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How do you sell a car with a loan in Florida?
How can I sell my car in Florida if it still has a loan? I want to get a car with better gas mileage to make my commute a little cheaper, but I haven’t finished paying off my old car loan yet.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
To sell your car in
Florida
, you’ll need to have the buyer pay off the remaining balance on the loan. It’s easier if you have positive equity on the loan. If you owe less on the loan than your car is worth, you have positive equity.
If you have positive equity, follow these steps:
- Your buyer will either pay your lender the full asking price of your car, or pay your lender the remaining balance of your loan and pay you the rest of the asking price directly.
- Once your loan has been paid off, you and your lender will both need to sign the title of the car.
- Then, the buyer will take the title to the DMV totransfer it into their nameand get a new registration for the car.
If you have negative equity on the car, though, the process will be a little different:
- Your buyer will pay your lender the asking price of the car.
- Then, you will have to pay the remaining balance on your loan so that you can transfer the title.
- Once you and your buyer have both made payments, you’ll still need to sign the title and give it to the buyer so that they can transfer ownership.
View full answer
- Gregory R.
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