Transfer of Car Loan
By haneef_aqua •
Car Sale advertisements often state Car loan is transferable. But at enquiry from IBQ & QNB they said there is nothing as such. You have to settle the loan first & get fresh car loan after getting a quote from some car show room. If i want to buy a car from a friend and get it financed from bank Is it possible?
i think there's no need for a quotation if you will assume the liability/car loan of your friend and have it financed by the same bank.some banks offer this kind of trnsaction.
that's the way it is...you have to get a quotation of your friend's car from a dealer accredited by the bank where you want it financed.upon approval of your used car application the bank will issue a local purchase order to the dealer who gave the quotation which in turn will pay your friend.