Sometimes when you’ve got a car on finance, you can feel a bit stuck. Once the contract has been signed, you need to fulfil it and make the payments you’ve agreed to. However, there are some circumstances where keeping up with payments becomes difficult. Thankfully, there are ways that you can sell your car, even with a finance agreement remaining. Let’s find out more.
Ask For A Settlement Figure
To sell your car on finance, you’ll need to contact the finance provider and ask them for a settlement figure. In some cases where you’ve paid a large percentage of the total sum back, the finance provider may accept termination of contract in exchange for you handing the car back. These offers are usually made when you’ve paid 50% or more of the total contract.
When you’ve paid less than 50% of the total contract, there are other offers that finance providers might make. However, these can become complex and may result in you continuing to make payments on the car even when it’s not in your possession.
Buy The Car Outright
If you’ve got the cash to do so, you could buy the car off the finance provider outright. As the full legal owner, you’ll then be entitled to do whatever you please with it, including selling it. If you know that your car is going to sell for a good amount of money that will offset the cost of buying it, then this is a good idea. However, you need to have the initial funds to do this.
Sell To A Local Car Buyer
At Plymouth Car Buyers, we know the struggle that comes with wanting to sell a car that’s on finance. That’s why we offer a service where we buy your financed vehicle and settle the finance for you. Simply contact your finance provider to get a finance settlement letter and present it to us at your valuation appointment. This process is quick and easy, and means you won’t have to tackle complex contracts or make any large payments.
To Sell Your Car On Finance, Choose Plymouth Car Buyers
If you’ve got a financed car that you want to sell, get in touch with us today. We can educate you about what we can do and help you get everything ready to sell your car without a fuss.
