Selling a car is one of the best ways for you to get some cash real quick especially if the condition of the car is still good. You can simply put your car into the car-for-sale list which can be provided by many car dealers around you or you can also make some advertising about it. However, things will be a lot much more troublesome if you want to sell a car which is still financed. You may have ever heard that you can actually sell a car in such condition but how to sell a car that is financed? Unlike the car which is owned by you, like what has been stated above, you may find things a little bit trickier here. Why? Below is the explanation.
- Many Parties Involved
The very first thing you must always keep in mind about selling a car that is financed is that you don’t only deal with your own self and the potential buyer but there’s the lender as well. Notice that the car still belongs to the lender. Technically speaking, you don’t have the rights to sell it unless you have the agreement from the lender. And with that in mind, you need to make sure that all parties are going to be happy with your act of selling the car. Believe me, it’s going to demand a lot of efforts from you. We are not going to discuss about the reason why you want to sell the car which is still financed. Instead we are going to talk even further about how to make the three parties happy because that’s the whole matter is about.
- Have Proper Communication
Before you can even decide that you will sell the car or before you have some communication with the potential buyer, it’s always a good and wise thing to contact the lender first and settle everything. This is the key for the next progress. If you fail in doing so, you should not carry on with the whole idea of selling the car because it will become illegal. State your intention as proper and as detailed as possible. Believe me, you are not the only one and the first person who is applying for such idea. So don’t be afraid if you will be declined without any chance to say anything. After all, your lender is also a service which should respect the clients no matter what. Make sure you mention everything including the plan you will do for selling the car.
It’s also necessary for you to make it certain that the plan doesn’t break the terms of the lending. What is important for the lender is to make sure that you can pay the payments after the whole terms can be fulfilled. If you sell the car and you can make some kind of guarantee about the next payments, everything should be okay. Or you may want to use the amount of money you get from selling the car to cover the rest of the payments.
- Time to Sell
If everything related to the business between you and your lender has been completed and cleared, it’s okay for you to sell the car. You can do everything you like as your efforts to sell the car but make sure, if you have made certain agreements with your lender about this kind of matter, you should not break it.