While buying an old car, check hypothecation and loan status like this, otherwise you will get stuck.

While buying an old car, check hypothecation and loan status like this, otherwise you will get stuck.

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While buying an old car, check hypothecation and loan status like this, otherwise you will get stuck.

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Are you preparing to buy a second hand car? It can be difficult to decide just by looking at the price and condition of the vehicle. Many times there is a bank loan outstanding on old cars, information about which is not given to the buyer. In such a situation, the bank can also confiscate the vehicle in future. Know how to check Hypothecation Status in minutes and by checking which important documents you can avoid loss of lakhs of rupees.

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Do these important things while buying a second-hand car.

Second Hand Car Buying a (used car) can be a budget-friendly and wise decision, but if you are not careful, this deal can also become a problem for you. Often people buy a car immediately after seeing its condition and price, but forget to check its legal documents. The biggest fraud occurs when there is an old bank loan pending on the car, which in technical language is called 'Hypothecation'.

If you buy a car without checking the loan status, then in future the bank may confiscate that car or you may have to repay the old loan. Therefore, before finalizing the deal, check some important documents and loan pendency. Let us know what things should be kept in mind while buying a second hand car?

How to check hypothecation?

When any vehicle is taken on loan, its RC (Registration Certificate) is hypothecated to [Bank Name] It is written. After the loan is over, it is necessary to take NOC (No Objection Certificate) from the bank. Check it like this-

Parivahan Sewa Website: You can check the 'RC Status' of the vehicle by going to the official 'Vahan' website of the government and entering the vehicle number. If hypothecation is visible active there, it means that the loan is still running on paper.

Checking these important documents is also very important

Apart from the loan status, ask for the following documents to avoid fraud:

  • Original RC: Always check the original RC of the car. The owner's name, chassis number and engine number are recorded on it. The status of the loan is clearly written on the smart card RC.
  • NOC of the Bank: If there was a loan on the car and the owner claims that the loan has been repaid, then definitely ask for the original 'No Objection Certificate' (NOC) and Form 35 issued by the bank. Without this the name of the bank will not be removed from the RC.
  • Insurance Copy (Insurance Policy): Check whether the car insurance is valid or not. Also check whether any major accident claim has been taken in the previous records.
  • PUC Certificate: Pollution Under Control Certificate is legally mandatory, check its validity.

careful wisdom

After checking the documents, while getting the ownership transfer of RC done in your name, do not forget to submit the NOC of the bank in the RTO, so that the hypothecation can be completely removed from the records of the car. A small carelessness can cause you huge financial loss, so make payment only after complete satisfaction.

About the Author

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Ram Mohan MishraSenior Sub Editor

Ram Mohan Mishra, working as Senior Sub-Editor at News18 Hindi, is active in digital media since 2021 and is currently handling the Auto Desk. They provide car and bike related information in an easy, clear and reliable manner.read more

Location:

New Delhi,New Delhi,Delhi



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Going to buy a second hand car? Catch flood-damaged car like this in 2 minutes, lakhs will be saved

Going to buy a second hand car? Catch flood-damaged car like this in 2 minutes, lakhs will be saved

by with No Comment Car Review

Last Updated:

Are you thinking of buying a second hand car? Attention Many vehicles that look shiny from outside have been victims of floods, whose real problems come to light later. Just 2 minutes of smart checking can save you from loss worth lakhs of rupees. Know the signs related to engine, interior, trunk and VIN, which will immediately tell whether the car is flood-damaged or not.

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Second Hand Car Buying Tips: Know important tips.

Buying a second hand car may seem like an attractive deal to many people, but it can be fraught with hidden dangers. Vehicles submerged in floods or heavy rains are often sold after appearing clean. In these, the engine, electrical system and other parts get damaged, which later causes expensive repairs. Such vehicles get damaged quickly, get rusted and can also prove to be dangerous for safety.

Even without a mechanic, you can identify a flood-damaged car with some easy tricks. By checking inside and out in just 2 minutes, you can avoid huge losses. VIN check, odor, water marks and hidden dirt indicate whether the vehicle has been a victim of flood or not. Follow the steps given below to be cautious during monsoon, take the right decision and save money.

Inspection of exterior and engine bay

Look in the engine compartment of the car with a flashlight. Be careful if there are traces of dried mud, slush or water in tight areas, behind the wiring harness, starter motor or power steering pump. Check for fog or water lines in headlights and taillights. If there is unusual rust on screws or bolts, especially on a car as old as new, this may be a sign of flooding.

Sniff test of interiors

Sit inside the car and see its smell. If there is a smell of mold or dampness inside, there may be a possibility of flood damage. Most air fresheners are used to hide bad smells. Pull the seat belt all the way. If there is soil or water stain below then there is a problem. Put your hand under the carpet and check for moisture, stains or rust. New carpet or upholstery casts doubt on an old vehicle.

Searching trunks and hidden places

Open the trunk and look for water lines, mud or dirt under the spare tire. Look for water marks or rusted screws on the dashboard, glove box and under the seats. Also check for dry mud under the doors and in the gaps of the body panels.

extra vigilance

Be sure to check the history report from a service like Carfax, AutoCheck or NICB by VIN number. Avoid driving in flood affected areas. If there is an electrical problem like lights or power windows not working properly then there is a high possibility that your car may be affected by flood.

By adopting these easy tricks, you can identify a flood-damaged car in 2 minutes. Do not be hasty in monsoon, avoid huge fraud by doing good checking and make safe deals only. Being hasty can cause huge losses to you.

About the Author

authoring

Ram Mohan MishraSenior Sub Editor

Ram Mohan Mishra, working as Senior Sub-Editor at News18 Hindi, is active in digital media since 2021 and is currently handling the Auto Desk. They provide car and bike related information in an easy, clear and reliable manner.read more

Location:

New Delhi,New Delhi,Delhi



Source link