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In todays uncertain economic climate it is not uncommon to find that people need to sell their car because they cannot meet their loan repayments. While one option that people have in this situation is to sell their vehicle and hope that the money they get for it will be enough to cover the outstanding balance of their loan, another option may be to opt for a take over car loan.

A take over car loan is essentially where the buyer of a vehicle will take over the loan repayments of the seller instead of obtaining their own finance and buying the car outright from the seller. While this is a situation that does require some negotiation between both parties, a take over car loan can be a very workable solution in order for the buyer to secure the purchase of the vehicle and for the seller to ensure that they are able to cover the cost of their outstanding debt through the sale of their car. There are two ways that a take over car loan can work.

The first way is for the seller to sign over their loan contract to the buyer. This would involve both parties approaching the relevant lender to negotiate a take over car loan. The buyer would still need to produce the necessary financial documentation to the lender in order to prove their ability to repay the debt and go through the appropriate approval process. Providing the buyer is approved for the outstanding debt most lenders will be prepared to consider a take over car loan, as it is a better option for them than if the loan was to go into default.

Another way that a take over car loan could work is if the buyer sought out their own finance and used this to pay out the seller's loan that they still have on the vehicle. This is like refinancing and in this situation most finance companies would take care of all the necessary paperwork and settlement. This type of take over car loan would benefit the seller in the fact that they would be able to shop around for a loan that they are happy with in terms of interest rates and loan structure.

If you are thinking about buying your vehicle through a take over car loan, then there are some things that you will need to look into before doing so. First of all you would need to look at the payout figure on the loan if you were looking to refinance this loan through your own lender or seek to find out the value of the loan if you were going to transfer the existing loan into your name. You will then need to compare this amount with the current market value of the vehicle you are buying. One thing you want to avoid is paying too much for a vehicle through this purchasing option.

If you are struggling to repay your car loan, then this type of sale agreement may be something you want to look into further, as it could be a good way to ensure that your loan is covered through the sale of your car.