If you have a car that you bought on finance but want or need to get rid of it, then you need to ensure you do it the right way. You are not allowed to sell a car that has finance on it even if you intend on using that money to pay off the remaining finance. Some owners will do this but you can get in trouble and the person who buys the car may be responsible for the debt if it is not paid off. This is why it is always a good idea to do a HPI check on a vehicle before you buy it, especially if buying private to ensure there is no finance on it. If you took out a personal loan the you can sell the vehicle when you like as it is not secured against the vehicle.

If you want to sell it then you have a few options. First you need to obtain a settlement figure from the finance company. This will tell you what to owe if you were to settle at that point. Once you have this you can then decide if you have enough funds to pay off the finance or if you could take out a loan, borrow the money off friends or family or use a credit card to pay it off. You can then use any funds you get from selling the vehicle to pay off your new debt.