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Hello,

So I found a beautiful car that I want to buy straight form the owner. But as he informed me the car has a loan balance on it. My question is, is there a way to buy the car without closing the loan first (Means paying the whole amount) then transferring it to under my name? In other words, is there a way to finance this procedure? Maybe continue paying the loan or something...

Sami
 

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Hello,

So I found a beautiful car that I want to buy straight form the owner. But as he informed me the car has a loan balance on it. My question is, is there a way to buy the car without closing the loan first (Means paying the whole amount) then transferring it to under my name? In other words, is there a way to finance this procedure? Maybe continue paying the loan or something...

Sami
No. The mortgage must be settled in full before you can transfer the ownership.
 

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Actually, I also thought loan balances had to be cleared in full, until a colleague transfered the remaining payments onto his name when purchasing the car from the owner. Maybe it's a bank thing, this was through DIB ...
 

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Like I said that was my understanding, but the colleague has stuck to his story, can't say for certain wasn't involved/there, but then he didn't have any reason to lie about something like that ...
 

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Weird. But if you're paying a value which covers the cost of the loan, then why not just pay it straight to the bank and clear it anyway?
 

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The agreement for the sale was, per my colleague, he gives the seller 5K AED cash only, and takes over a little less than 2 years worth of payments left on the car. So in effect the new owner didn't have to go through the b.s of getting new fianancing and only had to invest 5K in immediate funds, while having a set payment scheme, that he was comfortable with, already in place.

Personally, I really like the way he worked that deal, which is why it stuck with me, I wouldn't mind doing something like that, given the car is in acceptable shape etc ...

P.S: one thing I forgot to mention was that the seller was selling his car because he was moving back home for good, maybe that was another thing that let this happen, can't say for sure.
 
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