How can i buy a car from an individual who already has a loan on it?
Answers:
If the lender is local, meet the seller at the lender's office, you can make give him payment for buying the car and witness the loan being paid off. If there is no local office, use an escrow company. Put your money and the car title in their hands and let them handle the transaction of paying the car off to clear the title and then get the title to you. It will not be a free service, but well worth the peace of mind you will have knowing that you won't pay off the loan for him and not get the title, or have him not pay off the loan after you give him all the money.
you pay off the loan and deduct it from the selling price
You need to confirm ownership of the car. Connect with his financial vendor and advise them of your intention to take over the balance of the loan and transfer ownership of the car.
Easy you need to come up with the cash to buy for what they owe on the vehicle, hen the loan is released as paid in full and it can be transfered to you
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