MOVAL connects vehicle valuers and financial institutions to enable vehicle valuations online. MOVAL also tracks the process and sends the valuation report to admins.
Online Valuation of Vehicles: It took some time for people to become aware of their existence. There are still many who don’t even know that they exist. In this article, we will discuss some facts regarding motor vehicle loans.
MOVAL makes it transparent and easy to keep track of jobs during the valuation process. The admin can track each job in real-time, and the mobile app prints current location, date and time for each clicked photograph. This allows admins to track the movements of field executives by admins. After a field executive inspects the vehicle remotely, the Mobile App will submit a job. Super admins can also track the office staff (admins), and field executives (Mobile App Users).
Motor Vehicle loans are not car loans
Motor vehicle loans and car loans are very different. Motor vehicle loans are more accessible than car loans and are widely available. However, motor vehicle loans are intended for a specific market segment and are therefore not as popular or as easily accessible. Due to the greater risk involved, the loan terms and amounts are much more complex. These loans are comparable to car loans for luxury cars, if at all.
These loans are now able to finance smaller vehicles, and so-called motor vehicle loans have been increasing in popularity. Although these loans are more similar to traditional motor vehicle loans than to car loans, the purchase of vehicles is not a vehicle so the term motor vehicle loan can be used.
Motor Vehicle Loans are Less Common
This is what does it mean? They are more difficult to obtain. The terms of these loans will not be as advantageous because motor vehicle loans aren’t so common and are not offered by many lenders across the country.
If you have good credit and financial standing, you may be able to get a low-interest motor vehicle loan. You won’t get the same terms as a car loan, but you can expect to be approved for a motor vehicle loan at a lower rate. It can be a little more difficult to qualify. It is difficult to find a lender because there aren’t many.
Unsecured and Secured Motor Vehicle Loans
Motor vehicle loans can be secured with the motor vehicle. The loan can be secured with other assets, such as a property. This is common when the borrower owns a business, and not an individual, and has multiple vehicles. Unsecure motor vehicle loans are available that don’t require collateral. These loans require good credit scores to be approved and have less favorable loan terms than secured motor vehicle loans.
Motor Vehicle Loans may have higher costs
Finance the purchase of a vehicle is cheaper than financing its financing. Car loans are very common and there is lots of competition. However, this isn’t the only reason. There are other factors. These factors make motor vehicle loans more expensive. Insurance, for example, is more costly and is included in monthly payments. This is true for all other costs and charges such as administrative fees, issuing charges, and so forth.
What is MOVAL? What is MOVAL?
MOVAL is a digital platform that integrates a web and mobile application. It allows vehicle valuation to be converted from a manual process to a more technologically advanced approach using the Intern.
Who is allowed to use MOVAL?
The MOVAL platform was specifically designed for vehicle valuation companies and financial institutions.