How to Sell your Car for Cash to Escape Debt

How to Sell your Car for Cash to Escape Debt

Posted on October 8, 2021

We don’t like to think of our neighbours being in financial trouble, but it is an unfortunate reality. Whether that hardship is from the pandemic or general financial difficulties, it doesn’t matter. What matters is getting out of it.

That’s where we can help. Our blogs offer help managing finance, repairing credit, accessing competitive rates on loans.

Our dealerships can also help you sell your car for cash. You can use that cash for whatever you like, but it could come in very useful for paying off debt.

Sell your car to get your finances straight

Selling your car is probably the last thing you want to do but it is something you can do. If you have an auto loan that you’re having trouble paying or other debt that’s getting on top of you, it’s a viable option.

You can also:

Use balance transfer credit cards

If you’re carrying credit card debt, you can use balance transfer cards to lower the interest until you pay it off.

Find a balance transfer card with enough credit limit to take most or all your debt. Transfer the debt, prioritize paying it off quickly. Then, before the 0% period is up, find another balance transfer card, rinse and repeat.

As long as you choose a card with low fees, you can make big savings on credit card interest. Prioritize paying down that debt to use the 0% period to best effect.

Refinance your auto loan

If it’s an auto loan that you’re struggling with, you could refinance it for a lower amount or lower monthly payment, or both.

Refinancing isn’t for everyone or every situation, but it’s a viable option if you still have a good credit score and you have had your current loan for a year or more.

Talk to your lender or discuss your needs with one of our auto loans teams.

Work overtime or get a side job

We appreciate that not everyone has the time or energy for a second job or to work more hours, but if it’s possible for you, it’s a viable way to get out from under debt.

Not all jobs will have overtime available, so may not be an option.

There are simple ways to make money online though, such as teaching people business or key skills, working as a freelancer, being a language teacher, completing surveys and others.

Other side job options include working for a ride share app, delivering food, delivering small packages and being a mobile billboard.

Again, much depends on your skills, where you live, how much spare time you have and what you’re comfortable doing.

Sell your car for cash

While selling your car to settle debt is the point of this article, we appreciate it’s probably the least desirable option. That’s especially true if it’s your only car.

We don’t want to take advantage of you if you’re in debt. What we want to do if offer you a way out. We’ll pay cash into your bank for your car and you can use that cash to settle your debts, or the majority of them.

It may be a less than ideal option, but it’s still an option!

For any questions, concerns, or inquiries. Please don’t hesitate to contact us here!

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