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How do you sell a car with a loan balance?
I want to sell my car, but I still owe on it. Is it possible to sell since I technically don’t own my car? My car is worth more than what’s left on the balance if that helps.
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can! First, you’ll need to tell your lender that you’re interested in selling and ask them about the car’s payoff amount. Once you’ve determined that amount, you have three options for selling your car:
Don’t forget to
transfer the title
to the buyer to make the sale official. Also, your lender may require additional steps for the sale.Whenever you decide to buy a replacement car, you’ll want to make sure you’re getting the best possible rate on your car insurance. The
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app compares competitive quotes from over 50 insurance carriers so that you can save money without sacrificing coverage.View full answer
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