{"id":21045,"date":"2023-10-17T12:00:50","date_gmt":"2023-10-17T04:00:50","guid":{"rendered":"https:\/\/www.carsome.my\/news\/?p=21045"},"modified":"2024-10-17T17:06:36","modified_gmt":"2024-10-17T09:06:36","slug":"how-to-sell-car-with-loan-in-malaysia","status":"publish","type":"post","link":"https:\/\/www.carsome.my\/news\/item\/how-to-sell-car-with-loan-in-malaysia","title":{"rendered":"Yes, You Can Sell Your Car Even If It Has An Existing Loan! Here&#8217;s How to Do It"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/carso.me\/zz2zgctvC\">Buying a new car<\/a> brings with it a whole new level of joy and achievement. We all know the excitement of getting behind the wheel of your brand-new car for the first time and driving it out of the showroom. That said, when you decide to upgrade your car, you might face the headache of selling or trading it in, especially if it still has an existing hire purchase loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fortunately, we have some <\/span><a href=\"https:\/\/www.carsome.my\/news\/item\/sell-car-with-an-existing-loan\"><span style=\"font-weight: 400;\">car loan early settlement tips<\/span><\/a><span style=\"font-weight: 400;\"> if you\u2019re wondering <strong><a href=\"https:\/\/www.carsome.my\/news\/item\/how-to-sell-car-with-loan-in-malaysia\">how to sell a car that\u2019s still under loan in Malaysia<\/a><\/strong>.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"601\"><strong>Table of Contents<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"601\">\n<ul>\n<li><a href=\"#a\">How to Sell Your Car When the Buyer Pays in Cash<\/a><\/li>\n<li><a href=\"#b\">How to Sell Your Car to a Buyer Purchasing with a Bank Loan<\/a><\/li>\n<li><a href=\"#c\">What to Know before Selling a Car with an Existing Loan<\/a>\n<ul>\n<li><a href=\"#d\">Is There a Penalty for Early Car Loan Settlement?<\/a><\/li>\n<li><a href=\"#e\">How to Find Out Your Car\u2019s Value<\/a><\/li>\n<\/ul>\n<\/li>\n<li><a href=\"#f\">Sell Your Car, Hassle-Free with CARSOME<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a name=\"a\"><\/a><\/p>\n<h2><strong>How to Sell Your Car When the Buyer Pays in Cash<\/strong><\/h2>\n<figure id=\"attachment_37142\" aria-describedby=\"caption-attachment-37142\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.carsome.my\/news\/item\/sell-car-with-an-existing-loan\/business-man-show-money-bank-note-make-financial-plan-invite-people-sell-buy-house-car-monetary-properties-loan-credit-insurance-concept\" rel=\"attachment wp-att-37142\"><img decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-37142\" src=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/business-man-show-money-bank-note-make-financial-plan-invite-people-sell-buy-house-car-monetary-properties-loan-credit-insurance-concept.webp\" alt=\"how to sell car with loan in malaysia\" width=\"1000\" height=\"668\" srcset=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/business-man-show-money-bank-note-make-financial-plan-invite-people-sell-buy-house-car-monetary-properties-loan-credit-insurance-concept.webp 1000w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/business-man-show-money-bank-note-make-financial-plan-invite-people-sell-buy-house-car-monetary-properties-loan-credit-insurance-concept-300x200.webp 300w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/business-man-show-money-bank-note-make-financial-plan-invite-people-sell-buy-house-car-monetary-properties-loan-credit-insurance-concept-768x513.webp 768w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/business-man-show-money-bank-note-make-financial-plan-invite-people-sell-buy-house-car-monetary-properties-loan-credit-insurance-concept-150x100.webp 150w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/business-man-show-money-bank-note-make-financial-plan-invite-people-sell-buy-house-car-monetary-properties-loan-credit-insurance-concept-696x465.webp 696w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption id=\"caption-attachment-37142\" class=\"wp-caption-text\"><a href=\"https:\/\/www.freepik.com\/free-photo\/business-man-show-money-bank-note-make-financial-plan-invite-people-sell-buy-house-car-monetary-properties-loan-credit-insurance-concept_5072205.htm#query=car%20money&amp;position=19&amp;from_view=search&amp;track=ais&amp;uuid=66cb45c7-ab24-43dc-a5e9-2f16023bf1bc\">Image by jcomp<\/a> on Freepik<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The best scenario when it comes to <a href=\"https:\/\/carso.me\/42RgdMt3M\">selling your car<\/a> under a loan is when the buyer pays for it in cash. Not only does this make the entire process so much easier, but it is also cheaper for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are the steps:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You settle your outstanding car loan. You can do this with your own funds or if the buyer agrees, they pay you the agreed amount for you to use it to settle your loan and obtain the original vehicle ownership certificate (VOC) from the bank. If the selling price is lower than your outstanding loan amount, you\u2019ll need to top it up with your own cash to settle your loan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Send your car for <\/span><a href=\"https:\/\/www.carsome.my\/news\/item\/what-is-a-puspakom-b5-report\"><span style=\"font-weight: 400;\">B5 Puspakom Ownership Transfer Inspection<\/span><\/a><span style=\"font-weight: 400;\">. You must pay RM30 for the inspection fee and RM3.50 for the online booking fee.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lastly, head to the nearest Road Transport Department (RTD\/JPJ) office to transfer the ownership (RM100) of the vehicle. You need to bring along these documents for the ownership transfer:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Your MyKad<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Original VOC or car grant<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Full details of the new owner including full name, MyKad number, and address<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After you have done your part at JPJ, the buyer has to do the same to finalize the car ownership transfer.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Your existing car loan is now settled and your car is successfully sold!<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-large wp-image-35939\" src=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/PUSPAKOM-Inspection-Center-1024x715.jpg\" alt=\"PUSPAKOM Inspection Center\" width=\"696\" height=\"486\" srcset=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/PUSPAKOM-Inspection-Center-1024x715.jpg 1024w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/PUSPAKOM-Inspection-Center-300x209.jpg 300w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/PUSPAKOM-Inspection-Center-768x536.jpg 768w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/PUSPAKOM-Inspection-Center-150x105.jpg 150w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/PUSPAKOM-Inspection-Center-696x486.jpg 696w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/PUSPAKOM-Inspection-Center-1068x745.jpg 1068w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/PUSPAKOM-Inspection-Center.jpg 1278w\" sizes=\"(max-width: 696px) 100vw, 696px\" \/><br \/>\n<a name=\"b\"><\/a><\/p>\n<h2><span style=\"font-weight: 400;\">How to Sell Your Car to a Buyer Purchasing with a Bank Loan<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Another scenario for <a href=\"https:\/\/carso.me\/42RgdMt3M\">selling your car<\/a> that\u2019s still under loan is when you find a buyer who wants to take a hire purchase loan to buy your car. However, the process can get trickier when the bank is involved.<\/span><\/p>\n<figure id=\"attachment_37143\" aria-describedby=\"caption-attachment-37143\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.carsome.my\/news\/item\/sell-car-with-an-existing-loan\/transportation-ownership-concept-customer-salesman-with-car-key\" rel=\"attachment wp-att-37143\"><img decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-37143\" src=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/transportation-ownership-concept-customer-salesman-with-car-key.webp\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/transportation-ownership-concept-customer-salesman-with-car-key.webp 1000w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/transportation-ownership-concept-customer-salesman-with-car-key-300x200.webp 300w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/transportation-ownership-concept-customer-salesman-with-car-key-768x512.webp 768w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/transportation-ownership-concept-customer-salesman-with-car-key-150x100.webp 150w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/10\/transportation-ownership-concept-customer-salesman-with-car-key-696x464.webp 696w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption id=\"caption-attachment-37143\" class=\"wp-caption-text\"><a href=\"https:\/\/www.freepik.com\/free-photo\/transportation-ownership-concept-customer-salesman-with-car-key_1203160.htm#query=car%20loan&amp;position=14&amp;from_view=search&amp;track=ais&amp;uuid=de208b2c-3821-46e2-b595-5f21d919208e\">Image by snowing<\/a> on Freepik<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">For this kind of purchase, the bank will require a more in-depth report \u2013 the B7 Puspakom Hire Purchase Inspection Report (RM60), which generally takes more time to process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The buyer then arranges for their own hire purchase loan before you can close the deal. This usually takes time as the buyer will have to wait for the loan to be approved before their bank can settle off your bank\u2019s loan. Do note that this process can only go through if the sale value of your car is more than your loan balance.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-35936\" src=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/shutterstock_230306026.jpg\" alt=\"Car loan approval form with car keys at the side\" width=\"1000\" height=\"750\" srcset=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/shutterstock_230306026.jpg 1000w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/shutterstock_230306026-300x225.jpg 300w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/shutterstock_230306026-768x576.jpg 768w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/shutterstock_230306026-150x113.jpg 150w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2021\/02\/shutterstock_230306026-696x522.jpg 696w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Now, what happens if the sale value of your car is not enough to cover your outstanding hire purchase loan? For example, you sell your car for RM 50,000, but you have a balance of another RM 60,000 on your hire purchase loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If it comes to this, you, the seller, will have to top up the extra RM 10,000 towards your loan, and get your bank to send the loan settlement and release paperwork to the buyer\u2019s bank. That way, the funds from the buyer\u2019s bank will be enough to settle your car loan and the whole process can be concluded.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.giphy.com\/media\/1xkMucz3jc5AGB4elL\/giphy.gif\" \/><\/p>\n<p><span style=\"font-weight: 400;\">That said, many banks require the outstanding hire purchase loan to be settled in full by the borrower before the car can be sold off. That means you have to pay the full RM60,000 to clear your loan first and then get the buyer\u2019s bank to pay you instead.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unless you have RM60,000 lying around to pay the bank in full, used car dealerships are your next option because they have the capacity to settle your loan in full. However, most of the used car dealerships usually charge additional fees that can go up to RM5,000 to cover:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Invoicing Fee<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Processing Fee<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Agreement Fee<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">JPJ Fee<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Puspakom Fee<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A-Auto Fee<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Servicing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Service Charge<\/span><\/li>\n<\/ul>\n<p><a name=\"c\"><\/a><\/p>\n<h2><strong>What to Know before Selling a Car with an Existing Loan<\/strong><\/h2>\n<p><a name=\"d\"><\/a><\/p>\n<h3><strong>Is There a Penalty for Early Car Loan Settlement?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Before selling your car, you need to note that banks usually only allow for early car loan settlement after five years (for a car loan term of nine years) and after four to five years (for a car loan term of seven years). This is because most hire purchase loans come with a lock-in period with fines or penalties for early loan settlement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, you need to know the lock-in period for your loan and the total percentage of fines that will be imposed if you want to settle the car loan early.<\/span><br \/>\n<a name=\"e\"><\/a><\/p>\n<h3><strong>How to Find Out Your Car\u2019s Value<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">To know your car\u2019s sale value, you can get an instant estimate by visiting the <\/span><a href=\"https:\/\/carso.me\/42RgdMt3M\"><span style=\"font-weight: 400;\">CARSOME website<\/span><\/a><span style=\"font-weight: 400;\"> or our <\/span><a href=\"https:\/\/news.carsome.com\/mobile-app-download\"><span style=\"font-weight: 400;\">app<\/span><\/a><span style=\"font-weight: 400;\">. You can also visit any <\/span><a href=\"https:\/\/www.carsome.my\/locate-us\"><span style=\"font-weight: 400;\">CARSOME Experience or Inspection Center<\/span><\/a><span style=\"font-weight: 400;\"> throughout Malaysia for a free car inspection and evaluation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A professional and certified inspector will conduct a 175-point inspection on your car before presenting you with the value of your car. If you\u2019re happy with the price we offered, you can proceed to <a href=\"https:\/\/carso.me\/42RgdMt3M\">sell it to CARSOME<\/a> and we\u2019ll handle all the paperwork for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before you head down to your nearest CARSOME Inspection Center or used car dealership, here are <\/span><a href=\"https:\/\/www.carsome.my\/news\/item\/tips-increase-resale-value\"><span style=\"font-weight: 400;\">simple tips to increase your car\u2019s value<\/span><\/a><span style=\"font-weight: 400;\"> and how the <\/span><a href=\"https:\/\/www.carsome.my\/news\/item\/car-loans-and-interest-rates-malaysia\"><span style=\"font-weight: 400;\">loan and interest for your car are calculated<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><br \/>\n<a name=\"f\"><\/a><\/p>\n<h2><strong>Sell Your Car, Hassle-Free with CARSOME<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Going to a used car dealer to sell or trade in your car with an outstanding loan is definitely easy but if you want to do it hassle free, you should check out <\/span><a href=\"https:\/\/carso.me\/42RgdMt3M\"><span style=\"font-weight: 400;\">CARSOME<\/span><\/a><span style=\"font-weight: 400;\">!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Visit <\/span><a href=\"https:\/\/carso.me\/42RgdMt3M\"><span style=\"font-weight: 400;\">CARSOME<\/span><\/a><span style=\"font-weight: 400;\"> today or <\/span><a href=\"https:\/\/news.carsome.com\/mobile-app-download\"><span style=\"font-weight: 400;\">download our app<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a new car brings with it a whole new level of joy and achievement. We all know the excitement of getting behind the wheel of your brand-new car for the first time and driving it out of the showroom. That said, when you decide to upgrade your car, you might face the headache of [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":21058,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Sell Car with Existing Loan in Malaysia? Can You Do It?<\/title>\n<meta name=\"description\" content=\"Want to upgrade to a better car but your old car still has an existing loan? Here&#039;s how to sell a car with an existing loan in Malaysia.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.carsome.my\/news\/item\/how-to-sell-car-with-loan-in-malaysia\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can You Sell Your Car If It\u2019s Still under Loan??\" \/>\n<meta property=\"og:description\" content=\"Who says it\u2019s hard to sell a car if it\u2019s still under loan? Here are the steps to follow if you want to settle your car loan early and sell it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.carsome.my\/news\/item\/how-to-sell-car-with-loan-in-malaysia\" \/>\n<meta property=\"og:site_name\" content=\"Carsome Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-17T04:00:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-17T09:06:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/wp\/shutterstock_238969102.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Haziq Asyraf\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Haziq Asyraf\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.carsome.my\/news\/item\/how-to-sell-car-with-loan-in-malaysia#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.carsome.my\/news\/item\/how-to-sell-car-with-loan-in-malaysia\"},\"author\":{\"name\":\"Haziq Asyraf\",\"@id\":\"https:\/\/www.carsome.my\/news\/#\/schema\/person\/b2f11f46a4c1796e0fe4d47241cd9c59\"},\"headline\":\"Yes, You Can Sell Your Car Even If It Has An Existing Loan! 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