to pay your debt again, but you will continue to pay through different opportunities and your vehicle will not be confiscated.


How does this process continue?


You used the vehicle loan and could not pay the first 2 installments. Your bank will send you a warning in the 3rd installment. Instead, they can call you over the phone to indicate that your credit has been delayed. It can also initiate legal proceedings and request the Police Department to connect your vehicle at the first traffic point. But as we have just said, they will first meet with you and take a step towards structuring your debt. However, if you have problems with your credit payments after these steps, unfortunately, there is not much left to do after this stage, your vehicle can be confiscated at the first checkpoint.

If you have used car loans and have not been able to pay the installments, we recommend that you pay attention to these situations so that your vehicle cannot be connected. When the bank sends you a warning letter, as a result of mutual negotiations with the bank, you will save your vehicle by configuring your debt according to your solvency and continuing to pay .