One thing I can't really understand is why car financing companies, where your car will be on chattel mortgage, after financing only 40-50% of your car's appraised value, and must be charging around 30-50% compounded monthlly, still require so many documents.
I inquired and one example is this (for a 10 year old 2nd hand car).
650,000 - car's value
390,000 - amount financed
556,800 - 24 monthly payments
816,800 - total cash outlay 260,000 cash plus 556,800
166,800 - extra cash paid (816,800-650,000)
The car is mortgaged to them so they have little risk to warrant the high interest.
So, which loan company has easier to deal with and charges more reasonable interest.