Handling Cars Under Finance

Selling a car that is still under finance can be complicated, but Car Buyers Online simplifies the process. Here's how Car Buyers Online handles cars under finance and makes it easy for you to sell your vehicle.

Understanding the Process

Most car loans are known as secured loans, which means that the car is used as the security on the loan. In most cases the lender will request that the loan is paid off and closed if the car that is being held as security is sold.

When selling your vehicle, it is your legal responsibility to disclose that it is under finance, if there is an outstanding loan on the vehicle. To sell the car, the loan needs to be paid off first. Usually that means the buyer will make the correct payment to the financier, based on a current payout letter, along with a smaller payment for the difference, to the seller.

This can be a complex process if you're selling privately, and creates additional risks for both the buyer and seller. Alternatively, when selling your car with Car Buyers Online, we take care of it all for you.

Step-by-Step Guide

To sell your car under finance to Car Buyers Online, we simplify the process.

1. Get a Quote: Start by getting a quick quote for your car. This will give you an idea of how much you can sell it for. Be sure to enter the correct information and select that the car is under finance.
2. Provide Finance Details: During the inspection, if we have sourced a buyer for your vehicle, we will ask you to provide the details of your finance agreement. Car Buyers Online will then handle the paperwork to pay off the loan.
3. Receive Payment: Once the loan is paid off, you'll receive the remaining balance directly to your account via EFT.

Recent Example: Lisa had a car under finance and needed to sell it quickly. She requested a current payout letter from her financier and provided the details to Car Buyers Online, who handled the payout and transferred the remaining balance to her account the same day. This straightforward process alleviated any concerns and risks in managing the loan payoff and ensured a smooth transaction.

Selling a car under finance doesn't have to be difficult. With Car Buyers Online, the process is straightforward and stress-free. We handle all the complexities, allowing you to sell your car quickly and easily.

Need to sell a car under finance? Get a price estimate now with Car Buyers Online!