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How do I sell a car with a loan on it if I live in Florida?
I live in Pensacola and I want to sell my current car. The problem is that it still has a loan on it. Can I sell this car? How do I do it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The Sunshine State plays by its own rules, at least in terms of spring break—and selling a car with a loan on it.
If you want to sell a car privately in Florida, you must own the car outright. You can’t have an existing
car loan
or a lien on your car.So, if you’re insistent on selling the car privately, you’ll have to pay off the remainder of the loan first.
Otherwise, you can trade in the car at a dealership. The dealer will take your car and give you the equivalent of its value. From there, you can pay off your loan entirely (if you owe less than the car is worth) or pay off part of it and roll the remainder into a loan for your new vehicle.
Trading the vehicle in is probably the easier process, as the dealership will almost always take care of the paperwork. (However, rolling your loan balance into a new loan will saddle you with more debt in the long run than waiting to pay off your existing loan and selling the car off.)
Whatever you do with your current car, make sure to shop around for car insurance quotes every six months to make sure you aren’t missing out on any savings.
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