Can I Sell My Financed Car?

If you find yourself in a situation where you need to sell your financed car, you might be wondering if it's even possible. The short answer is yes, you can sell a car that is still under finance. However, the outstanding finance amount will need to be settled first. 

In this article, we will guide you through the process of selling a financed car, providing you with the necessary information to navigate this situation successfully.

Why Would You Need To Sell Your Financed Car?

Financial difficulties: 

Unexpected financial hardships, such as job loss, medical expenses, or overwhelming debt, may necessitate selling a financed car. 

By selling the vehicle, you can alleviate the burden of monthly loan payments and potentially free up funds to address pressing financial obligations.

Lifestyle changes: 

Life circumstances can change, requiring a different type of vehicle or no car at all. For example, if you relocate to a city with excellent public transportation, selling your financed car might be a practical decision to avoid the costs of ownership, such as insurance, maintenance, and parking.

Upgrading or downsizing: 

Your transportation needs and preferences may change over time. You might need a larger car to accommodate a growing family, or perhaps you want to downsize to a more fuel-efficient vehicle to reduce expenses. Selling your financed car allows you to transition to a different vehicle that better suits your current lifestyle and priorities.

Steps You Can Take When Selling Your Financed Car to LG Car Sales

At LG Car Sales, we consider cars of all makes and models and we’re able to provide free, vehicle valuations. 

First, You’ll Need To Request A Settlement Letter

You can do this by contacting your lender and asking for the outstanding finance amount. This lets us know the remaining balance which will affect your overall valuation.

Next, Simply Enter Your Car’s Reg Number Into Our Website

You’ll quickly receive your valuation, and it’s important that you provide as much information as possible to ensure you receive a fair and accurate valuation. 

If You Like the Valuation, We’ll Then Take Care of the Paperwork

We understand that sorting the paperwork can be daunting, which is why we handle this step for you. 

It’s at this stage that we’ll require the finance settlement letter. It is also important to know that the agreed selling price of your car will be used to pay the outstanding finance amount, and you will receive the remaining value.

Finally, You’ll Receive Payment

We aim to get you paid as soon as everything is in order. You can then choose to browse our great range of pre-owned vehicles.