How to sell car with loan remaining 54k(another 3 years left)

[donkeyhead]

Hi, i am F. 30 y.o.
I made bad financial decisions on my 20’s. I applied akpk for all my credit cards and personal loan. Roughly around 28k. Currently, i felt down because mostly my friend is already stable but i still live paycheck to paycheck. I wanted to sell my car but i have hire purchase loan around 54k left. Is there any ways for me to sell my car? Without having money to clear the hire purchase loan.

 

[johan_1988]

@donkeyhead Try ask mytukar or carsome

 

[idrys]

@johan_1988 Yes, u really don't know where to go, here are some good options. They will guide and calculate for you. Their rate are quite okay from what I heard.

 

[debwater]

@donkeyhead Sell your car, use the money you gain from selling to pay off the loan.

If that is not enough then you're stuck with the car. Unless you can make up the difference from elsewhere.

 

[evelyne]

@donkeyhead Sometimes you can't believe financial stability from what you can see. Your friends might see you and your car and also assume you are well off than them. Going to akpk is a good start to acknowledging that you need help. Your monthly income is also pretty high if you can afford a car with 3 years and 54k left. Either that Or you took a short term loan like 5 years. Just to be sure, call the bank and ask for the settlement amount which will be lower than balance of payments because there's a discount of 3 years interest. If it's a Japanese car, then you should be pretty good on selling while possibly breaking even or getting some profit on top. However if it's a continental car, we can safely say, you're out of luck. It might sell for 30k and you have to go to akpk again for the remainder of the loan. Who knows, you might be able to settle everything within a year and start saving more in 2025.
.
.
Just a word of caution, don't try going for those "continue to pay loan payment" rentals. Although there might be one or two that are honest, most are unreliable and would lead to more problems when they stop paying and you don't know where the car is and just waiting for repo man and auction. Might as well sell for a loss straight away and avoid the headache.

 

[donkeyhead]

@evelyne It’s japanese car. Honda. Thanks for your wise input.

 

[brotherdave7]

@donkeyhead japanese car? I think all japanese car got high resell value, should be able to clear off your loan with some extra money..depending on type of your car..

 

[taylor71998]

@donkeyhead Yes you can sell the car even when it's still under loan. If you sell to used car dealers like carsome, they will handle that part for you.

If you sell to buyer directly, you can DIY or get runners to handle for you.

Good luck.

 

[onlyoneway]

@taylor71998 out of topic & this may be stupid question but does this also apply to selling house that is still under loan?

 

[jfarmer]

@donkeyhead https://www.mudah.my/malaysia/cars-...EWKHCiJ97kopLpSjJZbyRHXQlnFOYcncaAuoiEALw_wcB

quick check, market price around 60-66k. i think you can get higher than 54k easily + the discount of the balance of the loan amount.

just sell it. you shouldnt be in the red.

 

[agadfly]

@donkeyhead If you sell it off, you might not get any money back due to depreciation. Also, do you have other means of transportation arranged?

 

[donkeyhead]

@agadfly Yes, i have another car(parents extra car).

 

[mommab]

@donkeyhead Read on sunk costs fellacy. Then be wise and sell the car asap.

 

[donkeyhead]

@mommab Will do,I never heard about sunk cost fellacy before. Thank you

 

[outofplace_christian]

@donkeyhead If your selling price can’t cover the settlement amount of the loan, then consider using it to make some side income… driving for grab perhaps?

 

[amanda88]

@donkeyhead Sell your car. Try to borrow some money from your parents to pay off any negative equity (i.e. if you owe more to the banks even after selling your car).

Then look into all your debt. Pay off minimum if possible for all. If you have leftover, payoff the ones with the highest interest.

I've been through this once when I first started working. You will get thru this if you are willed enough to do the right thing. Keep a budget next time. Save 25% per month and start investing.

 

[davidleep]

@donkeyhead Go to the bank, ask for a settlement, and they will provide you with an amount to pay within a week (it will be slightly less than 28k). Then, sell your car at Carsome because they offer better rates than any secondhand car dealer or agent, as they too sell at Carsome.

 

[lutheranguy123]

@donkeyhead If you haven’t pay the car in full, it means the car still belong to the bank. Sell it back to the bank. The bank will sell it for you. Whatever you get from selling the car will be put into paying your remaining hire purchase. The remaining balance,(if any) you bear the cost. It’s safer and legal. You could go illegal, sell it to someone, they pay the remaining balance. The only drawback is, no one can guarantee you that the new owner will pay the car. Or the new owner won’t sell your car to another buyer. Just telling you the illegal path so you won’t be cheated when someone tells you they can sell the car without involving the bank.

 

[brittanyb]

@donkeyhead you need to evaluate your current financial first before getting rid of any debt.how much u have, how much u willing to lose if u sell the car? remember, cars have different resale value, 54k with 3 years left, i guess you are using conti or if lucky accord or camry.

 

[donkeyhead]

@brittanyb It just honda hrv