Can i sell a car on finance

Discover The MG ZS EV, Powered By A 44. Available To Test Drive Today. Can you sell a car on PCP finance? Can I Sell my Car with a personal loan?

If you want to get rid of your car on finance because you are struggling to keep up with payments, then your best option is to arrange a voluntary termination.

If, however, you want to sell up and get a different vehicle, then you have two options. First, you can settle up by contacting your finance provider and requesting a settlement valuation.

If you do want to sell the car, you can, but you have to settle the finance agreement first. Hire Purchase (HP) If you have a car on hire purchase (HP) finance, the lender remains the owner until the finance is settled or all payments have been made. When you come to sell it, contact the finance company and ask for a settlement figure. If you bought from a dealer, you will most likely owe more on the finance than you can possibly get by selling the car, so be prepared to have to make up.

I suggest that you ring the fin.

HPI to see if the car is on finance. It is ONLY legal if the finance company give you written permission to do so. If you sell it without their permission, it is theft. No you can’t, as the lender is the legal owner of the car until the finance is settled.

In order to sell the car, you’ll have to end the hire purchase agreement early. If you’ve paid off less than half of the agreement’s total cost, you can return the car. You can’t sell a car on PCP finance until you’ve repaid all repayments or the settlement figure. If you want to sell the car midway through your PCP agreement you will need to pay off the agreement early, which may be worth doing if the settlement figure is lower than the value of the car.

If you are selling a car with finance still outstanding there are two things you must do before you can legally sell it: Inform the finance company and ask them for the “settlement figure” they’ll need from you to pay off your loan in full. At the beginning of the contract you will pay an initial deposit which secures the car, this deposit will impact the amount you need to pay each month - the higher the deposit, the lower the monthly.

But sadly, this doesn’t stop people from doing it. Owning a car that has outstanding finance on it can be a big problem as you will have to prove that you have a legal right to own the vehicle. You will find this difficult as the finance company technically still own the car.

On some adverts on Auto Trader, the finance information is provided by the dealer selling the car or lease provider. Where a dealer doesn’t advertise finance on Auto Trader, we use information and a finance example from our partner, Zuto.

The car must match the seller’s description, be roadworthy and the seller must have the legal right to sell it to you. In other words, the car must work, meet the legal requirements for being driven on public roads, and be owned by the seller. Selling a car on finance to a car buying service Although you’ll be offered a trade to below-trade price for your car a car buying service is a simple way to sell a financed car.

All car buyer’s services will know if a car has money outstanding. You need to obtain your settle figure and letter and take it with you when selling your car. Then your car needs valuing which is super simple with our Sell Your Car tool.

How to Sell a Car with Outstanding Finance Follow the steps below to sell your car with outstanding finance, and We Want Any Car will support you with any advice you may need along the way. The answer is yes, you can sell a car that isn’t paid off.

It’s a bit of a sticky situation because the buyer is going to need the title to the car and you can’t get that until you pay off the loan but you need the money from the buyer to pay off the loan. Make sure your car finance is cleared before you sell it privately This means any outstanding finance must be cleared and you need to make sure all the paperwork is in order.

If you want to settle the finance on the car when the sale transaction is complete, you may want to have a settlement figure agreed in advance with your finance provider. We do this so that no matter who is selling the car, you have the option to look at a monthly finance option. It just needs to be pitched as an easy thing for the buyer to do - which it is.

The real issue here is the price of the car as most buyers at this price point will want the whole dealer experience - trade in, finance, etc. Early repayment option lets you keep or sell the car. It is also possible to pay off a PCP deal early. You’ll need to get a settlement figure from the finance provider, which shows how much you’ll have to pay to tie up the contract early.

This leaves you with two options – pay the settlement figure and keep running the car, or sell it.