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Selling Your Car When You Still Owe Money on it

Sell Car For Cash

How to Sell Your Car for Cash

Do you want to trade your old car in for a newer model? Are you interested in selling your car but have the added stress of still owing money on it? Don’t be frightened by the thought, we are here to help. It is an easy process that will assure you the best value for your car with the added benefit of having your debt troubles disappear and your wallet heavier in no time.

Find out the value of your car:
First and foremost, you need to find out the value of your car. This is an easy process – by submitting your car information into our website, we will be able to call you back with a value. Honesty is essential when submitting your information, as we will predict the correct value of your vehicle using what you tell us.

Find out how much you still owe:
Once you know how much your selling price is, the next step is to find out what you owe on your car. Simply contact the bank that holds your loan and ask them what the amount is. Make sure to tell them that you are planning to sell your car so that you can get all the information about the title that you will need when it comes time to say goodbye to your vehicle.

Profit or loan to cover the amount you still owe the bank:
The good news is that most banks accept payment directly from the buyer. So once you have the cash in hand from the sale of your vehicle, you can pay the bank what you owe them and keep the remainder for yourself. This is a win-win situation as your loan nightmares will be over and you will have extra cash in your wallet. However, if you find that after subtracting the selling price from the loan amount you still have arrears, don’t let this dampen your spirits. Ask your lender or bank if you qualify for an unsecured loan. Even though unsecured loans have higher interest rates, it is a smaller loan, which will make it more manageable to pay off. While it may seem as though you are putting yourself further in debt, you are actually reducing the amount that you initially owed.

The title:
Once the buyer pays either you or the bank and your loan is paid off, you will feel better knowing that the title is free. There are usually two options; you can either take the title or you can let the bank know who to send the title to.

Selling your car can be a draining process for someone with busy lifestyle. Adding the extra worry of still owing money on your car requires a bit more work but it does not make the process impossible. Cars for Cash is here to help ease your mind. Cars for Cash will offer you a reasonable price for your car and ensure that you have a pleasant experience. You will be able to sell your car, pay off your debt, and hopefully make a bit of extra cash in the process. We guarantee that you will be 100 percent satisfied with our service – start the process by submitting your information here.


 

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