NO, the bank may not allow transfer of loan to another. im not sure with other bank but Standard CHartered did not. Maybe because of the tedious paper works that will be dealt.
but if your buyer agreed on your price, which i guess will be a little higher or at least equal to the loan balance, what you should do is ask him/her to pay you the whole amount so you can settle the balace to the bank and be issued clearance and he can already take the car from you after cash payment.
clearance issuance may take days but after then, you can both proceed to traffic office to facilitate transfers of ownership.
heero,
NO, the bank may not allow transfer of loan to another. im not sure with other bank but Standard CHartered did not. Maybe because of the tedious paper works that will be dealt.
but if your buyer agreed on your price, which i guess will be a little higher or at least equal to the loan balance, what you should do is ask him/her to pay you the whole amount so you can settle the balace to the bank and be issued clearance and he can already take the car from you after cash payment.
clearance issuance may take days but after then, you can both proceed to traffic office to facilitate transfers of ownership.