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How to privately sell a car with a loan?
I want to sell my car but it’s still under a loan. I’ve heard I’ll make more money selling it privately than trying to trade it in at a dealership. Can I do this?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, but there are restrictions. You’re going to have to talk to your lender first and find out how much you still owe, also known as the payoff amount. You may be required to be able to pay off the car to sell it, or your lender may have other specific rules in place.
Once you’ve talked with the lender and know how much you still owe on your car, you can
determine how much your car is worth
. Use a site like Kelley Blue Book or Edmunds. If your lender gives the okay, you can post a listing for your car. The most important thing you can do is be honest with potential buyers about the loan’s existence—you don’t want to blindside a buyer and have them back out at the last minute.
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