Automobile mortgage.
Many people will choose mortgage to obtain funds when funds are tight, among which cars and real estate are more common collateral. Then, let me tell you, if you use a car as collateral, can you transfer the loan car?
Can I transfer the loan car?
If you apply for a car mortgage, the car has been mortgaged to the lending institution before the loan is paid off, and the individual has no right to buy, sell or transfer the car. After the car loan is paid off, the borrower can handle the mortgage cancellation formalities at the relevant parts with the receipt before the vehicle can be transferred.
Some people are short of funds and can't afford the balance. They intend to withdraw funds through 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 is not 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 the loan on time or evades repayment, the bank will use the funds obtained from the auction of mortgaged vehicles to pay off the balance and reduce the loan loss according to the auto loan contract.
Can I sell the car I bought with a loan?
Friends who have handled car loans know that if they choose to buy a car by loan, whether they are looking for a bank loan or a microfinance company, their cars are mortgaged to the lending institution. 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 his car. Can I sell the car I bought with a loan? It can't be sold before the mortgage registration is cancelled. But what can we do?
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 the car 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 formalities.