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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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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
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