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How do I sell a car with a loan on it if I live in Florida?
I want to sell my car, but it still has a loan on it, and I’m sure that will limit my options. How do you sell a car with a loan on it in Florida?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If your car has a loan on it in
Florida
, you can trade it in at a dealership, but you cannot sell it privately until you own the car outright. If you want to sell your car privately, you’ll need to pursue one of the following options:
Otherwise, you can
trade in your financed car
at a dealership. The dealer should give you the equivalent of your car’s value, which you can use to either:- Pay off your loan entirely (if you owe less than the car is worth)
- Pay off part of your loan and roll the remainder into a loan for your new vehicle.
Keep in mind: Rolling your loan balance into a new loan will saddle you with more debt in the long run. You should prioritize
paying off your entire car loan
, no matter what method you choose to sell your financed car in Florida.MORE: Trade-in vs private sale: What’s the best way to sell your car?
View full answer
- Gregory R.
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