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How do you sell a car you have a loan on?
It’s been a few years since I first got my car and I’m still making payments on it. Now that some time has passed, I want to get a newer car, but I don’t know how to sell my car while I have a loan on it.
Michael Miserendino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Selling a car you have a loan on is a surprisingly simple process as long as you meet with your lender before setting up any sales and you find a buyer with good enough credit to refinance the loan in their name. This will not only inform your lender of your intent to sell, but it will also allow them to provide you with the payoff amount, which is how much you still owe on your loan.
Once you get the payoff amount, research how much money you can expect to make on the sale. I recommend using
Kelley Blue Book
, Edmunds, or Autotrader to get the most accurate price of your vehicle. Once you find the price, subtract the payoff amount from the total value of your vehicle and you will have the figure you can expect to pocket after the transaction.
All that’s left is to make the sale alongside your lender so that they can sign the title over to the new owner. They will then receive the money from the sale, take the payoff amount, and give any remainder to you.
When buying your new car, you should
consider shopping online
, as it’s much easier to find what you’re looking for. And when you find the perfect vehicle and are ready to sign, remember that you will need full coverage for your financed vehicle.If you want help finding the lowest rates, use the
Jerry
app. Jerry compares personalized rates from more than 50 top providers, like Travelers, Nationwide, and Allstate, and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!MORE: A new platform helps you buy used vehicles online from start to finish
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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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