Selling my 197....advice needed

[welshtom1990]

Right then, I want to sell the 197, as I want to save my money for some awesome holidays and a trip to the ring

However the slight issue I have is that the cars on finance, I owe 5k on it and I'm guessing that's what I'll get, hopefully a bit more as I've had the cambelt done!

What would be the best way to go? Would you want to buy a car with outstanding finance on it? I'd obvious pay off the finance when I received the funds!

Cheers in advance for any advice

 

[robby71]

Phone the finance company and ask for a settlement figure in writing, when someone views the car show them the settlement and ask them to either - make bankers draft to finance company or go into finance place with them and get them to pay the settlement direct to them. Some banks will transfer money direct to finance company via CHAPS so new owner knows there's no outstanding finance owing and you know it's been paid

Any remaining balance can be paid into your account/ paid in cash/ bankers draft

 

[welshtom1990]

Ahh cheers for the advice mate! Yeah I'll post up a for sale thread later and make it clear about the finance!
Thanks again

 

[furiouspilgrim]

The fact it's on finance WILL put some buyers off. It shouldn't, but it will.

Is it possible to borrow the money and pay the finance off, then repay it back when the car is sold?

 

[welshtom1990]

It is, but I'd have to take out a loan then pay off finance... Then lay off loan! But I'm sure the interest on the loan would be silly as they wouldn't want me to pay it off so quickly.

Ill try advertise it with it made clear about the finance outstanding and the options available

 

[robby71]

It is, but I'd have to take out a loan then pay off finance... Then lay off loan! But I'm sure the interest on the loan would be silly as they wouldn't want me to pay it off so quickly.

Ill try advertise it with it made clear about the finance outstanding and the options available

I got a loan through Tesco at 6.7%
In the agreement it said i could pay the loan off within 30 days without paying any interest - there might be an admin fee though?

 

[furiouspilgrim]

I did a Tesco loan at 5.2%, paid off early the penalty charge is 2 months interest, about £40 if you had to borrow £7500.

 

[welshtom1990]

Ahh right, I didn't realise that... Cheers lads! Shal have a look into this, be alot easier to sell with no finance on it I'm sure.
Thanks again

 

[930Tech]

When you got to the ring, you'll not have the right car

 

[tails]

I might be interested, although you do live a fair distance from me. I'd be happy to see your advert with pics.

 

[Steve Murr]

list the car with the finance & allow the buyer to clear the finance.

very easy.

If you dont list finance people get suspicious.