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How do I sell a car with a loan?
I have a loan on my car, but I want to sell it. Is there any way that I can sell a car with a loan?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question! You can sell a car with a loan—but once you sell it, you will have to pay off the loan immediately, instead of paying it off in increments.
Before you do this, make sure you know the
total interest paid so far
; this can help you understand how much you’ve paid and how much you have left on your loans and interest.The best way to think of it is if you owe $10,000 for a car and sell it for $12,000, then you pay back the remaining balance and pocket the $2,000 that’s leftover.
However, you will have to pay it off in a lump sum, so make sure you have enough to pay off the rest of your loan after you sell it!
Also keep in mind that you’ll need to get a new insurance policy for your new car, when you do buy one. To do this easily, check out the
Jerry
app—we’ll get you customized quotes from top insurers in seconds, so that all you need to do is pick the plan that works best for you. And once you pick one, we’ll even help you switch!Best of luck, and enjoy living your loan-free life!
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- Gregory R.
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