car on finance but need to sell it

[legohouse]

I'd like some advice please,

I have a car on finance with black horse,my circs have changed somewhat and am desperately trying to cut down on my outgoings.

I would like to sell my car but i understand i cannot sell it until the finance is paid off.

Would it be cost effective to say take out a loan for the amount to settle and pay off the finance? then i can sell the car and pay off the loan,i'd hope to sell car for about a grand more than the settlement figure then i can buy another car outright with it and won't have a monthly amount to pay to finance company?

What are your thoughts? has anyone experience of doing this etc..thanks

you can actually apply to your finance company to sell it privately explain your circumstances, some companies will allow you to do it and use the money to pay off the rest of the finance depending on how much you have left to pay. give them a call!!

If you sell to a dealership, they will usually arrange everything for you. When I got rid of my last car I took it to a garage (wasn't even where I got it from) and rang up for a settlement figure, they arranged payment to loan company and gave me the rest as a bank transfer.

I could probably have got slightly more selling privately but just needed the money ASAP, and they offered me significantly more than the well known website that advertises they will buy any car :)

great advice,thanks for that x