Can I sell my car with a loan?

About a year ago I got a little ambitious and decided to buy a second car to use for cruising around my town. I didn’t consider how tricky it would be to deal with the payments and now I want to sell it. Since my car is still fairly new, I think that if I sell it I’ll get a fair price, but I still have a loan on my car. Can I sell my car with a loan?

Answer
Before you sell your car, you should make sure to explore all the different avenues for cutting costs. Many people overlook their insurance policy and I have some tips that may help you save money.
You can also look into refinancing your car to save money on the monthly payments. Try using the Jerry app to refinance. Jerry is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan.
But if you’re set on selling your car, be sure to meet with your lender to discuss your payoff amount. This is the remaining amount of money you owe the lender and it will need to be settled either before the sale or immediately after.
Once you know the payoff amount and have a willing buyer with a high enough credit score to refinance your loan in their name, you just need to make the sale with your lender present. The only other loose end to tie up is to cancel your insurance policy on your newly sold car.
Michael Miserendino
Answered on Nov 30, 2021
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