Car loan handling.

[karthicktalk]

Hi - Does anyone know, if we can transfer car loan of a canadian bank to US bank inside US?

I have my car, which is under a canadian bank, if i need to drive that into US, will i able to do transfer that loan to a different bank inside US ?

Has anyone have experience with this case? Any suggestions would be helpful.

Thanks in advance.

 

[lostrocked]

You cant port US car loan to Canada. Vice-versa.

 

[gmaple07]

You cannot transfer the loan across countries - you would have to pay off the Canadian Bank first to move your car out of the country - You can secure a loan at the US bank using the car as a collateral after the Car has been imported.

 

[karthicktalk]

You cannot transfer the loan across countries - you would have to pay off the Canadian Bank first to move your car out of the country - You can secure a loan at the US bank using the car as a collateral after the Car has been imported.

Thanks. So, if i need to pay off, then, why do i need to secure a loan at the US bank again? (as the car loan amount is already paid to the Canadian bank).

 

[gmaple07]

Thanks. So, if i need to pay off, then, why do i need to secure a loan at the US bank again? (as the car loan amount is already paid to the Canadian bank).

Good point ...if the outstanding amount was a large one and you had to take it out of your savings , then going for another loan would make sense. else you are good.