Buying a Truck on Installment: Do You Get the Title?

My uncle, after years of driving for hire, finally saved enough to buy a used truck and start his own delivery service. He opted for an installment plan at a dealership on Nguyen Van Linh Street, District 7. Unfortunately, after only a few months, the traffic police impounded his truck due to missing paperwork. It turned out the dealer was shady and hadn’t transferred the ownership. My uncle lost his money and his livelihood.

This story raises concerns: Do you get the title when buying a truck on installment? How can you avoid such a devastating situation? This article will answer all your questions.

Do You Get the Title When Buying a Truck on Installment?

The answer is YES.

When buying a truck on installment, you are entitled to receive all the necessary paperwork. However, there’s a crucial difference compared to buying in full: the title will be held by the bank or finance company until you complete your payments.

This protects the lender, preventing the buyer from using the truck as collateral or selling it to a third party before the loan is fully paid.

Truck Documents When Buying on Installment

When purchasing a truck on installment, pay attention to these documents:

• Vehicle Registration Certificate: The original is held by the bank or finance company. You’ll receive a certified copy.
• Inspection Certificate: You will keep the original.
• Civil Liability Insurance Certificate: You will keep the original.