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How can I sell a car with a loan?
I’m looking to get some extra cash in my pocket for the holidays, and I want to sell my car. How do I sell my car with a loan still on it?
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Holidays add financial strain to our wallets. The first step to selling a car with a loan on it is to request a payoff amount from your lender.
Once you know how much you still owe the lender, you can estimate how much profit you could make (if any) from selling your vehicle. Use a vehicle value tool like
Kelley Blue Book
to determine how much you could get for your vehicle, either through a dealer trade-in or through a private buyer. Note that selling to a private buyer is a bit more difficult when you still owe money on your loan. You will have to work with your lender to satisfy the loan amount and transfer ownership to the buyer.
Once you have your payoff quote and the value of your vehicle, you can sell it and use the money to pay the balance of your loan. If you sell your vehicle for less than the remaining loan balance, then you are in an
upside-down loan
and you will have to pay the difference. Another way to save is to lower your insurance costs (or cancel them altogether when you sell your car). Shop for the best rates using the number-one-rated car insurance app,
Jerry
. Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. Jerry customers save an average of $879 a year!Good luck!
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- Gregory R.
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