How to Hand Over Your Car Title Loan Payments to a Buyer of Your Car and Save Money
If you are having difficulty paying off your car title loan or you do not want to be in possession of your car anymore while it still has lien for a car title loan, you can arrange to sell it or lease it in order to pay off the loan.
Transferring payments on your car title loan is often very possible because the value of the car is usually more than the value of the car title loan that you are able to access. This can make it easy to come up with a win-win negotiation between you, the car leaser or buyer and the car title loan lender.
Most auto title loans in San Jose allow you the benefit of doing so and this can give you a lot of flexibility to pay off your car title loan with very little effort and save some money at the same time.
Below are the steps that you can take in order to transfer the payments of your car title loan to a third party and save money.
- Confirm with your car title loan lender that the loan is transferrable
If the terms in the car title loan agreement or contract state that you can transfer your car title loan to a third party, then the terms will also, most likely, detail the procedure that is to be followed.
If your car title agreement doesn’t mention that your car title loan is transferable, then you can contact a local lawyer or consult your car title loan lender and find out if it is possible to do so.
- Find someone who wants your car and is willing to take over or pay the car title loan
Once you have established that it is possible to transfer your car title loan to a third party, there are several different ways that you can go about doing so.
- You could lease the car so that the payments for the lease on the car are made directly to the car title loan lender.
- You could sell the car in installments so that the payments for the car are made until the car title loan is completely paid for.
- You could also sell the car through a one-off payment that will allow you to pay off the car title loan all at once.
There are several ways that you could use to find a buyer or leaser for your car in order to pay for your car title loan.
- You could advertise your car online with the terms that you will offer your car for. Just make sure that you make the deal attractive in order to make people interested.
- You could also advertise in your local listings like classifieds and local newspapers for the same.
- You could use social media to attract people to your offer.
- You could talk to friends and family who want to lease or purchase your car.
Once you find a leaser or a buyer, you simply have to follow the procedure laid down by your car title loan lender and you will have successfully transferred your car title loan to a third party.