Banks receive a good percentage of profits from car loans for citizens, but car owners have to pay a certain amount every month for their recently purchased car. The longer the loan period, the lower the monthly payment amount, however, these obligations drag on for many years.
If you take a loan for several years, then you will have to pay a large amount of money every month. Unfortunately, it is difficult to be sure of your future. Sometimes it may be necessary to sell your car, as there is no funds for further loan payments.
This is where the question arises, how to sell a borrowed car on credit? The loan for the car has not been paid, therefore it is prohibited to sell it, since the PTS is with the lender until the debt is fully closed. However, even this situation has a solution.
There are several legal ways that allow you to sell a credit car, or change a car for another vehicle.
Obtain the consent of the bank
You must communicate your decision to sell the car to the bank from which you took the loan. If most of the loan is not paid, then the bank will be reluctant to meet the borrower. But, not wanting to have additional problems with the loan repayment, it helps such a borrower. Of course, such kindness from the bank will cost the borrower 0.5-1% of the loan amount. It's a good idea to conduct an independent examination before going to the bank.
A positive decision of the credit institution brings the client closer to the moment when creditors return the PTS and decide where and what amount will be transferred for the sold car.
Self-sale of a credit car
With this option, you find a buyer for your car, he gives you cash, after which you repay your loan and remove the car from the register.
Today there are specialized companies that can pay off the remainder of your loan or find a buyer for your car. They can also buy the car back at the market price. It is important that such a company does not end up as a one-day company.
Second loan for the purchase of another car
To sell a car on a loan and buy yourself a car more expensive, you can apply for a consumer loan. A new loan will have to be issued for the amount that you owe the bank for a car loan. Then you repay the previous loan and take the TCP. Now you can safely sell the previous car.
Transfer control to another
This option is rather risky. It is best to hand over control to someone you know and trust well. In this case, a power of attorney is written, according to which your friend drives the car. After the loan is paid off, the car is registered in full for the new owner.