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Old 28th September 2009, 12:02   #1
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Default Car Loan (EMI's) transferrable??

Hey Guys,

I am going to buy a 2nd hand accent. The owner has an outstanding amount with the bank(HDFC) ~1.3l...Would it be easier to transfer the o/s loan in my name and payoff the remainin EMI's or should he close the loan first??
I will also be taking a loan, so in case I can transfer the EMI's it would save a lot of trouble of having to apply again.

Thanks!
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Old 28th September 2009, 12:34   #2
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It is possible to transfer the car loan in case of HDFC bank. You can check with their phonebanking for the procedure involved.
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Old 28th September 2009, 17:17   #3
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AFAIK, very few banks will be willing to transfer the loan. The new buyer may not have the same credit rating, plus they have to rework the contract & post-dated cheques among other things. Generally, the way it works is, the older loan is foreclosed, after which a new loan may be availed of (from the same or any other bank).
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Old 6th October 2009, 16:39   #4
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Thanks GTO, Like you mentioned, the seller had to foreclose his loan at HDFC(with a 5% closure charge). The problem now is I got to wait for a week almost for the bank to send the NOC to the seller. Since Car loans for HDFC is centralized at Mumbai its going to be a long wait to get delivery I think... :(
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