Want to sell your financed tractor? In this blog, you can get an answer to your question. We quickly show a complete guide to selling your financed tractor online in India. We know that selling a tractor is a difficult task for every farmer as it becomes a part of your life. If you want to sell a used tractor, you can get many websites and online platforms to quickly sell your second hand tractor. But here, the question is how to sell the financed tractor. When you sell your financed tractor, you have to deal with two parties: Buyer and Bank. And the 1st rule is for the seller to be transparent with both parties. This rule can make your transaction smooth. So, let’s move on to the step by step process of selling financed tractors online in India.
How To Sell A Financed Tractor In India?
Following, we show a complete guide to selling a financed tractor online from where you can surely get your answer. So without wasting any further minutes, let’s move on to the topic.
1. Calculate First
How to Sell tractor that still has balance on loan? First of all, you have to do calculations. It is the primary step where you need to find the remaining new tractor loan amount. Then, give some time to work out a specific sum to pay the bank foreclosure. This will provide you with the actual value of your tractor in the market. Finally, you want to set the HP eliminated from the RC to sell a financed tractor where the advance sum has been cleared. To do that, visit the bank (who supported your advance) to get the foreclosure, indicating how much is pending.
2. Documentation
Clear balanced amount according to the advance records and you will get the NOC alongside two duplicates of Form 34. And other documents required to sell your financed tractor are as follows.
- PAN Card – Self-Attested Copy
- Address Proof – Self-Attested Copy
- Passport Size Photographs – Self-Attested Copies
- RC – Mandatory
- PUC – Mandatory
- Insurance – Mandatory
3. Check your Options
What happens when you sell a financed tractor? You will face many problems, but you will always have a second plan. First, you have to request the buyer to pay the amount directly to the bank in this way to clear the outstanding balance of your tractor loan. If the amount exceeds the tractor price, you have to pay the balance amount yourself. The tractor will be liberated from the money, and you will want to get the NOC from the bank. This would give the new owner of the tractor a reasonable possession with practically no involvement.
Whenever you talk to the buyer about selling financed tractors, you should always be clear about an outstanding used tractor loan to the buyer.
4. Clear the Dues For NOC
If you can pay your balance amount to the bank, then your bank provides you with a NOC and then you have to go to the RTO to clear the hypothecation from your RC and transfer it in the name of the buyer. And, if the buyer also buys this financed tractor on loan, then RTO to move hypothecation from RC in the name of the buyer and bank (From which buyer takes a loan).
5. Tractor Junction For Selling Financed Tractor
Tractor Junction is a platform where you can quickly sell your used tractor. Our professional will advise and guide you according to your requirements. You can easily buy new and old tractors here. Along with this, you can also get a loan against tractor in a few clicks.
These are all information regarding, How to Sell Your Tractor When You Still Have a Loan. I hope this blog proves to be useful for you. For more details, stay tuned with Tractor Junction. A personal Loan facility is also available here.
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