2007-02-12 03:44:14 · 2 answers · asked by sandy 1 in Cars & Transportation ➔ Buying & Selling
If the Seller has a loan on the car, the title to the car is usually in the hands of the bank. This loan needs to be paid off during the course of the transaction in order for title to be conveyed. If you anticipate having to have a loan of your on, then you could contact his bank about assuming payments or get your own loan and have them pay the Seller's loan out.
2007-02-12 04:00:32 · answer #1 · answered by spirus40 4 · 0⤊ 0⤋
Once you have agreed to a price, you need to pay the balance owing on the loan directly to the creditor. In most states creditors will not release the title until they have been paid in full, because until they are paid really they own the vehicle. There is also the 'take over payments' option, in which you apply to the creditor for a loan and proceed from there if the creditor approves you.
2007-02-12 03:58:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋