Selling your vehicle
Handling car payments can be tricky, especially when it gets to a time where you can no longer afford the monthly installments. A great option to get yourself out of the mud, selling your car before you miss any payments, and using the proceeds to pay off your loan lets you cover your debt without negative repercussions. If you manage to sell it for more than the loan worth, you might even have a bit of cash left over.
When selling your financed car, there are two ways of going about it. Firstly you can sell the car, however if you do this you need to have enough to cover the outstanding loan amount- otherwise the lender won’t give you the title to the vehicle and the sale cannot be completed. Ensuring you get the amount that is owed or can come up with the difference is most important when trying to sell a car like this.
The other option would be to transfer the agreement. This would mean that the new owner takes over the loan, paying the same installments towards the lender until the car is paid off, taking over the agreement rather than the car itself- although with this route you need to transfer the car to someone you can trust as your name will still appear on the agreement and thus if they miss payment it will reflect badly on your record as well.
How to sell quickly
- Price it fairly- with a good, worthwhile price, your car will sell quickly
- Take care of affordable repairs- when selling you will need to provide service history. Taking care of what you can allows for a better buy for the next owner and increases your chances of selling.
- Spread the word through friends and family