Answer
Feb 01, 2020 - 02:59 AM
Hi there
It would indeed be possible to sell your car while it's still financed, but you will probably lose a lot of money doing so. This early in your finance agreement, you've basically just covered the interest on the initial loan amount, but not the car's price itself.
This basically means that you probably still owe more on the car than you'd be able to get for it in a sales transaction, which means that you'll have to "pay in" just to settle the outstanding debt. Some finance houses are willing to finance that outstanding debt as well, but that will lead to larger repayments and ultimately a bigger debt load. With this in mind, we'd suggest that you rather hang onto the Yaris for another year or two, until its settlement amount is higher than your outstanding debt.
Hope this helps!
The AskAutoTrader Team
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