How does a car loan secured by a savings certificate or deposit work? | Ask Banky

Editor-in-Chief Mohamed Salah

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Editor-in-Chief Mohamed Salah

How does a car loan secured by a savings certificate or deposit work?

Asked by Banky team 2 months ago
Banky team Reviewed editorial answer

It is the easiest and fastest option: you get the car against your own money held at the bank (up to 90% of its value). It features instant approval, requires no salary statement and no credit enquiry, and can often be executed with no sale prohibition and no mandatory insurance, because your money is the bank's real security.

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