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Can you sell a car with a title loan?
Money has been tight recently, and because I live in a city with excellent public transport, I rarely use my car and want to sell it to cover some of the bills. My parents offered to purchase the vehicle for my 18-year-old sister, but I recently used it to take out a title loan. Can I sell my car with a title loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can sell a car with a title loan, but the transaction will not be complete until the loan is paid off or the lender agrees to allow the new buyer to take over the loan.
It is possible, but you should know a few things first.
Problems you may encounter: When taking out a car title loan, a lien is placed on the vehicle, and you cannot transfer the title until it is removed or transferred to the buyer.
Car loans
are reasonably easy to transfer to the buyer, but lenders are less likely to transfer a title loan, and buyers are more prone to avoid a vehicle that has a title loan on it.How to make it happen: Before selling the vehicle, the best thing to do is to pay off the remainder of the loan. If you cannot pay off the loan before selling, ask your lender if the loan can be transferred. If they say no, you will have to settle the debt first.
If you need the money from the sale to pay off the loan, ask your parents if they can pay for the car upfront and wait to transfer the title until the loan is paid. Many buyers expect the title to be transferred once they pay, but you are selling to family, so they may be more understanding.
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- Gregory R.
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