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How do I sell my car privately if I still have a loan on it?
I want to sell my car privately, but I still have a loan with positive equity. Is there any way I can sell my car while I still have a loan on it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Selling your car
when you still have payments on it is both possible and common, so don’t stress too much! To sell a car privately while you have a loan on it, follow these steps:- Ask your lender for a payoff letter to get the exact amount you need to pay off the loan.
- Find a buyer.
- Hold the closing at your lender’s office to make sure the sale goes off without a hitch, especially when it comes to the title, tax, and registration.
- Get the check from the buyer, pay off the loan, and put the extra cash in your pocket or use it for a down payment on the next car.
Aside from the closing, you also may need to switch your car insurance if you’re planning on buying a new car, or at least start shopping around for it. Sign up in just minutes with the
Jerry
app to compare personalized quotes from top-of-the-line providers. And if you find a plan you like, we’ll even help you switch.Best of luck with selling your car!
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- Gregory R.
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