How to Sell a Financed Car and Get Top Dollar

Selling a financed car can be tricky, especially if you’re far from off the loan. However, it’s entirely doable and, with the right approach, you can even get top dollar for your vehicle. 

Whether you’re looking to upgrade, downsize, or simply free yourself from the loan, here’s a step-by-step guide to help you navigate the process, and House of Cars is here to help you make that happen.

1. Get Your Loan Payoff Amount

Before you start the selling process, contact your lender to find out the exact payoff amount. This is the amount you owe on your car loan, including any interest. Knowing this number is crucial because it determines how much money you’ll need to clear the loan and transfer ownership to the buyer.

2. Figure Out Your Car’s Market Value

The next step is to find out what your car is worth in the current market to help you estimate the value of your vehicle based on its make, model, year, mileage, and condition. This information is needed  because it helps you set a competitive price that attracts buyers while ensuring you get the best possible return.

Below is a list of some websites you can use to help you figure out the market value of your car. Alternatively, you can contact one of our House of Cars used car dealerships to get an estimate.

Canadian Black Book
Canadian Black Book is a solid choice. It’s like the go-to place for figuring out how much a used car is worth and keeping up with market trends.

Kelly Blue Book

Kelley Blue Book (KBB) gives accurate car valuations and market insights, perfect for buying or selling vehicles. 

GoodCarBadCar.net
For anyone who’s into stats and market share data, GoodCarBadCar.net is awesome. They break down which cars are selling hot and what’s trending in the Canadian car scene.

3. Know Your Selling Options

There are several ways to sell a financed car:

• Private Sale: This often fetches the highest price, but it requires more effort in terms of advertising and meeting with potential buyers. Not to mention dealing with the tire kickers and meeting up with strangers and potential scammers.
• Trade-In: Convenient but usually offers less money than selling privately.
• House of Cars Park & Sell Program: Quicker, less hassle and offers top dollar.

Each option has its pros and cons, so choose one that fits your situation and goals.

Let House of Cars Handle Everything

At House of Cars, our Park & Sell program makes selling your car easy and stress-free. We handle all the details to ensure your vehicle sells quickly and at the best price. Our reach extends to hundreds of thousands through our extensive advertising channels and website. Here’s what we offer:

• Full Inspection: We thoroughly inspect your car to ensure it’s in the best condition.
• Professional Detailing: We clean your car inside and out, making it showroom-ready.
• High-Quality Photos and Videos: We capture your car’s best angles to attract buyers.
• Extensive Marketing: Your vehicle is listed on our website and promoted across social media, Google, and other platforms, reaching thousands of potential buyers daily.
• Warranty and Financing Options: We offer these to potential buyers, increasing the appeal of your car.
• Expert Sales Team: Our experienced agents handle all inquiries, showings, and negotiations, ensuring a smooth sales process.

How It Works

1. Submit the Intake Form: Start by filling out the intake form to express your interest. An agent will contact you to gather more details about your car.
2. Vehicle Drop-Off or Keep Driving: You can either drop off your car at the nearest House of Cars location or continue using it while we market it.
3. Promotion and Sale: We list your car online, promote it, and keep you updated on inquiries and offers. You’ll be informed when your car sells.

For more information or to get started, visit our Park & Sell program page.