Sell a car you bought on finance

Quotezone.co.uk has teamed up with Motorway to help you sell your car online, and you can use the service even if you bought your car on finance. In fact, more than four-fifths of cars in the UK are bought on finance, which means many Motorway users do sell a car that they bought on finance. The main thing to bear in mind is that any outstanding debt will have to be settled before the sale of the car can go through.

Can I sell a car with outstanding HP finance?

The lender is the legal owner of the car until all outstanding debt is paid for by the borrower. You’ll need to get an early settlement agreement if you wish to be able to sell your financed car. You can do this by contacting your financer directly.

Can I sell a car with outstanding PCP finance?

You can sell a car that is on PCP finance if you pay off all repayments in your settlement figure. This will have to include the final balloon payment amount.

How do I start the process to sell a car I bought on finance?

To get started, simply enter your reg number, provide a couple of details about you and your car, and voila: you’ll be given an instant vehicle valuation to give you an idea of how much your car is worth.

If you’re happy with that estimated valuation for your car Motorway will then find the verified dealer from their nationwide network of 5,000+ dealers who’ll pay the most for your car, with no hassle. With our ‘sell my car online’ service you could sell your car in less than 24 hours, without all the hassle of classified ads!

What does ‘settlement figure’ mean when selling a car on finance?

The settlement figure is the amount of money you will need to pay to the finance company in order to settle the outstanding debt on the car. This settlement figure will need to be paid before the sale can be completed, because until it’s paid you don’t own all of the car yourself and therefore aren’t in a position to sell the vehicle.

Who pays the settlement figure, me or the dealer?

Many car dealers will be happy to settle the outstanding settlement figure on your behalf, or you can choose to pay the settlement figure yourself before selling the car.

If the dealer is paying the settlement figure they will usually pay this sum directly to the finance company, and you will receive the remainder.

Dealers will need to see a finance settlement letter in order to be able to do this, which will outline the details of the settlement figure that needs to be paid.

* Based on a survey of 2,079 customers who sold their car on Motorway between 1st March and 22nd July 2021, analysed and independently verified by Blue Yonder Research in August 2021. 42% of consumers achieved £1,000 or more with Motorway than their initial quote from other companies.