For 2nd hand car that we sell ourselves,

let say if buyer is interested, but we still have loan, and the buyer wishes to get a loan.,

how does the process work actually?

thumbprint 1st? or apply first? need to go hire purchase dept and submit what documents ya? any place I can refer to? thanks.

Parking. Want to know also.

As i know you need to settle your loan frst, then only can transfer.

But i have heard previously of buyer take loan from same bank as seller, then internally they "pay off existing loan" and buyer loan take over on paper...essentially like they just transfer the loan the buyer

The buyer pays the deposit and proceeds to apply for a hire purchase loan, either from the same bank as the seller or a different bank

The bank will then appoint their own runner to handle the ownership transfer and etc

Good information, easy to understand ✅🐯

i kinda did this last year when i sold my car that i brought new buyer to my existing bank and he took up loan from same bank, otherwise have to settle my loan first then only sell...

alternatively heard service by paultan private auto finance, google and read bout it

how is the process? both need to be present, and just say i want to sell ?

also the loan amount, does it based on your selling price? how is the deposit ?

let say my selling price is 67k,

deposit will be 6.7k,

loan amount will be : 60,300.

If my full settlement amount somewhere is 55k , how does that work?

sorry noob question

Parking

interested to know as well.

it depends on the banks internal process, like mine, the car was 80k and loan balance was 50k, buyer gave deposit amount to bank and bank knock off from loan balance and issue LO for remaining balance. If the above scenario was other way round where my loan is higher then selling price then i have to top up remaining payment to bank first. so in ur scenario the first will apply.

best is to call the existing bank auto loan division and ask if they even allow such a thing cos it is depending on the bank and can ask the procedure too. like mine, which was affin was all done over email and phone and only for the final step needed both parties present at bank

If got outstanding loan better to ask buyer apply same bank. Most banks last I call enquire one by one they don't do contra.