Assuming the buyer is taking out a loan to buy your car:
- Give the buyer a photocopy of the car grant. The buyer will apply for a loan with this.
- The buyer's bank may call you to verify the sale and/or to verify the agreed sale amount.
- Depending on the bank, you may need to send the car to the branch for visual inspection.
- Arrange for PUSPAKOM B5 and B7 inspection. The total cost for this inspection is less than RM100 IINM. You either call up the nearest PUSPAKOM branch and make an appointment, or hire a runner but you will have to pay for his service. You can discuss with the buyer who will bear the inspection cost.
- Deliver the inspection results to the buyer's bank.
- Once the buyer's loan is approved and signed, the buyer will need to buy insurance for the car.
- You will have to sign transfer forms at the bank or at JPJ, clarify this with the bank.
- After the name transfer process is complete, deliver the car and cancel your insurance. Remember, do not deliver the car before the transfer is complete.
If you have any doubts about the process, ASK the buyer's bank (not the loan agent aka banker) what they need from you. But the first thing you must do is give the buyer a photocopy of the car grant to apply loan first.
but my current car has a loan still...