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I want to sell my car to my wife which still have outstanding loan of 35k. My wife is a self employed for almost a year. Understand that NOA for self employed is 2 years. In this case, can she apply for car loan?
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1 Answer
Hi Alan,
Before you are able to transfer ownership of the car to your wife. You would have to clear the outstanding loan balance first.
For the loan application, it boils down to the loan to value ratio.
- if the loan amount is equal to the total rebate amount (paper value) of the car, the loan will be approved due to low financial risk
- you can add a guarantor to increase the approval rate
- alternatively, you can consider in house loan but the admin fee, loan processing fee and interest will be high.