There are some loans that go into default with the Bank having being stuck with foreclosure in order to recover the losses .

Bank require full value comprehensive insurance to be be endorsed in favour of the Bank to cover total car loss by official write off including misceleaniouse expenses Eg : reposession expenses.

Not sure if the bank today would ask fo one of the two drivers keys.

Banks usualy are requiring collateral in support of their loans which usually comes from customer depositor accounts this applies to mortgages from investors also with a home title deeds as collator for example.

Some loans to day go on cars because the cars is usualy trade able ,that is dependant on the car price and condition the problem people have is establishing value .
insurance companies sell polices at high /// low value to suit their purposes and practices all the time wanting the car owner to insure with them.
The question here as above is the interest rate charges by the bank has to cover the total expences of the bank including saleries of the loan officer and staff their profit ,if any ,is very minamal .

Failure of a loan purts the bank at further risk.

Here is some good advice which relate to income an expenses the bank wants that to work also .
Note :- Possible reoccurring inflation you have to figure in for that as you income an expense may / wil change
You will have to produce pay sheet record signed by your employer

Your aplication has to be picture perfect bank officers dont have time to waste.

Many people have dificulty in setting out an accurate financal spread sheet showing all the facts , look our for omissions an doyou worst month like TCD an insurance payments get that from the car dealer … just get help, do not expect the bank office to do you paper work for you.

You be intested to learning you loan application has to be presented to the loan committee for approval there is a fee for that the numbers have to work out , also your credability will be investigated regarding your past loan performance.

Who is a t risk here both you and the bank