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    Car Loan in The Name of Company

    Posted By : Sachin / Published on : 07-Apr-2021 11:24 AM / View : 676 / Comment : 1

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    Dear Members,

    Is it required to file CHG-1 in case of a Vehicle loan in the name of company.
    There is no hypothetical agreement, only car finance loan agreement.
    In case charge is created what will be the extent and operation of charge.
    Please guide.

    Thanks in advance
    Read more on : company name loan

    • If you take out a loan to buy a vehicle and use that vehicle as collateral, you need to register the loan with the company that handles all that paperwork. You gotta use a specific form called CHG-1 and do it within 30 days. If not, you could end up paying fines.

      How the loan affects the vehicle depends on what's in the actual loan agreement and how the collateral was arranged. Typically, it means the lender has rights over the vehicle. So if you stop paying back the loan, they can potentially take the vehicle to get their money. As for lucky days to buy a car, there's no hard and fast rule. But lots of people think that Wednesday is the best day to buy a car, whether a new one or second-hand.

      04-04-2024 / 06:20:18 PM
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