How do I sell a car that is not paid off?
If you owe more on the car loan than the selling price of the car, you will have to pay off the balance of the loan in order to transfer the car to the new owner.
You can take a personal loan to do so, but must be prepared to pay very high rates of interest.
Another option would be to trade in your car.
How do you sell a car that is still financed?
How to Sell a Car That You Owe Money On
- Pay off the remaining debt – possibly with the sales proceeds from your buyer, and any extra funds that you bring to the table (if your car loan is upside-down).
- Transfer title to the buyer in a way that is safe – and feels comfortable – for both you and the buyer.
Can I sell my car if I still owe money on it?
It is possible to sell a car even if you still owe money on the loan. This merely adds a step to the sales transaction: closing the loan with your lender. If you’re wondering where to start with selling your vehicle and getting your payments squared away, here’s what to do.
How do you sell a vehicle that has a lien on it?
If the lienholder is a local bank or mechanic, you can arrange to meet the buyer and release the lien at once. The buyer will pay off the lienholder and give any extra money to you and you’ll get the title to sign over immediately. If the lienholder is not local, you can use an escrow service to sell your car.