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How do I privately sell a car that still has a car loan?
I own a vehicle that I still have a loan on, but I want to purchase a new vehicle. Can I still sell the car even though it has a loan on it? How do I do it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Selling a car
with a loan on it is a bit more complicated than trading your car into the dealer, but you also reap the benefits of a better return. And who doesn’t like a bit of extra cash for their vehicle?To privately sell your car, start by assessing its value with sites like Kelley Blue Book or Edmunds. This will provide you with a fair value that you can use to set a sale price.
Once you have an interested buyer, be upfront about the existing loan. Some buyers don’t like to go through the process of buying a car that still has a loan on it, but others will be willing to take your offer.
When you finalize a buyer, set a date for closing with your lender. This is important because they hold the
car lien
and may also hold the car title, depending on where you live. At closing, you can collect the funds, pay off or transfer the loan, and give all the paperwork to the buyer.You’ll also have to buy new car insurance for your new car. You can find the best rates with
Jerry
. Sign up in just minutes to compare rates from over 50 insurers and get the best price for your desired coverage level.View full answer
- Gregory R.
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