Have money owing on your car? You can still sell. This guide explains exactly how the finance payout process works, what to expect, and how Sold Fast handles it for you.
Yes — and it's more common than most people realise. The majority of cars sold in Australia have some level of finance owing. The process is straightforward: the outstanding loan balance must be paid out before or at the time of sale. The key is ensuring the payout is handled correctly so the title transfers cleanly to the buyer.
Sold Fast can assist with the finance payout process as part of the vehicle purchase. You'll need to request a current payout letter from your lender — lenders generally won't provide this to a third party without your authority. Once you provide the payout letter to our team, we can take care of the payout and finalise the purchase.
When you enquire with Sold Fast, we ask whether there is finance owing on the vehicle. If there is, you'll need to contact your lender to request a current payout letter — lenders generally won't provide a payout figure to a third party without your authority. Once you have the payout letter, provide it to our team and we'll arrange the payment to your lender as part of the purchase.
The payout figure is deducted from the agreed sale price. If the payout is less than the sale price (which it usually is), you receive the difference via Osko. In the rare situation where the finance owing exceeds the agreed sale price, you would need to cover the gap — but we'll always be transparent about this before proceeding.
We work with all major Australian finance providers including:
If your finance is through a lender not listed here, that's fine too. As long as there's a settlement process (which every legitimate lender has), we can work with them.
The finance amount reduces what you receive net — but it does not affect the offer we make for your vehicle. We assess the car on its merits and make a data-backed offer. The payout figure comes out of that offer amount.
For example: if we offer $25,000 for your car and you have $8,000 owing on finance, you'd receive $17,000 via Osko and we pay $8,000 directly to the lender.
To process the finance payout, we typically need:
You'll need to contact your lender directly to request the payout letter — they'll usually provide it within 1–2 business days. Once we have it, we handle everything from there.
Most finance companies provide a payout figure within 24–48 hours. Once we have the payout figure and the sale is agreed, we process the payment to the lender and the balance to you simultaneously. From your perspective, it all happens at once — on the day of the sale.
This is called being 'underwater' on your finance. It's possible to sell, but you would need to cover the gap between the sale price and the outstanding payout amount. We'll be upfront about this if it applies to your situation.
Yes — once we've agreed on a price, you'll need to contact your lender to request a current payout letter. Lenders generally won't provide payout figures to a third party without the borrower's authority. Once you have the letter, provide it to our team and we'll take care of the rest.
A payout figure is the exact amount required to fully discharge your car loan. It includes the remaining principal, any accrued interest up to the settlement date, and any early termination fees the lender charges. Finance companies provide a payout figure that's valid for 14–30 days.
Some lenders charge an early termination fee if you pay out the loan before its scheduled end date. This fee — if it applies — is factored into the payout figure we receive from the lender. It's typically modest (often $150–$500) and comes out of the proceeds rather than requiring an out-of-pocket payment.
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