Can I sell a car I have financed?

Everything you need to know if you’re considering handing over the keys

Selling a used car is tough enough, which is why at Unity we aim to make the process of selling a vehicle you still owe repayments on as straightforward as possible. To get started, simply contact our friendly team and let us know that you intend to sell your car or vehicle. From here:

  • We will assess your request for a release of the vehicle. This normally involves a few quick questions, such as:
    • Is the car in a functioning, road-worthy condition?
    • Are you using the existing car as a trade on a new vehicle?
    • Are you selling the car in order to reduce your debts?
  • We may require the submission of an application and further supporting information in order to adjust the agreement. This could include a request that the full sale proceeds be used to repay the loan. 
  • If your application is approved, we’ll complete the adjustments to your agreement so that the vehicle is released from the Personal Property Security Register (PPSR). 

It’s worth noting that potential purchasers undertaking a background check on the car will be made aware of any outstanding debts on the vehicle which, like bumps, scrapes, or flat tires, may affect their purchasing decision.

If you’re still unsure, please contact our team on 0800 229 943 and they’ll help guide you through the process.

Struggling to repay your vehicle loan? Consider these options before selling:

  • Give us a call for help and advice

    We’re dedicated to helping Kiwis live their best financial lives, so give us a call if you find that you’re struggling to keep up with repayments. Our friendly team will work with you on a payment plan that fits your finances, or discuss any early repayment fees you need to be aware of if you do choose to sell.

  • Dip into your savings  

    If you’re struggling with the interest on your repayments, consider dipping into your savings to pay off your car loan a little earlier. If that’s not an option, you may want to consider consolidation. 
  • Consolidate your debts

    One set of repayments is fairly straightforward, but juggling it alongside other forms of finance, credit cards, or debts can soon become overwhelming. Instead of selling, consider consolidating all of your debts into one to save on interest.


Want to know your options?

Try our vehicle loan calculator.