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Home / Blog / How to sell a car you Still Owe Money on?

How to sell a car you Still Owe Money on?

Selling a vehicle has been already a tough job. And it becomes highly complicated when you still owe money on it. But fortunately this is a common transaction done by people who don’t hold the title of their automobiles. As buying a vehicle is an expensive affair so many owners get it financed through credit unions or banks. Here we’ve given best tips to sell a vehicle easily if you still owe money on it.

There are two main options through which you can accomplish a successful sale process:

  1. Safely transfer the vehicle’s title to the buyer: Make sure to select an easy and convenient way to transfer the title of your automobile.
  2. You can use the sale proceeds you get from the buyer to pay off the loan due on our vehicle.

In addition to this, there are some factors that will have an overall effect on the selling process. A common factor is where your debt is held and another one is who you are selling your vehicle. It is possible that you are selling it to a dealership or maybe a private buyer.

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Here are some basic tips that will help you to sell your vehicle:

Get guidance from your Lender

Make sure to get recommendations from the lender how to sell your vehicle without destroying your credit. Ask about the valid options. They deal with such type of automobiles on a regular basis so they will provide you correct advice. You can call them and get guidance for getting rid of your automobile while the loan is unpaid. It is also a great way to visit your lender in person and complete the transaction process with ease.  Also ask the lender about the overall time required processing the title and terms regarding prepayment of penalties.

Get an Official Payoff Amount

If you want to get a clear title, you will need to know that exact amount of money you still owe on your automobile.

Get clear title

It is obvious that you cannot sell an automobile without paying off the pending loan. Therefore, make sure to clear it’s outstanding in order to sell it. You can get the “amount of payoff” from the lender and get a good idea about how much money you will need. This way, getting its title will be less troublesome and you will get many buyers for your automobile.

Get a Payoff Letter

Getting a special payoff letter from your lender will allow you to determine the different amount you have to pay. So, you can get complete details regarding the payment of unpaid cash throughout the weekdays.

Transferring the Clear Title

It is important that you transfer a clear title to the buyer to complete the process as quickly as possible. Most likely you will need to sign the necessary paperwork.

Trading it in at a dealership

These days selling a vehicle privately is very difficult than selling it at a dealership. There can be a number of reasons for it. The number one reason is of course that private selling needs a more time. Another reason is that you will have to arrange all the paperwork on your own. The main thing is that dealing with a third party buyer is hassle-free and reasonable changes to get the top cash for cars in Sydney.  

Still no luck? Get in touch with “Wreckmonster” and find out how we can help you with this.

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