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Can I sell my car if I still have a loan on it?
I want to sell my car to buy a new one, but I still have a loan on it. I have positive equity, so I think I should be able to, but I’m just not sure. Can I still sell my car if I have an outstanding loan balance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question! Since you have positive equity, you can almost certainly sell your car even if you have a balance on your
car loan
.When you sell the vehicle, the proceeds will go toward the remaining balance on your loan and you can pocket the rest.
The best way to complete this process is by bringing the buyer into your bank or credit union. The lender will then guide both parties through the transaction and do the paperwork so you don’t forget any of the steps.
If you’re in the market for a new car, keep in mind that you’ll need to get it insured. To do this easily, check out the
Jerry
app—we’ll get you customized quotes from top insurance companies in a matter of minutes. That way, all you need to do is pick the plan that works best for you!Best of luck with selling your car!
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- Gregory R.
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