Important things you should know before selling a car installment

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Want to sell a used car but you can’t pay its car installments anymore? Or want to buy a new car, but the car's owner still has not finished paying its installments?

Selling a car with installment or selling a car that has not yet been paid off could be something that needs to be done if the car owner is having trouble paying the installment or if they might want to switch to a new car. But is having unpaid installments something that would stop you from selling a car?

No! In fact, it's a good choice with all things considered. It’s better than getting your car confiscated, getting bad financial credit history, or getting blacklisted which would cause problems in making transactions in the long term and difficult to ask for credit because of bad history.

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(Photo Credit: Freepik)

How do you settle a car with unpaid installments?

There are 2 ways for selling a car installment processes.

1. Cash with the full amount

If you want to close the debt easily in a short time, we recommend you to negotiate with a buyer for cash payment (don’t forget to plus the total of installment you paid before) then you bring the money to pay to a financial company and the company will transfer ownership to you or a buyer (depends on company conditions)

2. Continue of installment by a new buyer

In case a new buyer can’t afford to pay in a cash in total, you can notify a financial company to change the contract (depends on company conditions)

Editors%2 Fimages%2 F1648182698136 Happy Young Asian Couple Realtor Agent(Photo Credit: Freepik)

Moreover, the most important thing you should be aware of is making sure that the name of ownership on the contract is changed already because if the car owner’s name is still you, you’ll be liable if something happens with the car in the future.

Therefore, don’t deliver your car to a new buyer before receiving a new changing car owner’s name contract from the financial company.

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