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Car finance can be a difficult concept to get your head around. In this guide we walk through the process of selling your car if it does have outstanding finance.
Macklin Motors

If My Car's on Finance, Can I Sell It?

If My Car's on Finance, Can I Sell It?

Car finance can be difficult to understand, despite the fact many of us use it.

  • If there is still finance left to pay on your vehicle, you should be able to sell it to us.
  • We will pay any outstanding HP or PCP payments for you.
  • Our Sell My Car service is designed to make the process as simple as possible. 


Understanding the legal documents for selling your car on finance can be daunting! That's why we've compiled this helpful guide to assist you. Read on to learn more.

Can I sell a financed car? 

If you have Hire Purchase (HP) or Personal Contract Purchase (PCP) payments left on your vehicle, you can still sell your car to us. We will buy the car even if you owe more finance than the value of the car. 

We’ve outlined the process for different car finance types below.


Man selling a car

Hire Purchase

With a Hire Purchase agreement, you don’t legally own the car. The car is owned by the lender until all payments have been made. This means that if you want to sell the car, you will have to contact your finance company to arrange an early settlement. They will send you the settlement price, which will cover the cost of all remaining monthly payments, plus interest.

Personal Contract Purchase

Like an HP agreement, you do not own the vehicle on PCP finance until you make all the payments.

Therefore, if you would like to sell your car, you will need to contact your finance company. They will be able to provide the settlement figure required. This may include some additional charges such as an exit fee.


Personal Contract Hire

Selling a car on PCH is generally not possible. With a PCH agreement, you lease the car for a fixed period before handing it back to the finance company.

You may be able to discuss buying the car from the leasing company; however, they have no obligation to sell the car to you.


Personal Loan

With a Personal Loan, you can sell the car whenever you like, as the vehicle is yours from the start.

If you haven’t finished paying off the loan before you sell the car, bear in mind that you will have to continue the payments until you have repaid it in full.


Woman speaking to sales executive

Time to sell your car?

If you choose to sell your car to Macklin Motors, we will pay any outstanding HP or PCP payments for you.

All you need to do is request a valid settlement letter from your finance company. This will include your agreement number, the outstanding amount, and the validation date.

Bring this to your appointment with us, and we will arrange to settle your balance. We'll deduct the settlement amount from the payment made to you for your car.

Find out more about cancelling your finance, or if you’re ready to sell your car, visit our Sell My Car page to start your valuation.

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