I would like to get out from under a car payment. The intrest rate is high. The loan amount due is more than the car is currently worth. Is it possible to sell the car myself and have the buyer take over the payments (They would probably want to refinance to get a lower rate). What steps do I need to take to get this done?
2006-08-31 04:48:51 · 5 answers · asked by MIKE S 2 in Cars & Transportation ➔ Buying & Selling
you should refinance for a lower rate, no one is gonna buy your car if your loan is more than the car is worth !! you got your self the load suck it up and pay it off !!!
2006-08-31 04:52:12 · answer #1 · answered by Big R 6 · 0⤊ 0⤋
Never let someone else take over the payments. Try to refinance at a lower rate, failing that, try selling the vehicle and paying off the loan. If you don't get enough in the sale to pay the loan off, talk to the lender about making payments on the remaining loan balance.
Good luck
2006-08-31 04:55:06 · answer #2 · answered by Adios 5 · 0⤊ 0⤋
Advertise the car and have the person buying get there own loan for the price you are asking for. Their lender will give them a good interest rate depending on thier credit, and you are out of the car totally. Don't have them assume the loan it can cause problems later if not down right.
2006-08-31 04:52:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the buyers could finance the selling price, but you'd need to get a loan for the difference or pay off the difference with cash...keep the bank in the loop about your plans, they can finance the new loan and make this easier
2006-09-03 18:38:01 · answer #4 · answered by Dwight D J 5 · 0⤊ 0⤋
Just sell the damn car. If you can't sell it for what it's worth then take out a loan to cover the difference and pay that off too. You will be WAY better off with a $4,000.00 debt than $20,000.00 (or whatever)
2006-08-31 04:52:12 · answer #5 · answered by Anonymous · 1⤊ 0⤋