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Selling a Car Can be Confusing
Selling a car has often been one of the more stressful things people have to put up with in life. There are dozens of dealers, websites, and people offering up services to get you the most money for your car.
Listing for sale online, trading in at the dealer, and parking on the side of a busy intersection are all possibilities to get eyes on your car and find a buyer.
Unfortunately, these options leave a lot to be desired. Let alone not knowing if or when someone will buy the car, how will you be paid? No one wants to wait for a check to clear or risk giving out their bank information.
Should I Sell My Car?
If you’re short on cash or just need to upgrade your ride, there’s a good chance you will need to sell your car. But how do you know if selling your car is the right option?
Considering how many factors go into determining your car’s value, it isn’t easy knowing if you should sell your car, and if so for how much.
Selling a New Car
Maybe you have buyer’s regret for purchasing a car you couldn’t really afford, and now you’ve realized you’d rather have the cash than the bragging rights. Or perhaps you bought a car over the last year or so, but you’ve already decided it’s time to upgrade again.
Vehicles are notorious for being some of the fastest-depreciating assets. A new car can depreciate around 20% in its first year of ownership and will continue to depreciate about 10% each subsequent year.
There are a few exceptions — such as luxury vehicles — but the average car’s value tends to decrease quickly.
What does this mean for you? Don’t be shocked or disappointed at how much your “new” car is worth now. Even if you only bought it a few months ago and it seems to be in perfect condition, the value is likely to have decreased significantly.
If you took out a car on a lease, bear in mind that you can’t just sell it without sorting out the loan first. You’ll need to pay back the lender in full, and there are sometimes prepayment penalties.
Of course, the money you make from selling your new car should cover the loan — but thanks to the fast depreciation of vehicles’ value, things don’t always work out this way. It’s something to bear in mind.
Selling a Used Car
Perhaps you’re new to selling used cars or it’s been a while since you last sold one. Generally, you sell directly to the public or the trade.
To sell to the public you need to place an ad of some sort. There are plenty of online market places to choose from as well as shop window ads and even putting a notice on your car to catch any passing interest.
All these methods can bring success but can also be slow and time-consuming. Add to this the work involved in answering queries, showing people your car and accompanying potential buyers on test drives, and many people are put off or simply don’t have the time.
Selling to the trade can be easier. If you’re looking to buy a more expensive car from a dealer, they will probably be prepared to offer you a trade-in price for your current car. This can be quick and convenient but doesn’t suit everyone as you may be looking for a cash sale.
A junkyard can be a good way to sell a car that is old or damaged as instant payment is given against the scrap price of the vehicle. You would need to be able to get your car to a scrapyard yourself and it’s only a suitable option for older or damaged cars of lower value.
Selling a Junk Car
If you have a damaged or faulty car that would cost too much to get back on the road, you might have thought about selling your car for parts. A car like this is known as a mechanic special, where the car isn’t worth fixing. Everyone knows how expensive car components can be and people will always be looking for replacement parts for their cars.
However, few people have experience of breaking down cars and probably don’t realize the work and skill involved. It’s certainly not a task to be undertaken without properly researching your options.
Breaking down a car into parts is a huge undertaking, requiring specialist skills and tools. A large garage would be required to carry out the work, and then the parts would all have to be stored until sold. Dismantling a car is also a time-consuming project.
Supposing you have managed to break down your car, you would then have to decide how best to sell all the components.
Online auction sites like eBay can be useful as they enable you to reach a wide audience of potential buyers. However, taking and uploading photos and writing listings can be a lengthy process. Then, once you start selling the parts, you’ll need to ship them across the USA to buyers.
Remember you’ll probably have fees to pay for selling too. It begins to sound like a lot of hard work and will you really make a lot of money?
Another potential problem is that once you start to dismantle your car it will be less attractive to other buyers. For instance, a scrap yard might refuse to take it away or even charge you a fee to do so.
Can I sell a car with no title?
Have you thought about selling your car without title, but don’t know where to start? Look no further. Even if the car has a loan, you still have options.
First thing’s first is to replace your title.
How do I get a new title?
Sometimes car titles can be lost, misplaced or damaged and this can cause problems when you want to sell a car. There are various solutions to this problem, so don’t fear. If you need an alternative, check out our options below:
Get a Duplicate or Replacement Title
If the original title has simply been lost or damaged then get in touch with your local motor vehicles commission. For a small fee, they should be able to look through their records and issue you with a replacement title. You will eventually need a title to sign over to the buyer of your car.
Use Your Registration to Prove Ownership
As long as your registration is valid, this can be used to prove your car belongs to you. This helps junk car buyers like us give you a guaranteed offer before verifying title.
Obtain an Affidavit in Place of a Title
This is a legal document to prove you’re the owner of the car. The DMV can issue an affidavit if you can show you’re the legal owner through documentation like the bill of sale, car insurance documents, or a copy of your car loan.
Financing is a perfectly reasonable way to purchase a car if you don’t have the money upfront. In fact, most people will finance a car at one point in their lives.
Unless you happen to be flush with cash or you are on a small budget, chances are you will utilize credit to buy your next car. After making a small percentage of the sale price as a down payment, the remainder of the purchase price will be covered by a financial institution.
But let’s say halfway into your loan, you decide you want to sell the car for something else. Is this possible? Maybe, but it will depend on your car lien.
Nonetheless, we know how to sell a car with a loan.
How do Car Liens Work?
When you finance the purchase of a car, the lending company will place what’s called a lien on the car. In a nutshell, this means that the lender has legal claim to the vehicle, meaning it can’t be sold or transferred to another party before the loan is paid off.
Of course, the auto lender wants to make sure it gets back the money it lent you to buy the car, and having a lien on the car protects them in the event you can’t pay them back. It also generally restricts you from doing much of anything besides driving the car. If your loan becomes delinquent from non-payment, your credit score will suffer and the car may be repossessed.
Even if you can’t sell a car with a loan in a private transaction, don’t fear.
If you’re really sure you want to sell your car before paying it off, then let’s get into it.
The simplest way to sell a car with a lien is to trade it in at a dealership. Whether you bought your car at a dealership or not, you can still take advantage of a dealer financing to get cash for your car.
Just about every car dealership has a credit department, where they can process loans for car buyers. In addition, they can consolidate and roll-over car liens into new car purchases with a trade-in. So if you want to sell your current car to get a new one, this will be your easiest option.
When you present the dealer with your vehicle to trade in, they will make you an offer to pay you for the car. Now remember, it’s likely the dealership will offer you less than the car is worth. That’s because they are in business to make money, and acquiring used car inventory at lower prices is the name of the game. While this may not be optimal, it is the most straightforward way to work directly with professionals to sell a car that you still owe money on.
Once you accept their trade-in offer, they will take your car and put the proceeds towards your car loan. While hopefully the proceeds cover the remainder of the loan, it’s possible their offer might not cover the entire lien.
If you have something called negative equity in your car, then that means you owe more on the car loan than the car itself is worth. This means when you complete your trade-in, there will still be a balance on your loan. Don’t worry – the dealership will be able to roll this balance over into a new loan for a new car you want to buy.
Use a Loan to Cover the Balance
If you’re not in the market for a new car, then trading in your current car isn’t a practical option. Maybe you have an extra car you want to sell or your family is downsizing to one car.
The other option to sell a car with a lien is to simply pay off the loan. Of course, this is easier said than done if you aren’t made of money. But let’s say a few years ago you bought a $25,000 car on credit and put $5,000 down. Today, your remaining balance is only $7,500 and the car is still worth $10,000.
Assuming you have no money in the bank, let’s say you get a loan for $7,500 to cover the balance of your car loan. Once your car loan is paid off, you’ll be able to sell your car for the $10,000 it is worth. So now you have $10,000 in proceeds from the sale and a $7,500 balance on your personal loan.
While this option is technically possible, we do not recommend taking out a personal loan to pay off your car.
Since we are not privy to everyone’s financial situation, take these options with a grain of salt. Always consult with a financial advisor if you are serious you want to sell a financed car, but you’re unsure how to take the next steps. We can not guarantee these outcomes will work for everyone.
But rest assured, these options are tried and true and provide you ways to sell your car if you still owe money on it. So figure out how much your car is worth by getting a cash appraisal from us or stop by your local dealership to get a trade-in offer.
Give us a call at 844-OFFER-44 and we’ll give you a cash offer for your car, even if you still owe money on it. Then follow our steps above to take care of your loan balance so you can sell your car with ease.
Getting Paid Cash for Your Car
Fortunately, there is a way to get paid without a lot of the risks normally associated with selling a car. And that way is called CASH.
Most buyers will be unwilling to pay you cash for your car. Carrying cash can be risky enough, but car buyers also need to make sure their transaction will be safe and verifiable. Since many of those buyers work on behalf of a dealership or a car business, they won’t be able to pay you in cash.
You could get paid cash by selling your car to an individual, of course. However there are always risks with working with strangers.
First, there is always the small chance of scammed. This comes with the territory of dealing with unverified people often found online through forums or social media.
Next, your transaction won’t be protected in any way. In the event you find out you were ripped off, or you need to fashion a receipt for the transaction, you would be out of luck.
Plus, working with individuals means not having a company representing the buyer. This means there is no one else you can call if something goes wrong – you’ll just have to figure out how to deal with any problems.
InstantOffer.com Pays On The Spot
Now that you’ve arrived at InstantOffer.com, you can forget about all of those problems trying to get paid cash for your car. Paying cash in a safe and trustworthy manner is exactly what we’re all about – even if you don’t have title for your car.
When you accept an offer from us, we connect you with a trusted car buyer who will facilitate the entire transaction for you. Plus, you have the added peace of mind knowing that we are always here to help you sell your car in the best way possible.
When the day comes for us to pick up you car, we will handle everything. We can tow any car, running or not, from your property. As soon as we verify the vehicle is as you’ve described, our local car buyer will get your car loaded onto the truck.
The only step remaining is getting you paid. We give all car sellers the option of being paid by cash or check, because we know providing option to our customers is just good service. But we know people love cash, so we’re happy to pay for cars with the green stuff. All you have to do is count your cash as you watch your car be towed away into the sunset.
So what are you waiting for? Get paid cash for your car today with InstantOffer.com.