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How do you sell a car with a title loan?
My grandparents are giving me their old car, and I'd like to sell my current one. But I'm still paying off a title loan on my old car. Is there any way for me to sell a car with a title loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new car!
Unfortunately, you cannot sell a car with a title loan until the loan has been paid off and there is no longer a
lien
on the title.If you try to submit a title transfer before the lien has been removed, the state will be notified and stop the transfer. You can sell the vehicle by doing one of the following:
- Pay off the remainder of the loan, and the lien will be lifted.
- Ask the lender if the loan can be transferred to the buyer.
- If you need the sale to pay off the loan, ask the buyer for advanced payment and have them wait for you to secure the title.
Once the loan has been paid or transferred to the buyer, you can
sell the car
and officially transfer the title
to the new owner. Don’t forget to remove the vehicle from your car insurance once you sell it! Before you hit the road in your new car, make sure you have the
car insurance
you need with Jerry
. A licensed broker, the Jerry app can collect quotes from up to 50 top insurance companies, like Travelers, Nationwide, and Progressive, in seconds! Jerry can even help you switch policies and help cancel your old one once you find a better rate.View full answer
- Gregory R.
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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.
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