1. Find a prospective Buyer
2. Check with him/her if he can pay up cash or want to take over your loan.
3. If its cash, xgo and clear your loan. Then Bank will issue a letter to Traffic that car is in your name. Then you can transfer it to the Buyer.
4. If he/she is willing to take over your loan, they have to get their bank to approve of the loan first.
5. Then you jointly go to the bank and prepare letter to this effect. If its b/w banks, they will issue letters appropriately.
If its a small amount thats outstanding, it would be wise to clear the loan and sell it off, or convince the buyer to do so. cos banks are getting very nasty with loans approval these days.
1. Find a prospective Buyer
2. Check with him/her if he can pay up cash or want to take over your loan.
3. If its cash, xgo and clear your loan. Then Bank will issue a letter to Traffic that car is in your name. Then you can transfer it to the Buyer.
4. If he/she is willing to take over your loan, they have to get their bank to approve of the loan first.
5. Then you jointly go to the bank and prepare letter to this effect. If its b/w banks, they will issue letters appropriately.
If its a small amount thats outstanding, it would be wise to clear the loan and sell it off, or convince the buyer to do so. cos banks are getting very nasty with loans approval these days.
Good luck.