So - you want to sell your car and buy a new one, but you've still got a car loan outstanding on your vehicle? No problem. This is something lots of people experience, and there are various solutions out there. I'm going to run through some just now. It used to be that if you were in this situation your only option was to keep the car and keep making payments until the loan was cleared. Today though, there are dealers out there who will take over your loan payments when you buy a new car from them.
But if you want to get what the car is worth, you may be wondering, how can I sell a car that is already under a car finance loan? To start, youare going to need to figure out exactly how much is left on the current car finance loan youare carrying. If you can afford to pay it off outright before selling the car, this would be the best option. Once the title is in your hand, youall be able to sell the car as you wish.
Unfortunately, most people just don't have that sort of cash sitting around, so it's not an option. Furthermore, if you need to take out a new auto loan while you're still under your first loan, bad credit will mean you will probably be refused. When you're in this sort of situation there's still plenty you can do - though it can be a bit more complex.
First of all, you can try to sell the car for the minimum amount you'd need to clear your can loan. However, this would mean taking payment from the buyer but not being able to give them clear title to the vehicle until you paid offer the loan on the car, and the loan company gives you title to the vehicle. A lot of buyers might not be willing to go through with this.
Another option might be to contact the company you financed your car with and find out if they'd be willing to use an escrow service when you sell your car. How this works is that you find a buyer, the buyer pays the money into the escrow company, then the loan company sees the money is there and releases the clear title to the buyer. Once that's done, the loan company gets their money.
Also, you can try getting in touch with the loan company directly, and saying to them "I want to sell my car that is financed by you, how can I do this?" They might have solutions that can help you do this, and even if they can't help you directly, they can probably point you at someone who can.
This might all seem a lot of hassle. If it does, your best option might be to look around for a new car at a dealership which offers you a way to get out of your current car finance. More and more dealerships are offering deals where new customers can trade in their current vehicle that is still under a loan agreement, and then some or all of the costs of that loan are added onto the finance deal on the new vehicle.
With this method, you can drive the new car that you want, but manage the monthly payments. Just make sure to use a car loan calculator so you know what you can and canat afford - rolling your old auto loan into your new loan can make the monthly payments higher than expected. So, now when you wonder, how can I sell a car that is already under car finance loan? Youave got a few different options to choose from! - 15485
But if you want to get what the car is worth, you may be wondering, how can I sell a car that is already under a car finance loan? To start, youare going to need to figure out exactly how much is left on the current car finance loan youare carrying. If you can afford to pay it off outright before selling the car, this would be the best option. Once the title is in your hand, youall be able to sell the car as you wish.
Unfortunately, most people just don't have that sort of cash sitting around, so it's not an option. Furthermore, if you need to take out a new auto loan while you're still under your first loan, bad credit will mean you will probably be refused. When you're in this sort of situation there's still plenty you can do - though it can be a bit more complex.
First of all, you can try to sell the car for the minimum amount you'd need to clear your can loan. However, this would mean taking payment from the buyer but not being able to give them clear title to the vehicle until you paid offer the loan on the car, and the loan company gives you title to the vehicle. A lot of buyers might not be willing to go through with this.
Another option might be to contact the company you financed your car with and find out if they'd be willing to use an escrow service when you sell your car. How this works is that you find a buyer, the buyer pays the money into the escrow company, then the loan company sees the money is there and releases the clear title to the buyer. Once that's done, the loan company gets their money.
Also, you can try getting in touch with the loan company directly, and saying to them "I want to sell my car that is financed by you, how can I do this?" They might have solutions that can help you do this, and even if they can't help you directly, they can probably point you at someone who can.
This might all seem a lot of hassle. If it does, your best option might be to look around for a new car at a dealership which offers you a way to get out of your current car finance. More and more dealerships are offering deals where new customers can trade in their current vehicle that is still under a loan agreement, and then some or all of the costs of that loan are added onto the finance deal on the new vehicle.
With this method, you can drive the new car that you want, but manage the monthly payments. Just make sure to use a car loan calculator so you know what you can and canat afford - rolling your old auto loan into your new loan can make the monthly payments higher than expected. So, now when you wonder, how can I sell a car that is already under car finance loan? Youave got a few different options to choose from! - 15485
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