How to Sell your Car if it has Outstanding Finance?

There are certain aspects of the time when you decide to sell your car that makes it more difficult to carry it out; bad condition of your car with missing wheels and rust, missing keys, emotional attachment and most importantly if you don’t own it yourself. 

If your car is financed through a bank or any financial company to which you owe money against your car and this process has lingered on for quite a few years, during which you decide to sell your car, then it definitely can make things complicated. In such situations, it’s not just two parties that needs to be satisfied but three, and one of which might not be present at the time of negotiation. 

But with just a bit of preparing, honesty and a positive attitude nothing is impossible to handle. Therefore, we will highlight situation when a financed car be sold, how and to whom you can sell your car to:

Sell your Car if its Unencumbered

Most of the financed cars are bought against a secured load. This means that the financier makes the car as al security, which can be used in case the borrower isn’t able fulfil all repayments.

So unencumbered means that your car may not have money owing against it even if you borrowed money against it.

Which Finance should you use?

If you want to buy a car with financing and you decide to sell it in a few years, then it’s advisable that you take a personal loan or buy it on credit than through a secured loan. This way even if you sell your car, you will be liable for it, not the car. At the time of sale, no third party is involved. 

Now comes the question, which is the most reliable and transparent medium to sell your financed car to without taking up too much hassle.

Whom to sell your financed Car?

Majorly there are two medium who can accept to buy your financed car. These include car dealers and car buying companies. Following is an account of how each of them works in such a situation:

Sell to Car Dealers

Even though you need to do some research but there are certain car dealers to whom you can sellany car even if it’s financed. These car dealers can buy your car by deducting the amount of outstanding loan that is owed on the used car. Nevertheless, they can charge you a fee for buying such a car. This is because car dealers are more concerned about how much profit they can earn. 

Sell to Car Buying Companies

To these companies, you can sell your car for free! You don’t need to pay for a car valuation or any extra charge of buying a financed car. They only require a letter detailing a current settlement figure from the finance company. After buying the financed car, they will be paying off the outstanding amount themselves and deduct the amount from the amount they pay you. 

These are some of the important points to consider before you decide to sell your car that contains an outstanding finance.

7 Helpful Steps to Sell Car Online Free in Dubai

As a used car seller, I will look for a place to sellcar online free. If I sell my car without bearing much cost I can make a good profit. This is the priority of majority car sellers when they sell cars privately. Car selling is a profitable business in the UAE and many people sell their cars privately.

The used car sellers in Dubai make a good profit by selling their cars through online platforms. The online car selling is a quick approach and you will find different methods to sell car online free. However, you should choose a reliable place to sell your car because private car selling is a risky method and you have to deal with many strangers.  

Here we will provide 7 helpful steps to sell car online free in Dubai.

Find Credible Place to Sell Car Online Free

When you want to sell car online free in Dubai, you should do some online research. You will find different options for selling a car online. The most conventional approach is online car classified website that offers free ad posting facility. You will also find many online auto dealers and specialized car buying companies.

Usually, the auto dealers charge fee when you sell cars to them. However, the specialized car buying companies offer free car valuation services and provide many other benefits. You should compare the services of all these platforms and choose the best one.

Know Your Car Details

Once you have chosen your selling method, you need to know your car details. It includes the make, model, age and condition of the car. With this, you should collect all the documents of car that includes registration, repair history and insurance certificate etc.

Examine the Car

In order to make maximum profit by selling your used car, you should examine the exterior, interior and under bonnet parts of the car. You can take services of a certified car mechanic to inspect and prepare the car for selling. You should make a list of minor and major car repairs. Once you fix the issues of a used car you can get a good rate for it.

Assess the Car Value

You should determine the value of the car. The value of the car depends on its brand, model year, mileage and other factors. The car estimation is not very simple but, if you use online car valuation tool, it provides a fair estimate within a couple of minutes. The car sellers can also take services of a car expert and professional car dealers to know the market value of a car.

Online Ad Posting  

As mentioned earlier, there are many car classified websites that provide free ad posting service. Online ad posting requires the car seller to mention car make, model, mileage and condition. You should post the ad with high quality pictures of the car. In this way, more car buyers will be interested in buying your car.

Screen Out Buyers

When you post an online car ad, many people contact you. Some will contact to know the price of the car if you have not mentioned with the ad while others ask for the meeting. You can prepare a list of car buyers and filter unreliable buyers. You should ask the buyer different questions during mobile conversations and if you feel the buyer is non-serious or he is trying to get your personal information, you should trust him.

Meet With Trusted Buyers

As a smart car seller, I will sell my used car to the right buyer. Similarly, dealing with callers and choosing the right buyer is important. You have to screen out buyers carefully as there can be fake buyers as well. You should fix meeting with trusted buyers. If you don’t have previous experience of car selling and you are not good in dealing with strangers you shouldn’t go alone. Instead, you should ask some friend or family member to accompany you.

Finalize the Deal When You Find a Right Buyer

When you sell car online free you should find the right buyer. It means the buyer who is credible and agrees at your quoted price. As a car seller, you should ask yourself how much can I sell my car for. By doing car valuation you can know the appropriate price for the car. 

The car market is very diverse, thus you shouldn’t waste time. When you find the right buyer you should finalize the deal at right time. This is how you can sell your car successfully in the UAE.