Buying a car with bank financing may appear to be a good option, but things can become complicated if you want to sell your bank-financed car in Dubai. It can be a difficult situation because you cannot simply transfer it to the buyer without first paying off your loan. Until you have paid off your debt in full, the financed car is still subject to the bank's mortgage, and the bank retains ownership of the vehicle. We Buy Cars will advise you on how to sell your financed car in Dubai.
How to Clear Your Funds
Assume you need to sell your car quickly but don't have the funds to pay off your loan. You have options. Find a buyer willing to pay off your loan. In this case, you must provide a guarantee to the buyer that the vehicle will be transferred to the buyer once payment is received. To do so, you must first obtain complete information on the total amount you owe the bank, including any fees for early repayment of the car loan.
Search for a Finance Buyer
Follow the process if you can afford to pay off the balance. If you are unable to repay the loan, there are two options for selling your loan car in Dubai.
If you find a finance buyer for your car, you must notify the bank so that the loan can be transferred to the buyer. Other than Emirates NBD, Noor Bank, and Dubai Islamic Bank, no other Dubai banks have a loan transfer policy. As a result, you must check the bank's policy and determine whether this option is feasible for you. Find a buyer who wants to buy your car with a bank loan and is willing to go with the same bank that owns your car.
Documents required for the buyers
As we all know that the process of selling a financial car needs proper documentation. These documents may include the following,
· Residence Visa
· Car insurance
· Emirates ID
· Dubai driving license
Give the buyer a "Seller's agreement" or a "Power of Attorney" so that once the loan is paid off, the buyer can easily transfer ownership of your used car. These documents can be obtained from a notary public or a registered provider of the "Seller's agreement." To protect our buyers and sellers, We Buy Cars prefers the "Seller's agreement" because it cannot be revoked once the payment is made.
Once the buyer is persuaded, you can ask them to accompany you to the bank to make the loan payment. Cash or managers' cheques are both acceptable payment methods, though personal cheques are risky because they may bounce. The buyer can then make the payment. However, the car remains your property, and you are liable for any car accidents, damage, or fines.
How to Finance the Car
The majority of the work has been completed, and the buyer can purchase your car when the car’s financial history is completed. However, to transfer ownership, the buyer must go to the RTA after the bank notifies them that the debt against it has been settled, which usually takes a couple of days. Alternatively, look for a buyer who is willing to finance the car.
We Buy Cars has already worked with different banks in Dubai and other areas of the country. It is better to have some important information about bank transformation because some banks don’t allow it. In that case, the buyer has to agree to get the loan via the same bank as yours.
Why need a car valuation certificate
Whether you want to buy or sell my car, the process can be difficult. This is why We Buy Cars provides our sellers with transparent information and guides them through the process. The buyer needs to present a car valuation certificate as proof against the loan proof. Once your bank grants permission it is important to tell others that your car has been valued. You can now transfer the car to the new buyer via RTA/Tasjeel. The new buyer provides the bank with the new registration card as well as insurance papers covering the financed value of the car to prove ownership and close the loan.
Here's how to use AUTO SWAP:
· Visit the Emirates NBD website
· Select Personal Banking, Auto Loans, and then AUTO SWAP.
· Enter your name, email address, and phone number.
· Mention the car's age.
To conclude that we can say the process of selling a financial car is very important to know both for the sellers and the buyers of the car. On the other hand, if you are tired of finding the best way to sell your car and you can’t reach your goals. Now, We Buy Cars can provide this opportunity to you in your area. It doesn’t matter whether your financial car is an old Lexus car, a second-hand BMW, or a damaged Bugatti. Don’t worry about your car model and car condition because we can buy all types of cars in Dubai and are known as the best-used car buyers in Dubai. As we discussed before that we care about our customers or readers and help them with information related to financial car selling. For this purpose, we have prepared this blog. If you like this information and have more related information for financial cars, do share it with us and we’ll share this information publically. Do share your experience with us and leave a comment.