Few of us have the luxury of buying a car outright with cash. Most of us rely on car financing to make our dream a reality. However, life changes, and sometimes you might find yourself needing to sell a car that’s still under finance.
At Weelee, we understand that life changes, and sometimes changing your vehicle is necessary. If you’re considering selling your car or bakkie while it’s still under finance, we can help.
If you’ve come to the decision to sell you car then here is what you need to know when approaching this daunting, but viable option of selling your car for more. Let’s break down this process together.
The bank is ultimately the current owner
Remember, the bank owns your car until your loan is fully repaid. Before selling, you need to determine the exact amount you owe—this is called the settlement amount. Paying this off transfers ownership to you, allowing you to sell freely.
However, many people can’t afford to pay off the entire loan at once. That’s where Weelee can help
Measuring trade value
Selling your financed car privately can be complex. Most buyers won’t to take over your loan.
Before selling, it’s crucial to know your car’s trade-in value. Weelee’s experts can help you determine this by providing a free online valuation. This is the first step to understanding your options.
Use the market to your advantage to sell for more
Once you’ve calculated the potential benefits of selling your car or SUV or bakkie, it’s time to take action and get the best deal possible. The used car market is currently strong, making it a great time to sell a high-demand vehicle.
Say Farewell to Finance. It’s Weelee time
When you choose Weelee’s innovative online platform, your expose your vehicle to not just one, but multiple pre-approved buyers who are willing to accept and handle the paperwork regarding the settlement amount owed on your particular vehicle.
Once you accept an offer, your assigned Weelee dealer will guide you through the process. If your car is still under finance, the dealer will liaise with the bank to settle the outstanding amount.
If your car is fully paid off, the dealer will pay the agreed-upon price directly to you via EFT. If there’s a remaining balance on the loan that’s less than the sale price, the dealer will pay the bank and transfer the remaining funds to you.
We handle all the paperwork to ensure a smooth and secure transaction.
If there’s a settlement on your car which is higher than the purchase price, you will need to pay the remaining balance to the dealer in order for the dealer to settle the account fully (or, if arranged with the dealer, pay the remaining balance to the financial institution directly), so that the dealer can obtain the original registration document from the financial institution.
Say goodbye to vehicle finance while getting the best cash price for your prized asset simply by selling your car or bakkie on Weelee today.