« Loan- how not to get a mortgage
Is it a wise decision to consolidate credit card debt with a personal loan? »

Selling my car -I have a personal loan?

I am trying to sell my car and buy a cheaper one but I have finance on my car- It is a personal unsecured loan not a car loan so can I just sell it and buy a new one no worries or do I have to approach the bank about it??

  • Share/Bookmark

This entry was posted on Tuesday, February 9th, 2010 at 11:18 am and is filed under Home loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

5 Responses to “Selling my car -I have a personal loan?”

  1. If it is a personal unsecured loan with no credit agreement on the car you can sell the car because the loan is to you and not for any purpose. If there is a credit or loan agreement against the car as security you need to contact the lender.

  2. If the loan is not secured by the car, you should have the actual title with no lien recorded. If that is the case, you can sell the car without informing the bank. If the bank has a lien on the car, your can’t transfer title to the buyer until the bank releases the lien.

  3. Only if they have a secured interest on the title.

  4. unsecured its all good.

  5. The problem is that as soon as you sell your car you will be upside down with the bank so, you will still owe the bank unless you make another loan for the remainder of what you owe, plus the amount that you need to get another car.

Leave a Reply