Buying a car that is still under bank loan

**earthlyken** · December 10th, 2013 02:01 AM

Hello fellow tsikoters,

Question, we're planning to purchse a 2nd hand car, but the car is still under bank loan, what do i need to make sure when we paid the balance in full that the car will be xfer to me?

what document do we need to secure to be sure the papers will be given to us since i was advise that the papers will be availlable for the next 1 to 2 weeks.

Please help

TIA.

**_Qwerty_** · December 10th, 2013 06:54 AM

make sure you make the payment in the bank and for the bank..

make sure there's a deed of sale between you and seller.. and the bank understands that you are buying the car so they should issue the letter confirming full payment to you.

also - make sure car is clean.. no alarm, etc. pa check mo sa HPG sa Crame.

**vinj** · December 10th, 2013 09:22 AM

You meet the seller at the bank where the loan is booked, confirm the balance due and settle directly with the bank. They will issue the release of chattel mortgage a few days after and the new owner should turn it over to you (or you can get an authority to get it yourself) para isang lakaran nalang sa LTO.