How can I sell my car in Florida if it still has a loan? I want to get a car with better gas mileage to make my commute a little cheaper, but I haven’t finished paying off my old car loan yet.
Reviewed by Shannon Martin, Licensed Insurance Agent.
To sell your car in Florida, you’ll need to have the buyer pay off the remaining balance on the loan.
It’s easier if you have positive equity on the loan. If you owe less on the loan than your car is worth, you have positive equity. If that’s the case, follow these steps:
Your buyer will either pay your lender the full asking price of your car, or pay your lender the remaining balance of your loan and pay you the rest of the asking price directly.
Once your loan has been paid off, you and your lender will both need to sign the title of the car.
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