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Can I still sell my car if I have a loan on it?
I have a $3,000 balance on my car loan, but I'm looking to sell it. What happens to the loan if I sell my car? Can I sell my car even if I have a loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can sell your car even if you still owe on your
car loan
. However, you should take the necessary steps to make sure you get top dollar for your car, as well as follow the right path to paying off your loan and going through any legal requirements.To sell a car with a loan on it, follow these steps:
- Use Kelley Blue Book or Edmunds todetermine the retail value of your used car
- Get the payoff amount for your loan
- Compare the two to make sure you sell it for enough to pay the loan or at least make it manageable
- Contact your lender to set up a meeting to sell the car
- Collect the money, transfer the title
That’s about all there is to it. You may also have to cancel your car insurance or
transfer your car insurance
, depending on whether you’re getting a new car.If you’re going to get a new vehicle, shop around for car insurance to save some cash. By using the
Jerry
app, you can compare dozens of quotes for the coverage you require.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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