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Can I Sell My Car If It's on Finance?

Can I Sell My Car If It's on Finance?

Finance. Something most of us use, but also something most of us struggle to understand.

The legal documents on finance can be a bit lengthy and the thought of flicking through hundreds of pages to find out if you can still sell your car with outstanding finance may take days.

That’s why we’ve popped together this useful guide to save you a job!

You’ll be happy to know that even if you still have finance payments left to pay, you can still sell your car. At Bristol Street Motors, we are happy to still buy the car when you owe more finance than the value of the car, as long as it is on a HP or PCP loan. However, it does change slightly depending on what type of finance you have taken out.

Read on to find out more.

HP Finance

With a Hire Purchase, you don’t legally own your car - the lender does until all payments have been made. This means that if you want to sell the car, you will have to contact your finance company to arrange an early settlement. The settlement price should be sent to you within a few working days and once paid within the time frame, you will then be able to sell your car. 

PCP Finance

For a Personal Contract Purchase loan, you need to have paid all the payments or the settlement fee to be able to sell your car.

If you have paid over half of the finance owed, you can settle the outstanding balance early. However, if you haven’t paid over 50%, you will have to pay the difference.

Learn More About Car Finance

Personal Loan

With a Personal Loan, the vehicle is already yours so you can sell it whenever you like. However, if you haven’t finished paying off the loan before you sell the car, just keep in mind that you will have to continue making payments for the Personal Loan until you have repaid what is owed.

If you choose to sell your car to Bristol Street Motors, we will pay any outstanding HP or PCP payments for you.  

All you need to do is request a valid settlement letter from your finance company which will have your agreement number, the amount outstanding and the validation date on and bring this along to your appointment. We will make arrangements to settle your balance and deduct the settlement amount from the amount paid to you for your car.

Find out more about cancelling your finance, or if you’re ready to sell your car to Bristol Street Motors, visit our Sell My Car page to start your valuation.

Start Your Valuation