Sell my financed car

Glad you asked! Once you’ve entered your reg for a quick valuation, we’ll just need a few more details about your car and some photos. Once we’ve got them our team will be in touch to help you set a ‘reserve price’ - this is the amount you’d be happy to sell your car for, many customers get more!

Then we’ll do EVERYTHING else. As you go about your day your car will be advertised in our online auctions and 5,500+ trusted nationwide dealers can bid on it. When the auction’s over we’ll let you know the result and the winning dealer will be in touch to arrange a free collection and your payment.

You must have a settlement letter from your lender to complete the sale of your financed car. It is illegal to sell a car with outstanding finance without informing the buyer.

You simply need to contact your lender and ask for a settlement letter.

By law, your lender is required to give you a settlement letter within 12 days of you requesting one.

Once you have a settlement letter, you typically have 10 days in which to pay the amount off, but this does vary between lenders.

The settlement letter will need to include the following information:

• The name matches the car's V5C
• The policy agreement number
• The finance company's account details for payment
• The settlement figure
• The expiry date - it must have at least 7 days remaining

The purchasing dealer of your car will need an up-to-date settlement letter so that they can clear the outstanding finance for you on the day of collection.

You should be able to download your settlement letter from your lender's online portal or, if you contact them directly, they can email a copy to you. It can be provided as a PDF, screenshot, or a printed letter.

Please note - it cannot be handwritten.

It’s completely free! There are absolutely no hidden costs or admin fees.

In the time it takes you to read this, we’ve probably sold a car…

Once your listing is approved:

We’ll get your car into one of our daily auctions - the speed of offers depends on the demand for your specific model. If it doesn’t sell at auction we’ll showcase your car for two additional days to give you a second chance to sell it.

Once you accept an offer you love, we or the dealer will be in touch within 48 hours to sort out the next steps. 

Make sure you have your documents ready to avoid any delays - our dealers will pick up your car on a day that works for both of you. 

So it’s pretty smooth sailing… or should that be smooth cruising?

We’ll need your registration, some photos and a few basic details - such as your car’s current mileage and any service history you have.

On collection day you’ll need the following to hand:

• V5C
• Driving licence 
• Service history
• Spare keys
• Finance settlement letter
• Locking wheel nut (if applicable)

As long as your car hasn’t previously been a service vehicle (such as an ambulance or a taxi) or an insurance write-off we should be able to help you sell it. We’ve recently started selling vans too, so if you have an LCV we can help you too.

There are several things you can do which can help to increase the value of your car:

• Carry out repairs: the better shape that your car is in, the more it will be worth. Don’t worry about every minor scratch, but if your car has any larger scuffs or damage, then it's worth getting these fixed.

• Keep a full service history: include any details of the car’s service history, repair work, and remaining time on its MOT certificate so buyers know your car has been looked after.

• Give it a good clean: clean your car thoroughly both inside and out, then photograph it from multiple angles when it’s looking its best.

• Give an honest and accurate description: provide as much information as you can, calling out any notable features and equipment. Failing to mention any issues with your car could affect how much you'll get.
  

We connect you with a network of over 5,500 trusted dealers, including franchised dealers, independent dealers, and specialist buyers. You'll receive competitive offers based on your car's details, helping you get a great price.

Yes. And you won’t be charged for collection. After the successful auction, the dealer or Carwow will be in touch to arrange the collection at a time and place that suits you. Just remember to tell us if the collection address is different from the one you gave when uploading the car for auction.

Most payments arrive on the same day as your car is collected, but some dealers have their own policies.

Remember, if your financed car is in negative equity you will need to make up the difference yourself to complete the sale. If your car is in positive equity, the dealer will pay you any remaining cash from the sale once they have settled your outstanding finance.

Rest assured, we only work with trusted dealers to give you a secure and hassle-free experience.

Once you've sold your car, there's a few things to sort out. You'll need to tell the DVLA you've sold your car. The easiest way to do this is online via the DVLA website. You'll also need to let your insurance company know that you no longer own the car as well as cancel your car tax.

It’s easy! Just contact us through our support page. We also have a great advice section that will answer many of the questions you may have.