Vincent Yong asked about General
over 2 years ago
Hi all! Let's say Guy A IS selling his bike under 3k+ COI arrangement and Guy B wants to buy like that. Does Guy B need to have a guarantor? If not, does that mean, with the upfront 3k, Guy B can proceed to use the bike?
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1 Answer
Hi Vincent! Basically if the buyer is purchasing the bike in full cash, then the bike shop will transfer the ownership directly to the buyer..
However if the buyer intend to continue the COI, means the bike shop will only add the buyer as 2nd rider to the bike and he will continue paying the installment. Which means, buyer wont have the ownership for the bike until the COI is cleared.
No guarantor is needed for buyer to continue the COI. Guarantor is needed for a brand new loan.