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Selling A Vehicle under A Fixed Sum Loan

northernstar85
northernstar85 Posts: 1 Newbie
in Loans
Hi,
I am looking for some advice and help if anyone has any clues...
I bought a car 2 years ago under a fixed sum loan, but took this out over 5 years. I am now trying to save to buy a house and need to free up some money. I dont think im allowed to terminate my contract with the lender, however I wondered if I was allowed to sell the vehicle to make some money back to partially pay off the outstanding balance on the agreement.

Is this legal? I would appreciate any advice

Thanks!!

Comments

  • Typhoon2000
    Typhoon2000 Posts: 1,171 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If it is a fixed sum loan, it is your car and your free to what you like with it.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    HP loans are securd on the car so you can't sell without the loan companies permission and usually the loan settled

    'ordinary' personal loans are just that and the car can be sold.
    do check carefully in your T&Cs that you are allowed to make 'one-off' or overpayments ... they are not always allowed.
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