What to do about your financing when you sell your car privately

2 April 2024, 7:00 am

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What to do about your financing when you sell your car privately
Image: CarExpert
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What to do about your financing when you sell your car privately
Image: CarExpert

AutoExec Summary
Selling a car with finance owing can be tricky in Australia. If the car is encumbered, meaning there is still money owed on it, the loan must be settled before selling. Discuss options with the lender, be honest with buyers, and consider trading in with a dealer for a new car. It’s important to understand the numbers and be prepared to cover any gap between the sale price and the remaining loan amount.

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