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How To Transfer A Car Loan...

08 June 2016, 12:22 PM

Most people taking a car loan in India tend to go on for three to five years. Of course, there are those that go on for longer, but the significant majority tend to fall in the former category. Also, while people would tend to hold on for cars longer in the past, these days people tend to swap out their old one for new at a much quicker pace.

Knowing how to transfer a car loan can be quite invaluable in a situation like this. Begin with a thorough review of the original financing agreement that you’d signed with the lender. This is to make sure that such a loan transfer is indeed allowed as per the agreement.

Once you’ve confirmed this, it is time to look for a suitable buyer. Many prefer used cars for one of a few reasons. This could be to avoid the heavy down-payment scenario with a new car, or to avoid getting hit with high depreciation. It could also simply mean, that they do not have the higher funding necessary for a new car.

Once you’ve narrowed down on a suitable buyer, it is helpful to gauge their financing savviness. Primarily, check to see if they know how to transfer a car loan into their name. Most lenders would gladly be willing to assist in this procedure & thus, you can always approach your lender to see if they offer their help with the same.

Only sign on the documents once the financial paperwork has been taken care of. Obtaining a car car loan in India.may have become easier, but there’s no escaping the due diligence that is needed to be carried out when it comes to the documentation.

Inform the loan company, make sure all legal responsibilities have been transferred into the new owners name. Check with the bank to see if the payment has come through to you.

It is a good practice to inform the nearest authorities about the sale of the car & the transfer of the ownership. This ensures that should the car be involved in any unsavoury activities later on, it does not come back to bite you.

Another questionable practice that’s best avoided is of a sale without the transfer of ownership. Not only is this ethically incorrect, but it also may get you in trouble if the new owner has a mishap or uses the car in activities frowned upon by the law.

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