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How can I sell my car in Halton if I still owe on it?

How can I sell my car in Halton if I still owe on it?

 

You no longer have a need for your car, and you’ve decided your best option is to sell it, but you haven’t fully paid off your loan yet.  What can you do?  There are a couple options you can pursue, so let’s explore them

Pay off the loan

If you happen to have the means, you can pay off the remainder of your car loan before you sell your vehicle.  Chances are if you’re hoping to sell a car, you don’t have the money to make a large loan payment.  You’re not alone, so don’t panic.  Many people in Halton are experiencing the same issues.  So if paying it off prior to selling isn’t in the cards for you, let’s look at the next option.

Use proceeds of sale to pay off loan

You could sell your car privately and use the funds to pay off the remainder of your car loan.  The issue that can arise with this avenue is that you cannot transfer title of the vehicle to the new owner until you’ve repaid the loan.  The buyer is taking a risk by giving you the opportunity to take the money before delivering title.  This could be off-putting to someone otherwise interested in the car, and you may never make a sale.

Trade it in for a new model

If your plan is to buy another car when you sell your current one, a trade-in could be an option.  In this scenario the dealer rolls the remaining balance of your old loan into your new one, less whatever value they see in the car.  Obviously it only makes sense to do this if you need another car, so it’s not for everyone.

Sell to a dealer

When you sell your car to a dealer, they can take care of closing out any outstanding funds on your loan and you end up with the remainder of the cash in hand.  It takes a lot of stress out of the process and everyone ends up happy: the lender who gets their payment, the dealer who lands a vehicle for their lot, and you of course!  You leave satisfied that you made the right choice to sell your vehicle.

At Car Nation Canada Direct, we want to buy your car!  Even if you don’t buy one of ours, we want to see your car on our lot.  Start by getting an appraisal online and see how easy it is to sell your car today, even if you still owe on it.

 

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