How To Sell A Car With A Loan
In a way, the lender owns a portion of the car when you have a loan. It’s possible that the lender owns the title to the vehicle or that their name appears on it. This is to guarantee that you cannot sell the car and provide the title to the new owner without paying the lender the remaining amount owed. If you’re wondering how to sell a car with a loan , the key is to understand the process clearly. You have to find out how much you still owe on your loan, whether it exceeds or falls short of the amount you will be able to obtain by selling your automobile, and how your lender wants you to conduct the transaction, regardless of whether you choose to sell your car to a private individual or trade it into a dealer. Can You Sell a Car With an Existing Loan? Selling a car that still has an outstanding loan is entirely possible, but there are a few financial and legal steps you’ll need to take. When a car is financed, the lender becomes a lienholder, meaning they legally hold an inter...