Can I sell my Ford if I still have a loan on it?

I still have a loan on my Ford F-250, but I want to sell it because I'm moving across the country. Can I sell a car that still has a loan on it?

Answer
Whether you’re relieved or sad that you have to part with your F-250, you should be able to sell the truck without much difficulty—even with an outstanding car loan.
One hassle-free way to sell your Ford is just to go to a dealership. They won’t give you full market value for the truck, but you also don’t have to put time and effort into selling it privately.
If you want to make more money and you have the time, you can try to make a private sale. To sell a truck with a loan on it, follow these steps:
  • Find the fair market value for your car on a site like Edmunds or Kelley Blue Book
  • Set a price for your car based on these value estimates
  • Contact your lender to get a loan payoff letter
  • Find a buyer and set up a meeting with both parties and the lender
  • Let your lender take care of the paperwork and collect the sale value
  • Pay off the loan and pocket the profits
  • Cancel your old car insurance
If you’re planning on buying a new car when you arrive at your new home, the extra money you earn from a private sale can be used for a down payment! When it’s time to insure your new vehicle, hop on the Jerry app to compare car insurance rates and maximize your savings.
Eric Schad
Answered on Oct 26, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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