Does carvana buy cars with loans

## Carvana: Purchasing Vehicles with Outstanding Loans

Carvana, the online used car retailer, offers a convenient and streamlined process for selling or purchasing pre-owned vehicles. However, one common question prospective sellers have is whether Carvana accepts cars that still have outstanding loans.

### Can I Sell My Car to Carvana with a Loan?

**Yes, you can sell your car to Carvana even if it has an outstanding loan.** Carvana will purchase your vehicle and handle the loan payoff process on your behalf.

### How Does Carvana Handle Loan Payoffs?

When you sell your car to Carvana, you will provide them with the following information:

* Vehicle loan account number
* Loan balance amount
* Name and contact information of the lender

Carvana will then:

1. Calculate the payoff amount, including any accrued interest and fees.
2. Contact your lender and make the loan payoff payment.
3. Receive the vehicle title from the lender.
4. Transfer the remaining equity to you, if applicable.

### What Happens to the Remaining Equity?

If your car is worth more than the outstanding loan balance, Carvana will send you a check for the remaining equity after the loan has been paid off. This equity is calculated as the sale price of the vehicle minus the loan payoff amount.

### Benefits of Selling a Loaned Car to Carvana

There are several benefits to selling your car with a loan to Carvana:

* **Convenience:** Carvana handles the entire loan payoff process, saving you time and hassle.
* **Avoid Negative Equity:** If your car is worth less than the loan balance, selling to Carvana can help you avoid incurring negative equity.
* **No Haggling:** Carvana uses an algorithm to determine a fair offer based on your car’s specifications and market value, eliminating the need for negotiation.
* **Quick Sale:** Carvana typically completes the purchase and loan payoff process within a few days, providing you with quick cash.

Read more  Securing a Loan Using Your Car as Collateral

### How to Sell Your Loaned Car to Carvana

To sell your car with a loan to Carvana, follow these steps:

1. Visit the Carvana website and get an instant offer for your vehicle.
2. Provide Carvana with the necessary loan information.
3. Schedule a pickup time for your car.
4. On the pickup day, hand over the vehicle and keys to the Carvana representative.
5. Receive payment for the remaining equity (if applicable) after the loan payoff has been processed.

### Conclusion

Carvana provides a seamless and convenient option for selling vehicles with outstanding loans. By handling the loan payoff process on behalf of the seller, Carvana eliminates the hassle and ensures a quick and efficient transaction.

Leave a Comment