How To Sell Your Car With A Loan On It
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Are you asking the question “How to sell your car with a loan on it”? Many people find themselves in that position. They would like to get a new car, but they may owe more on the car then it is worth. If that is the case, it might be a good idea to fix the car and drive it for a few more years.
If you go to a dealership and try to trade the car in for a new one, they will often roll the loan over into the cost of the new car. It is not a good idea and many people take a loss doing it this way.
The best thing to do if you want to find an answer to the question “How to sell your car with a loan in it” is to contact the lender. Ask them for a pay off quote. If you can, pay off the amount and you will be free to sell the car. Of course many people can’t do that, so they need to find other ways to sell the car.
Advertise the car in the local paper for ten percent more then you owe. When you find a buyer have them write a check to the lender for the amount owed on the car. The lender will issue a lien release to take to the DMV. The transaction can be completed at the DMV. They will have the proper paperwork in order for the new owner to take possession of the car.
Selling a car with a loan is possible, it just takes a little more paperwork. If you find you need to do this, be sure to contact the lender to find the exact amount owed on the vehicle. After that you are free to start advertising.