My daughter-in-law's car is mortgaged, so if the loan is not paid off, she will receive text messages and phone calls, so I suggest that since you have applied for automobile mortgage, you should repay it as soon as possible.

Automobile mortgage.

When many people are short of funds, they will choose mortgage to get funds, among which cars and real estate are more common collateral. Then, let me tell you, if you use the car as collateral, can you transfer the loan car?

Can the loan car be transferred?

If you apply for automobile mortgage, the vehicle has been mortgaged to the lending institution before the loan is paid off, so the individual has no right to buy, sell or transfer the vehicle. Only when the car loan is paid off and the borrower takes the receipt to the relevant part to go through the mortgage cancellation formalities can the car be transferred.

Some people are short of funds halfway and can't pay off the balance. They intend to raise funds by transfer, but they can't go through the transfer formalities without paying off the car loan.

Loan vehicles need to provide paid loan documents when handling the transfer procedures. If the vehicle has not been paid off, the vehicle will also help the bank, and the owner has no right to transfer the vehicle to others. In addition, if the owner fails to repay on time or evades repayment, the bank will pay off the balance by auctioning the mortgaged vehicle according to the auto loan contract, thus reducing the loan loss.

Can I sell the car I bought with the loan?

Friends who have applied for auto loans know that if they choose to buy a car by loan, their cars will be mortgaged to lending institutions, whether they are looking for bank loans or microfinance companies. The loan applicant does not own the property right of the car.

As the loan applicant doesn't own the property right of the car, he can't handle the transfer and sell the car. Can I sell the car I bought with the loan? You can't sell the mortgage until you cancel the registration. But is there any way?

If the lender really wants to sell the car, he can pay off the loan he owes first, and then go through the formalities of canceling automobile mortgage, so that he can transfer the ownership and sell the car.

Therefore, after handling automobile mortgage, the borrower has no right to sell the mortgaged car before paying off the loan and canceling the mortgage procedures.