Whose name is on the vehicle license for a car bought on installments?
1 Answers
For a car bought on installments, the vehicle license should bear the name of the purchaser. The owner's name listed on the vehicle license is not just a matter of identification; the registered owner on the license is legally recognized as the vehicle's owner, with the legal right to use and dispose of the property. In the event of traffic accidents, financial disputes, etc., this person is also the legally designated party responsible. Buying a car on installments means that the borrower applying to purchase the car pays a portion upfront as a down payment, with the remaining amount provided by the lender in installments to the buyer. After meeting a series of conditions for installment car purchases, the owner can smoothly complete the procedures by applying for a personal car installment loan at the lending bank. Additionally, after submitting the loan documents, the bank will need to conduct a review and confirmation process before approval can be granted.