Sell ​​a funded car

You want to sell your car, but there is still a debt outstanding with the finance company? You can sell a financed car through a car purchasing company.

Sell ​​a funded car

Sell ​​a funded car

When you finance a car, the transfer slip or the registration codes are withheld by the finance company or bank where you placed the loan. This is of course to prevent you from selling the car without paying off your debt.

Suppose you have an outstanding debt of $ 5,000 and your car is still worth $ 7,000, in this case you first have to repay the outstanding debt and then receive the transfer receipt or registration codes so that you can sell or trade in the car .

Selling a financed car can be done through a car purchasing company such as, in most cases the bank can be paid directly by the company. In this case you do not have to advance the $ 5000, and you will receive the remaining amount after the car has been saved.

Is financing your car a good idea?

Is financing your car a good idea?

Borrow money for a car, buy an installment car or lease. In principle, they are all variants for financing a car with money that is not your own. It is of course no shame if you do not pay your new car entirely out of your own pocket.

Research shows that in the Netherlands 80% of car buyers do not cough this out entirely from their own resources. The moment you start financing a car, there are a number of important points that you should pay attention to.

Interest car loan

Of course you want to pay a not too high interest for your loan. When you want to buy a new car, there are often very competitive interest rates. Pay close attention to this when purchasing as this can save a lot of money in monthly expenses. When purchasing a used occasion car then this is what else usually starts the interest rate than somewhere around 5% with firm shoots upwards. It is certainly worthwhile to shop well since the differences are huge.

Repayment and duration

In addition to the interest rate, repayment is of course also important. Can you make unlimited repayments or possibly pay off in full before the term has expired? And if this is possible, is it free of fines or will you be presented with a peppery bill? These are all questions that you want to have an answer to before you sign a contract.

The monthly charges depend on three facets; the duration of the contract, the interest and of course the amount to be financed. The longer the duration, the lower the monthly amount, so you can play with it yourself, which is the most convenient for you. For example, if you have a term of 60 months (5 years) then it is useful to know whether you can redeem extra in the meantime, if you have a financial windfall over the years this can be attractive to do.

In short, do the necessary research yourself and pay attention to the fine print and compare the offers well with each other.