On car loans
Now that we’re moving we are wanting to sell our car. We bought it two years back and it’s still on the last year of its loan payments, and so are having a tough time figuring out how the auto loan can be transferred to the new buyer. The information we have so far, says that no, an automobile loan cannot be transferred to a new owner, so our only alternative is to pay the loan of completely and then sell the car.
As easy as it is to sign up to get car loans, it’s just as hard to get out of them. Since we’re going to be paying it off early, we will lose out on the interest, since it has already been calculated for a longer period and we do not get anything back from paying it off early. One of the buyers we have for the car needs to get a loan to buy the car and is likely to take a cheap loan to tide over his cash crunch. This was an issue we never found out about at all when we went it for financing by this company and it is definitely a very important issue to understand before taking any kind of loan, especially an unsecured loan. One learns about these things only with experience and now the next time we need to take a car loan, we know there are a lot of other things that we need to keep in mind.
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