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

I have a 2016 Toyota Camry and I have two years left on my 60-month loan. I want to buy a new car and sell the Camry. Can I do this if I still have a loan?

Answer
Even if you have a car loan on your Toyota Camry, you can still sell the car in most cases.
Since you only have two years left on your loan, you likely have positive equity, meaning that you owe less than the car’s worth. If you sell your Camry or trade it in with a dealership, you’ll likely be able to pocket some cash after the loan is paid off.
To sell your car, first use Edmunds or Kelley Blue Book to find the fair market value of your car. Create an online listing and find a buyer. Be up-front about the outstanding loan, the car’s accident history, and any physical defects to build trust with your buyer.
When you find a willing buyer, set up a meeting with the two of you and your lender. The lender will take care of the finer points of the transaction, including the retitling process.
If you’re looking to save money for the new car, don’t forget about comparing insurance quotes online. With the Jerry app, you can compare quotes from dozens of car insurance carriers for free.
Eric Schad
Answered on Oct 28, 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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