Can I Sell My Mortgage Car? Everything You Need to Know

You wouldn’t have much idea how difficult it is to sell my car with bank mortgage. Because no one is interested to buy a car that is already under a loan. Selling your car before paying all the loans can be a tricky business. Contacting local dealers will give you nothing but anxiety as they will find several reasons to ditch you. You’ll end up facing loss with a bad experience of car selling.

Besides local dealers, you cannot finalize the deal with any other buyer until or unless you have fully paid for the car. If the car is still under bank ownership you have to find other ways to look for reputable dealers.

2 Ways to Sell Your Car With a Bank Loan

You have a car with a bank mortgage and now due to an increase in inflation or other reasons you are unable to pay the loan. You can get rid of your vehicle by selling it. Although it wouldn’t be an easy process you have to do research and you’ll find ways to sell your car.

Firstly you can look for a car buyer who is willing to finance that car on monthly basis and also from the same bank. So that you don’t have to face the trouble of changing banks and going through their policies. Or you can look for another way to sell your car with the easiest method. Look for the buyer who is willing to pay all the cash all at once on your behalf.

Ways to Find a Financed Car Buyer

You have to ask the buyer to get agree and use the same bank to finish your car. Unfortunately, this will lead to facing several troubles. Because sometimes buyers aren’t ready to do so and on the other way banks are not willing to agree on that policy.

You can request the car buyer to apply for the loan in the same bank if he can’t pay the loan all at once. For that, he has to show a proper valuation report to show the proper value of your car. Also, you need to transfer the ownership to a reputable car buyer. Make sure to verify all the details and deliver all the information to the bank. That includes a new registration card and a copy of insurance that the loan is closed from your side.

Securing a Cash Buyer

Paying the loan of your car isn’t an easy process and you want to get rid of that. Well, all you need to do is just provide a cash buyer who is willing to pay all the bank loans at once and sell your financed car. To process all this you have to go through several procedures. First, you need to know the actual amount of your car that is left to pay. Get a power attorney and sign on it to properly transfer the car to that buyer.

Once all the loan is paid car will be under his custody. You can secure this information by providing the seller’s agreement.

At CarPoint we settle on the agreement after the seller and buyer agreed on all the conditions. Buyers will have to come up with cash for the bank and pay all the loans in cash because most banks don’t accept cheques. Although the car is still under your ownership transferring the ownership will take some time. But car buyers can take that car home.

All this process to sell used cars in UAE might seem scary because of all the risks. That’s why CarPoint is always there for you to hold your hands and make your worries go away. You wouldn’t need to do anything, simply contact us and enjoy the whole process.