Posted Friday, February 3, 2023
The time came, and you decided to sell your vehicle. You already have in mind what car you want to buy next, but the problem, you still owe money on the car loan. You may think that you are stuck with your old car and that you have to pay off the loan first. That is not true. You can sell your old car a buy a new one. Yes, the owing payments on a loan will affect the amount of money you get for your vehicle. However, if you land on this article, we will make the process easier and explain what you have to do.
You can go to the Sell/Trade tab on the Indy Auto Man website and click get Accu-Trade Value from the drop-down menu to find the estimated value of your car. You will need to enter the VIN number of your car and answer a couple of questions. Then you will get an instant cash offer for your car. Here you can learn more about car value estimation tools to set the best price for your vehicle.
Another way to find an estimated value of the car is to research a market. You will need to check the car listing websites and try to find a vehicle that is the same make, model, and year, and has similar mileage to your vehicle. Thus you will find out the average value of your car, but keep in mind that you still have a loan on your car.
The information that you need is the 10-day payoff amount and per diem. The easiest way to find this information is to call your lender. Then you will need to subtract the payoff amount from the estimated car value to determine the amount of money you can get for your car.
If you decide that the likely sales price of the vehicle will not be sufficient to cover the loan payments or leave you with enough money for a down payment on another car, you must know that before accepting any offers from buyers.
Of course, the fact that you owe money on the vehicle makes things complicated. Even though the vehicle has enough equity to justify selling it, it will be harder to sell to the private party, since the lien holder owns the title.
When you know the payoff on your auto loan and have determined that selling the vehicle makes sense for you, you should involve the lender in the process. You cannot sell the vehicle without their approval.
You can try to sell your car through your bank. Meeting with potential customers at the bank has several benefits. First, it provides a neutral location where the transaction can take place. Second, it lends an air of formality to the proceedings. Third, it allows you to access the loan documentation quickly. Finally, you will be able to get the bank’s employees to copy or notarize the documents.
Another option is to sell your car privately to another party. It is a complex process because you will need to deal with all documentation by yourself and communicate with your lender during the whole process. You also will need to prepare your car for selling by yourself. Here you can learn more about the selling process.
Also, you can take your car to a public auction house. Auctions are held every day across the country, so you can find one near you. You may be able to get a better price selling your car at auction than you would sell it privately. Most auctions charge a fee for each sale, but they offer buyers financing options.
The final option is to trade the vehicle to the local dealership. The dealership will help you take care of all paperwork and make the selling process smooth. You can buy a new vehicle from the dealership. It will simplify the whole process of changing vehicles and you will get a tax credit.
However, do not expect to get the retail price for your car from the trade-in option. There are several reasons for this. First of all, the dealership will take care of all your paperwork and title transfer. Second of all, the dealership will take care of advertising your vehicle for sale. These will cost the dealership money. Both of these processes will save you a significant amount of time and nerves. Besides this, if you have a high-value trade-in, then you can save a lot on sales taxes. Here is more information on how to get the best trade-in value. Also, if you are from Indianapolis and are looking to trade in your car, the Indy Auto Man has the easiest and the most transparent way for you to get an offer on your car.