Are you struggling to keep up with your car payments? Or maybe you’re ready for an upgrade but still owe money on your current vehicle? You’re not stuck. You can sell a car that’s still under finance. You may wonder how to sell your car safely online or have concerns about the speed of selling a financed vehicle. This guide answers the most common questions around selling a financed car, offering practical solutions for South Africans looking for speed, security, and great value.
Can you sell a car on finance?
Yes, you certainly can. But it’s not as straightforward as selling a fully paid-off car.
A financed car still technically belongs to the bank or lender until the final instalment is paid. This means you must settle the outstanding balance before transferring ownership to a new buyer.
That’s where knowing how to sell your car safely online becomes essential.
How do you sell a car that is still financed?
There are several ways to go about it, depending on your financial situation and the amount owed:
Option 1: Settle the loan before selling
If you have the funds available, the cleanest method is to request a settlement quote from your lender, pay off the balance, and get the car title in your name. Once it’s yours outright, you can sell your car to any buyer.
Option 2: Sell the car and settle the loan from the sale
If you don’t have the cash to settle upfront, you can find a buyer who agrees to pay an amount high enough to cover your outstanding loan. In this case:
- Get a settlement letter from your lender
- Agree on a sale price with the buyer
- Use part of the proceeds to pay off the loan
- Transfer ownership once the bank confirms settlement.
This is a common method when asking, ‘How do you sell a car that is still financed?’
Option 3: Sell to a dealership or online platform like Weelee
This is the easiest and safest route, especially if you’re searching for how to sell your car fast.
Online car sales platforms like Weelee work directly with banks to settle the finance and handle all paperwork on your behalf, making the process easier and smoother for you.
What do you need to sell a financed car?
To sell a financed car, you’ll need:
- A valid settlement letter from your finance provider
- Your ID and proof of address
- The vehicle’s registration documents
- A signed agreement from the buyer (if a private sale)
- Proof of insurance and service history, if available
Understanding the documents upfront will help you sell your car quickly and legally.
How to sell your car safely online
Selling a financed car online doesn’t have to be risky. Follow these safety tips to protect yourself and your vehicle:
- Use a reputable platform, like Weelee, that verifies buyers and offers secure transactions
- Never share your home address publicly
- Meet buyers in safe, public locations to conclude transactions
- Confirm proof of payment before releasing the vehicle
Sell your car safely with Weelee today.
Searching: How to sell your car fast?
Speed is vital, especially if you’re under financial pressure. Here’s how to move things along efficiently:
- Get your documents ready before listing
- Take high-quality photos and be honest about the vehicle’s condition
- Use a platform that gives multiple offers from serious, pre-approved buyers
- Respond quickly to interested parties
Platforms like Weelee make it much easier to sell your car quickly and stress-free.
Why do people sell financed cars?
You’re not alone if you’re wondering why so many people sell a financed car before it’s fully paid off. Common reasons include:
- Monthly instalments have become unaffordable
- You want to switch to a more fuel-efficient or affordable vehicle
- You’ve received a company car or moved closer to work
- You want to free up cash or reduce debt.
Whether you’re looking for freedom or a better fit, knowing how to sell your car fast and safely can ease your mind.
We answer your financed car FAQs
Q: What happens if I sell a financed car without telling the bank?
A: That’s illegal. You must settle the loan before transferring ownership. Selling without disclosure can lead to legal and financial trouble.
Q: Can I trade in a financed car for another vehicle?
A: Yes, dealerships often allow trade-ins. If needed, the outstanding balance is deducted from the trade-in value and added to your new car loan.
Q: Can you sell a car on finance and still make a profit?
A: It depends on the car’s market value and how much you still owe. If the sale price exceeds your outstanding loan, you’ll keep the difference after settling.
Why sell your financed car with Weelee?
When it comes to selling your car safely online, Weelee offers a secure, speedy, and user-friendly experience.
Here’s why it’s the go-to choice for South Africans:
- Multiple offers from pre-approved dealers to give you a competitive price
- Professional service that goes above and beyond for every customer
- Fast upload of your vehicle details – takes just 2 minutes
- Safe & secure process using number plate blurring and 256-bit SSL encryption to protect your identity
- The winning bidder will meet you at your convenience and make an instant payment on the vehicle before driving away with the car.
- Trusted and reviewed by thousands of South Africans.