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Selling car under bank loan in Dubai may appear complicated at first look, but with the right knowledge and proper planning, it can be smooth and easy process. Whether you are looking to upgrade your car in Dubai or need to selling it for other reasons and the car under bank loan, in Here will provide you with step by step guide on how to sell car under bank loan in Dubai.
Before proceeding with the sale review your loan agreement and check the conditions set by the bank, Some banks may have specific requirements or restrictions regarding selling car under loan, It is crucial to understand the terms and conditions to ensure compliance throughout the process.
Conduct thorough market research to determine the current value of your car Consider factors such as the make, model, year of manufacture and mileage and condition and any additional features, Online car valuation tools and consulting with professional car appraisers can help you estimate fair selling price.
you need to Reach out to your bank and inform them about your intention to sell the car in Dubai and they ask for the details of the car loan , you can Provide them with the necessary details like the buyer information and selling price and proposed date of the transaction value and early settlement fee if there is any, The bank will guide you on the specific steps required to proceed with the sale.
In most cases the buyer will need to settle the outstanding loan amount directly with the bank, Coordinate with the buyer and the bank to arrange the payment process smoothly, Ensure that all parties are in agreement regarding the payment method and timelines and any additional requirements stipulated by the bank. or sometime the buyer can finance the car through the same bank.
Once the buyer has settled the outstanding loan amount the bank will issue No Objection Certificate (NOC). The NOC confirms that the loan on the vehicle has been fully settled, allowing the transfer of ownership to the buyer. Request the NOC from the bank, as it is crucial document required for the sale.
Both the buyer and the seller have to visit the Road and Transport Authority (RTA) in Dubai to complete the transfer of ownership, Ensure you have the following documents
Original and copies of both the buyer's and seller's Emirates ID cards.
Original vehicle registration card (Mulkiya).
Original purchase agreement or sales invoice.
Valid insurance certificate.
No Objection Certificate (NOC) from the bank.
At the RTA, follow the designated process for transferring ownership. Submit the required documents, pay any applicable fees, and complete the necessary forms. The buyer will receive a new registration card (Mulkiya) reflecting their ownership.
After completing the ownership transfer, hand over the vehicle to the buyer along with all the relevant documents, including the new Mulkiya, service history, user manual, spare keys, and any other paperwork related to the car.
Ensure that the buyer is reliable and trustworthy. Verify their identity and request valid identification documents before proceeding with the sale.
Maintain open communication with the bank throughout the process. Notify them of any changes or delays promptly to avoid potential complications.
Conduct a thorough inspection of the car and document its condition before the sale. This can protect you from any disputes or issues that may arise later.
If you encounter any challenges during the process, seek guidance from the bank, or consult a professional car sales advisor or lawyer who specializes in automotive transactions.
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