How to Get Rid of a Financed Car

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The most common way of getting rid of a financed car is to buy another financed car and trade the first car in. Pay off a financed car as soon as possible with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Personal Finance Tips
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Video Transcript

This is financial adviser Patrick Munro talking about how to get rid of a financed car. There's different ways to get rid of a financed car and the most popular way in America is to go and buy another financed car and trade that car in. Many times that practice involves getting deeper in to automotive debt. Getting rid of a financed car, really the best way is to pay that car off as soon as possible. And make systematic payments of twenty five, thirty six months, forth eight months, whatever the case may be. If you're really committed to the practice, you can make double payments on the automobile. That way you can accelerate the time when you're getting rid of a financed car and you're able to have the car. And at that point you'll find a buyer for it. Whatever money they give you. it's your money at that time. There are different ways of handling this but the main thing is to always make sure you get a car that is affordable to you that you can absolutely pay off in a timely fashion and it doesn't create a financial drag on your life. This is Patrick Munro, financial adviser.


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