Can a Car Bought on Installment Be Sold?
1 Answers
A car bought on installment can be sold. Here are some details about selling a car bought on installment: 1. Financed Car: A car purchased with a loan can be sold, but the sale is not unrestricted while the loan is outstanding. This is because the vehicle is mortgaged to the bank until the loan is fully repaid, and a vehicle with a mortgage registration cannot be freely bought or sold. 2. Selling a Financed Car: You can choose to sell the car after the loan is fully repaid, or you can request that the buyer directly settle the outstanding amount in advance. Both methods allow for the sale. Most transactions are conducted under a retention of title arrangement, where the ownership of the car remains mortgaged and does not belong to the buyer until the full payment is made.