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 you sell a car that you are still financing?
I’m still paying off my car loan, but I just inherited a better car. Now that I don’t need this one, I’d like to get rid of it. Is there any way for me to sell my car even though I’m still financing it?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Selling a car
can be a frustrating process, especially when you’re dealing with loans. But, try not to worry! It’s pretty common for people to sell cars with loans. Follow these steps to sell a car you’re still financing:- Step 2: Calculate how much you owe your lender. Since you’ll need to pay off the loan before youtransfer the title, you’ll need to know these numbers.
- Step 3: Work your debt into the sale price. If you still owe $2,000 on your car, but it’s only worth $4,000—speak with your buyer about selling the car for a lower price if they agree to assume or pay off the loan.
- Step 4: Talk with your lender about your options. While banks and credit unions will likely allow a buyer to take over your debt, private lenders may not be as lenient. If the lender doesn’t allow you to transfer the title, you’ll need a buyer who can pay you for the car before the transfer.
- Step 5: Contact your local DMV and ask about your state’s selling requirements. Since the selling process will differ wherever you go, you should check in to make sure you’re doing everything right.
Car selling may seem complicated, but when you stay organized and take things a step at a time, it’s not too hard. Remember to remove your car from your insurance policy after you sell it. If you don’t, you could be held accountable for any unpaid premiums!
While you’re waiting in line at the DMV, take a minute to find the best rate for the coverage you need with
Jerry
. A licensed broker, the Jerry app can help you find and compare quotes from over 50 top providers for free. When you find a better plan, Jerry can help you buy your new coverage and even help cancel your old policy.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 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
