How to sell your car fast and for the most money possible in Charlotte, NC

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Very few people nowadays buy a new car or truck with cash, they will usually take on a car loan or similar form of credit (like a home equity loan). A bank is usually unwilling to offer credit for any car that is older than 4 years, therefore these cars are worthless to car dealers and garages and will just be shipped to auction or wholesaled out, the dealers will never give you a fair price (wholesale only at best). Even if a dealer claims to be offering you market value they won’t have accounted for the extras, or they won’t offer you any discount on the purchase of a new car.  They will most likely float a little profit off the new car over to the used car.  Remember, the car dealer is always about profit and will never lose money on a deal (regardless what the salesperson or manager says.

If you still owe money on a loan you took out to enable you to buy your car then the lender will appear on the title as a “lien holder”, this means that they are holding the title until you pay of the remainder of the debt. In order to sell a car you need to personally possess that title. When you sell the car technically you can get enough money in order to pay off the loan. But how about negative equity, what if you owe more than the car is worth? This is what is referred to as being ‘upside down’ in the automotive industry.  If the car is worth $10000 and you owe $15000 then you have to pay off the remaining $5000 personally. You can sell the car easily as long as the amount you owe is less than the amount you will earn from selling the car. Simply send the money to pay off the loan, the loan company will post the title to you, then just sign this title over to the buyer and send it to them.

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Some lenders may be willing to extend or convert the extra amount owed (upside down amount) into a non secured loan similar to a credit card balance.  This will permit you to sell the vehicle, but as the risks are higher with unsecured loans (it is unsecured as the bank can no longer repossess your vehicle to pay off the balance as you will be selling it to someone else) so are the interest rates and terms – just like a credit card.  You may see rates of 10% up to 29% depending on your states laws and requirements.  Unless you absolutely must sell this vehicle that you owe a lot of money on it is never a good idea to take on a loan like this.  As Suzy Orman would say, this is bad debt and is very similar to a payday loan (legalized loan sharking – ouch!) Now back to selling your car.

The number one reason for a buyer not purchasing your car is simply because they don’t trust you. There is a lot of fraud with used car sales, and everybody is extremely cautious. Potential buyers will want to know what the mileage is, whether the mileage is true or was the odometer clocked. They will also be interested to know if it has been in an accident. To find all of this information out they have to get a vehicle history report, but hang on a second you want to sell the car, why don’t you pay for the report? It’s a fantastic idea to purchase a car history report, you can hand it out to people as they come to look at your car, you could even put it online! By showing the buyer that you have nothing to hide (and hopefully reading this you don’t) you are able to put their mind at ease.  This is extremely important and really works.  Car dealers that have Carfax reports or similar background histories available to prospective customers sell twice as many cars and they sell them for $1500 more on average (per Used car news).  If you want to sell your car for as much money as possible and you want to greatly increase your chances definitely have a Carfax report available.