How To Sell a Car You Still Owe Money On
Here at The Car Depot – we want to buy your used car – and many potential sellers want to know if they can sell a car they still owe money on. The short answer is yes you can. But how does that process work? Learn the ins and outs of how to sell a car you still owe money on with this quick step-by-step guide created by The Car Depot in Birmingham, AL.
How To Sell a Car When You Still Have a Loan
Is your current car just not what you want? Are you looking for a quick way to sell your car, truck or SUV at a great price? Do you still owe money on your car loan? Let’s take a closer look at how to sell your car when you still have a car loan to repay.
1. Find Out How Much You Owe
The first step in this process is to find out how much you owe on your automotive loan – or the payoff amount. Contact your bank, credit union or lender to find out how much remains on your car loan – which will include the balance of the loan, future interest and future fees. You can accomplish this with a quick phone call to your lender.
2. Selling to The Car Depot
The next step is to find a buyer for your used car, truck or SUV. Birmingham-area car sellers will find that The Car Depot is a quick and convenient alternative to selling your vehicle at a dealership or to a private buyer. Input your vehicle information in the form on the The Car Depot homepage to get an instant and accurate cash offer for your car, truck or SUV. The Car Depot will pay more than Kelley Blue Book® values and will beat our online competitors – no matter what the year, make, model and mileage of your vehicle may be.
3. Figure Out the Positive or Negative Equity
When you sell a car that you still owe money on, it is important to get the best price for your used vehicle. Find out how much money you will make when you sell your car at The Car Depot and subtract that amount from the loan balance to determine the positive or negative equity. When you sell your car at a profit, it gives you positive equity in your car and you can use that remaining cash to purchase your dream car at a dream price. In the event that the sales price does not cover the remainder of your loan, this creates negative equity and you will be responsible for the balance on your own.
READ MORE: Which Cars, Trucks and SUVs Have the Best Resale Value?
Do you have a car, truck or SUV that you are ready to sell? Do you still owe money on your loan? Find out how easy it is to sell your car with this quick step-by-step guide on how to sell a car you still owe money on created by The Car Depot.