how to transfer my car loan to another person?
I'm resigning from my work and I want to transfer my car loan to my friend. My loan is from QNB and I issued cheques to debit on my account for 2 more years(Doha Bank). Our salary transfer is in Doha Bank and my friend is working with me in same company. Can I transfer my loan to her? Pls. help
Dear Liza,
Your employer cannot cancel any of your account and incase you are moving to take another job or leaving the country; he could just inform Bank that there will not be anymore salary transfer in future due to XYZ reasons. You could directly talk to your bank for futher clearance of car loan, etc.
And yes it could be compared to a fresh loan wherein she could be asked for a downpayment. Depending if your company is into that bank's approved list and if her salary is being transferred to that bank.
They are right! You need to talk to QNB who financed the car. Tell them that your friend would like to take your car and in which case, he will be asked for an NOC from his company, passport copy, Qatar ID copy and bank statements and if he'll be approved, he has to provide checks. A 1% early settlement fee is normally charged on top of your existing loan. I hope it helped.:)
The buyer will have to apply for a fresh used car loan and if approved, the proceeds of this loan will be used to clear the outstandings of your existing loan. There are chances You could lose some money in the deal..
Mr. Victor how can I repay my car loan if my employer will cancel my bank account? I'm confuse.
No, you cant tranfer your loan into another person's name. Your friend has to apply for a fresh car loan and you could repay your existing loan to release your car from bank loan and then transfer in her name. Check with QNB and Doha bank for further guidance.
Thank you tess 916
I guess the best person who can answer you is your agent from QNB, as you need to retrieve all those checks that you had supplied to them if in case transfer is approved by the bank. Then you may also be asked for a letter from your employer for this, just to show to the bank that the employer has no objections to transfer your loan to another person who is also your co-worker.