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How do I sell a car that has a loan?
My wife wants to get rid of her car, but she’s only been paying the loan for one year. How do we sell a car that has a loan on it?
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Hopefully, she has her eyes set on a new vehicle! Your wife will need to request a payoff amount from her lender to see how much she still owes on her vehicle.
Once she has the quote, she can get an estimated value for her vehicle through
Kelley Blue Book
. If she owes less on the car than it’s worth, she has positive equity and might be able to earn a profit from selling the car. If she owes more than the car is worth, she is upside-down
and will have to settle the difference when she sells the car.After securing a payoff quote and determining the vehicle’s value, it’s time for your wife to sell. If she sells to a dealer, they handle most of the loan paperwork and transfer of title. Alternatively, selling to a private buyer requires her to work with the lender to satisfy the remainder of her loan and transfer the title to the new owner.
Once she sells the car, make sure to get in touch with your insurance company and make any changes to your policy. When making changes, it’s a good time to shop around to ensure you’re getting the best rates. Try using the
Jerry
app to compare personalized rates from more than 50 top companies, including Nationwide, Allstate, and Travelers. Jerry customers save an average of $879 a year!Good luck!
View full answer
- Gregory R.
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