I am planning to buy a used car. Bank is asking for sale letter showing price from show room. Is this required if i am buying direct from a person..please someone explain?
Firstly agree a price for your car with your friend, then approach a dealership and ask if they will be willing to sell the car through their dealership to secure the bank loan criteria, if yes then agree a price for their services. Once agreed the dealership will give your friend a quotation invoice for the car on the price you and friend agreed. Your friend then takes this to the bank and he applies for a car loan. Once the car loan is approved the dealership will receive a LPO from the bank. At this point the dealership will transfer the car into your friends name. When this is completed the dealership produces the LPO and transfer document copies of the transfer to the bank and the bank then gives the dealership the money for the car, this is when you will get your money less the charges you agreed upon. Hope this helps
Thanks, mullahboy. Another couple of follow up questions if I may...
I am in the process of selling my car - possibly to someone who requires a loan. Does this mean that I would need to transfer the ownership of the car to the dealership first? Would the dealership pays me at the point of transfer or only upon their receipt of the cheque? Would the dealership handle all the re-registration or would I still need to go to the traffic department with the buyer or the dealership people?
Your guidance is most appreciated. Am trying to better understand the sequence of events.
The bank will issue the cheque to the dealership who then pays the seller then the car is transfered by the dealership into the the new owner name. All this works very well and you will not have any problems with the money or transfer. A good dealership to use is Oasis Used Cars, I have sold cars to people requiring banks loan through them 8 times now.
If you a buying the car with a bank loan you will have to do it through a car dealer who will provide a proforma invoice for the bank even if it a private sale. This will cost between Qr500 to Qr1,000 depending who you use
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where is the guarantee for the seller?in case dealer does not want to pay you,what will happen next?
where is the guarantee for the seller?in case dealer does not want to pay you,what will happen next?
where is the guarantee for the seller?in case dealer does not want to pay you,what will happen next?
Firstly agree a price for your car with your friend, then approach a dealership and ask if they will be willing to sell the car through their dealership to secure the bank loan criteria, if yes then agree a price for their services. Once agreed the dealership will give your friend a quotation invoice for the car on the price you and friend agreed. Your friend then takes this to the bank and he applies for a car loan. Once the car loan is approved the dealership will receive a LPO from the bank. At this point the dealership will transfer the car into your friends name. When this is completed the dealership produces the LPO and transfer document copies of the transfer to the bank and the bank then gives the dealership the money for the car, this is when you will get your money less the charges you agreed upon. Hope this helps
Thanks, mullahboy. Another couple of follow up questions if I may...
I am in the process of selling my car - possibly to someone who requires a loan. Does this mean that I would need to transfer the ownership of the car to the dealership first? Would the dealership pays me at the point of transfer or only upon their receipt of the cheque? Would the dealership handle all the re-registration or would I still need to go to the traffic department with the buyer or the dealership people?
Your guidance is most appreciated. Am trying to better understand the sequence of events.
The bank will issue the cheque to the dealership who then pays the seller then the car is transfered by the dealership into the the new owner name. All this works very well and you will not have any problems with the money or transfer. A good dealership to use is Oasis Used Cars, I have sold cars to people requiring banks loan through them 8 times now.
Follow up question on mullahboy's answer, who will the bank issuing the cashier's cheque to? Will this be the car dealer? the buyer? the seller?
If you a buying the car with a bank loan you will have to do it through a car dealer who will provide a proforma invoice for the bank even if it a private sale. This will cost between Qr500 to Qr1,000 depending who you use