Buying a 2nd hand bike

[mark_]

Hi Guys.

 

Stupid question.

 

i am about to buy a 2nd hand bike, can i check, if i were to do the transaction at LTA sin ming.

 

Is is safe to assume that the bike is no longer under any loan if the transfer is successfully done at the LTA counter?

 

i.e the transfer of owners name at LTA cannot be done if the bike still has an existing loan from a leasing/bank.

 

Thanks

[muhdsbah83]

yes ur right, if the bike in under hire purchase, u will not be able to do the transfer.

[dragous]

in legal point of view, the bike belongs to the loan company unless paid up. or can opt to continue his loan (with higher interest). anyway, existing loan must be settled 1st.

 

Sent from my Redmi Note 3 using Tapatalk

[MRliqiang]

Yup! if bike under hire purchase, you cannot do the transfer at LTA. so best to clarify this with the dealer before he try to act smart

[Yahmarhuh]

clear the loan then do the transfer at LTA