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Selling a used car is no more a daunting task. You can consider different online auto eCommerce platforms where you can list your car and sell it in a few clicks. However, the matter of concern is how to sell your car with a loan? The buyer wants to see your title and no outstanding before agreeing to the deal.
The process of selling a car with a loan involves three parties- the seller, the buyer, and the bank. So, as a seller, you have to convince the prospective buyer and the financing agency or bank to start the selling process. However, selling a car with a loan is not complicated, but it only needs some extra steps. Below is the process of selling a car with a loan that eases your journey:
Get the Right Estimate
Early payment of your loan may cost more than the sale. If the cost outweighs the value, then put the process on hold. It is especially true if you need to remove hypothecation before selling your car for good profits. So take those extra days required after talking with potential buyers when it comes to earning back. The offers usually depend on the depreciation value of your car. If it’s low, don’t be ready to face heavy depreciation values. It would cost you less time and effort to make an offer than sell outright.
Collating and arranging documents while selling a car with a loan can be time taking. It can take days or even weeks to clear off the loan, obtain a NOC from the particular bank and submit the same at the RTO to get a new registration card with no mention of hypothecation. So if you are planning to sell your financed car, especially near the due date of loan installment, consider these extra days for this process into account.
How to Make it Easy?
You could ask the buyer to pay the remaining EMIs of the car loan to the lending bank to cover any outstanding balance. It is so because if the buyer buys your car and your outstanding balance exceeds the price of the car, you will have to make up the difference. By doing this, you can clear your loan formally, without any interference from the lender.
Talk clearly with a potential buyer about debt that still needs to repay. Remember, you don’t want the customer to walk away from a good deal because of financing-related issues. A high-interest rate can sometimes be negated by a good state of your vehicle that will garner the interest of motivated buyers.
Always disclose information about your car to avoid buyer’s remorse. In other words, don’t lie.
So, if the question, can I sell a car with a loan scorches your mind OLX Autos is the name you can bank upon. We ease the process of selling a car with a loan for you, take care of all the paper formalities on your behalf for free, and offer the best price for your car. So, list it and sell it.
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