Can a Car Be Sold During the Loan Period?

[OLayla]

A vehicle under loan cannot be traded or sold; all loans must be repaid, and the mortgage registration must be canceled before any transaction can occur. During the loan repayment period, the owner does not possess full ownership of the vehicle—the ownership temporarily belongs to the mortgage institution, and the borrower only has the right to use the vehicle. Below are legal methods to sell a mortgaged car: 1. First, contact a buyer and negotiate with them to advance the remaining loan amount. Then, retrieve the vehicle registration certificate, vehicle qualification certificate, and purchase contract from the bank, and proceed to the vehicle management office for the transfer with the vehicle. 2. Visit the bank with the buyer to complete a mortgage transfer agreement. This process requires providing the original and a copy of a valid ID, the vehicle mortgage contract, the vehicle license, followed by fingerprinting and signing. The vehicle's source must be legitimate, and its information can be verified at a 4S shop or through the traffic police vehicle system. The new owner can then use the vehicle license to purchase insurance from an insurance provider.