We’ve created a few simple steps to simplify the process of paying out your car loan and selling your car in one easy service.

Talk to your lender

It’s important to speak with your lender about your loan before you look at selling your car. Get a pay out figure from them so that you can know how much money you’ll need to get back from selling your car.

Paying out the car loan

Once you’ve acquired the payout price, it’s time to see if it’s going to be possible to pay it out in full. You won’t be able to sell the car if it’s still under finance. You’ll need to either get the whole value of the loan by selling the car, refinance the remaining money on the loan or you’ll need to pay out the remainder from your own pocket.

Timing sale and payout

Whether you’re selling privately or to  a dealer, you’ll need to coordinate with your lender to get the correct payout figure for the correct payout day. Because interest is calculated daily and payments are frequently coming out – your payout figure will be changing every day. Therefore, to get the right payout figure you have to synchronise the sale and payout day.

Where car buying houses make is simple

Although paying out a loan can be a massive pain, buying houses are one option that can take the pain and stress out of the process. Places like Car Buyers Online  can take care of things with your lender and manage the paperwork behind the scenes, making it simple for you to sell your can and pay out the loan in one simple process.