x Are you wondering if a truck that is being paid in installments by the bank can be sold or transferred to someone else?
x You need to know exactly what procedures, documents, and papers to prepare (if selling a truck on installments)?
How to sell? x You want to know if it is sold, who will continue to fulfill the obligation to contribute monthly money to the bank?
Is it possible to sell trucks with bank installment payments? This is a question that many customers are interested in. Proship.vn will provide quick answers to drivers or businesses or private individuals who are in need of transferring multi-tonnage trucks of 1T, 2T, 5T, 8T, 10T, 15T,... for convenient reference to have a plan soon. more suitable and flexible in buying and selling this type of car in installments.
Shipping contact hotline:
Ms Tien: 0909 986 247
Ms Dung: 0939 999 247
Ms Duy: 0902 581 247
General overview of the form of buying a truck in installments from a bank
Buying trucks in installments is a form of purchase and sale transaction that accounts for over 70% of actual transactions. Because this is considered a useful solution for road freight investment and business activities, it is chosen by individuals, companies, and transport agents as a responsible and effective business plan. fruit.
Installment trucks contribute to promoting growth in many aspects such as individuals and businesses with conditions to develop production and service activities, low-risk credit activities, consumers, and truck dealers. and car manufacturers have more resources to increase supply and demand.
The first thing truck buyers care about is the loan-to-value ratio of the vehicle. As a rule, banks commonly lend capital to buy trucks at 60% -> 80% of the vehicle's value. If real estate is used, the ratio can be 100% of the vehicle's purchase and sale value.
Loan time is the problem most truck buyers consider, because it is related to the total amount of interest to be paid, and the monthly installment of both principal and interest. General regulations on the maximum loan term for buying trucks in installments is 5 years.
In fact, the interest rate will be related to the loan term. Specifically, 1-year loans do not have interest rate incentives. 2-year loan with incentive for the first 3 months, average interest rate among banks is around 0.7%/month. 3 - 4 year loan: 6 month interest rate 0.7%/month. 5-year loan: Preferential interest rate for the first 12 months. From the 13th month onwards, the interest rate ranges from 0.91 - 0.95%/month, and from this point onwards the interest rates of commercial banks are almost the same.
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Can I sell trucks with bank installments?
Is it allowed to sell trucks on installments to the bank? According to regulations, the parties can agree on whether the buyer will pay in installments or defer payment within a specified time after receiving the property. In addition, the seller also reserves ownership of the property for sale until the buyer has completed all financial obligations, unless otherwise agreed.
Also according to regulations, purchases by installments or deferred payments need to be made in writing. Accordingly, the buyer will have the right to use the purchased assets on installment or deferred payment and must bear risks during use, unless otherwise agreed. Specifically:
1. If the buyer and seller do not have an agreement to transfer ownership to the buyer, the seller will be determined to be the owner of the vehicle and the buyer only has the right to use it but not sell it. If the buyer intentionally sells the car, this civil transaction may be invalid due to violation of legal regulations.
2. If the buyer and seller have an agreement to transfer ownership rights to the buyer, the buyer will have the right to possess and dispose of the property according to regulations. This means that the buyer can sell the truck even though it is still in the installment period.
3. If the buyer buys a truck in installments at a bank and the vehicle owner is required to have all of the following documents:
- Vehicle registration certificates
- Certificate of ownership.
During the process of making installment payments, the documents are kept by the bank, so customers who buy trucks in installments only have the right to use them and are not allowed to dispose of or trade the vehicle without fulfilling their obligations. finance. And the buyer will have the right to sell the truck on bank installments after completing all financial obligations.
Take an easy-to-understand example as follows: First, call the car seller in installments A, the buyer B and the bank C. Then party A and party C initially had an agreement on borrowing money to buy a car. installment payment, in this case, Party C has the right to reserve ownership of the asset that is the car being paid in installments until Party A fully pays the installment amount as agreed in the contract.
So, although A has the right to use the car, he does not have the right to dispose of the property until the full installment has not been paid. Although they have the right to sell the car, A and B need to make a clear and transparent contract to avoid future disputes. Unless otherwise agreed, the obligation to pay the contribution to the bank remains with Party A.
Shipping contact hotline:
Ms Tien: 0909 986 247
Ms Dung: 0939 999 247
Ms Duy: 0902 581 247
Proship guides how to sell trucks with bank installments in the most legal and standard way
So, you have the answer to the question of whether or not to sell a truck with bank installments. Next, Proship Logistics will guide you through the simplest and most legal process of selling trucks on installments quickly.
To be able to sell a car that is being paid in installments by the bank, the user needs to go through the procedure to transfer the car's title. Depending on the case of changing ownership in the same province or another province, users will have to follow different procedures:
Procedures for transferring truck title to the same province
In case of carrying out the vehicle title transfer registration procedure in the same province, the vehicle owner will proceed in 4 steps:
- Step 1: Proceed to make a car purchase contract;
- Step 2: Notarize the car purchase contract;
- Step 3: Pay registration fee;
- Step 4: Change name, change car owner.
Procedures for transferring truck name to another province
To register a vehicle title change in another province, you will have to follow the following 5 steps:
- Step 1: Proceed to make a car purchase contract;
- Step 2: Notarize the vehicle purchase and sale contract according to the law;
- Step 3: Pay registration fee;
- Step 4: Withdraw original documents;
* Note: At this step, the car owner needs to prepare all the following documents: Vehicle registration certificate; Vehicle title transfer declaration; License plate certificate; Proof or citizenship identification; Notarized vehicle purchase and sale contract; Document of registration fee payment.
- Step 5: Change name, change car owner.
=> SUMMARY: In case the person making the installment payment has completed the financial obligation or has ownership of the vehicle according to the agreement, he or she can carry out a vehicle purchase and sale transaction to a third party. In addition, car owners should also pay attention to the steps when completing transaction procedures to limit trouble and minimize unnecessary risks.
PROSHIP LOGISTICS specializes in providing the cheapest, safest and most reputable inter-provincial transportation of motorbikes and parcels from 50Kg, 51-100Kg, 101-500Kg, 501-1000Kg, 1000Kg in the current North-South transport market. now. Accordingly, the North -> South parcel delivery schedule is Monday-April-June and South -> North is Tuesday-May-July. Support delivery by DOOR TO DOOR method when customers request.
In particular, our 8-ton 2-storey truck line has a modern, convenient hydraulic lift platform that helps move goods up and down easily, without wasting effort or scratching the goods; A specialized truck line for transporting motorbikes (committed to not scratching the vehicle), reinforced safely and securely throughout the journey; Ensure parcels are not stacked on top of each other, very safe during road transport.
So, you have a satisfactory answer to the question: IS it ALLOWED or NOT ALLOWED to sell trucks that are being paid in installments by the bank ? To ensure compliance with the law, you should carefully research the information in advance and make the right decision before buying a truck on installments to avoid unnecessary problems, complaints, and disputes...
And when you need to rent a truck to transport parcels or North-South motorbikes, contact 0909 344 247 for direct service consultation and quotes.
Shipping contact hotline:
Ms Tien: 0909 986 247
Ms Dung: 0939 999 247
Ms Duy: 0902 581 247
