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
How do I sell a car privately if I still have a loan on it?
I want to sell my car privately before I finance a new one. This should get me more money than a trade-in. How can I do this?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re right!
Selling a car
privately is a great way to maximize your return, especially compared to what you get with a trade-in. The process will be more time-consuming, but it’s not difficult.To start, request a payoff letter from your lender. This will give you the actual amount of money needed to pay off the loan, including all accrued interest.
Next, go online to a site like Edmunds or Kelley Blue Book to find out the actual cash value of your car. This will give you some initial values to try for pricing your car and negotiating with buyers.
Once you’ve found a buyer, you may want to get your bank involved to mediate the transaction. This will instill trust in your buyer, since shady car deals are somewhat common and may cause some buyers to hesitate or pull out last-minute.
Set up a meeting to pay the car loan, collect the check from the buyer, and let your bank handle the paperwork. Then, you’re done!
Just remember that car insurance often follows the vehicle, not the person. Let
Jerry
help you change your car insurance over to your new car—and find you hundreds of dollars of savings in the process.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
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance for Your Car
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
