How To Sell Your Car That Still Has a Loan
Selling a Car When You Still Owe Money in Ruston, LA
Are you looking to sell your car to get another car? We can’t wait to get you behind the wheel of a vehicle you love. This is usually a simple process if you own your car outright, but if you still owe money on it, it might be complicated. That’s where we come in. Your friends in the Karl Malone Toyota of Ruston finance department would be happy to assist you in any way we can to help you get the vehicle you love. Read on to learn more about the ins and outs of selling your vehicle when you owe money on it.
Selling with Positive Equity
Positive equity is the best possible situation. It’s when your car is worth more than the amount you still owe on your loan. For example, if your vehicle is worth $40,000 and you only owe $5,000, you have $35,000 in positive equity.
Handling the sale can happen one of two ways. One is: We'll either pay the complete amount to your lender and the lender will pay the difference to you. Or two, we'll pay your remaining balance to your lender and make a separate payment to you. After payment is decided, you and your lender will sign the title and hand it over to us!
Selling with Negative Equity
Negative equity, or owing more money than your vehicle is worth, can be a real problem. For example, if your model is only worth $12,000 and you still owe $15,000 on your auto loan, you'll pay your lender the $3,000 difference. The good news is that you can still sell a model that has negative equity! We'll pay what the model is worth, and all you'll have to do is pay off your lender, which can be done easily with our big check in hand.
If you have any questions about selling your car, contact us online or give us a call! We can't wait to show you how high our offers can be. Karl Malone Toyota of Ruston is located at 1001 N. Service Road East Ruston, LA 71270 , serving the automotive needs of our neighbors from Monroe, Shreveport and Bossier City.