How To Sell A Car With A Loan

If you re selling a car with a loan you can consolidate all of your debt to get rid of your loan and sell the car.

How to sell a car with a loan. If you plan on selling your vehicle locally but have a loan with an out of town lender very common these days consider refinancing with a local lender so that you can work with the lender and. While you re on the phone be sure to ask if they have any important procedures for a vehicle owner who s selling his financed car to a third party. With an underwater car loan you ll still be responsible for covering the difference between your loan balance and car s value when you sell it to a private party or dealership. Though it sounds hard it is very common.

You ll need to pay off your loan completely to transfer ownership. If you owe more than the sale price you ll have to pay the lender the difference. Selling a car that s worth more than your loan balance is generally easier than selling a car valued less than your balance. Instead you ll likely close out the loan at the time of the sale or before.

How to deal with an out of state lender. Use the buyer s money. You can do that by calling the bank that holds the loan and simply asking what your payoff amount would be. How to sell a car with a bank loan.

If you plan on selling the car as soon as it s paid off or you only have a small amount left to pay off then a small personal loan might be more suitable than refinancing your loan. When selling your car let prospective buyers know that there s an outstanding loan on the car and if the car s title is being held by the lienholder tell them that too. Selling a car can be a headache and selling one you still owe money on can be even more taxing. This makes selling your car with an outstanding loan balance a bit more difficult but not impossible.

How to sell your car when you still have a loan. If you paid cash for your car or have already paid off the original bank loan you own your car free and clear and have access to the title making selling the car to another individual a relatively simple process. You want to make sure any prospective buyer knows that purchasing your car won t be as easy as showing up handing over payment picking up the signed over title and. You probably won t sell your car with the loan outstanding.

The first step is to find out what you still owe on the car. Unfortunately many loans written at car dealerships come from big national banks like chase capital one or the financing arms of car manufacturers toyota motor credit for example.