PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Can you privately sell a car with a loan?
How do you sell a car privately if it is not paid off? I’m moving out of Florida for a career opportunity, and I don’t plan on bringing my car with me. I haven’t paid off my loan, but my brother wants to buy it for work.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new career opportunity! Even though your loan is not paid off, you can still sell your vehicle to someone. There are a few extra steps to this process to privately sell a car with a loan.
Here’s what you need to do:
- Find out your payoff amount. Ask your lender what your payoff value is. Paying off the loan will remove the lender from thetitleof the vehicle.
- Calculate the market value of your car.Kelley Bluebookand Edmunds are good resources to determine your trade-in value.
- Determine your equity. To calculate this, subtract the payoff value from the estimated cost of your car. A negative number means you have anupside-down loan. This is when you owe more than the car is worth. You will need to give the lender all of the money from the car’s sale, and you will pay the remaining balance out of pocket. If this number is positive, you will sell the car, pay off the loan balance, and use the remaining money to pay off other debts.
If you are interested in purchasing a vehicle in the future, check out how you can purchase affordable car insurance with
Jerry
. Jerry gathers competitive quotes from more than 50 top insurance companies and delivers the best deals to your phone in minutes for free. The average Jerry user saves $879 a year on car insurance!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
.webp&w=384&q=75)
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
