What is the best way to sell a car with a loan on it?

April 30th, 2008 | by Michael |
sell car
nessa g asked:



MYRON

  1. 4 Responses to “What is the best way to sell a car with a loan on it?”

  2. By The Eagle Keeper on May 1, 2008 | Reply

    That is not advisable. You absolutely need to come up with the balance in order to transfer the title. Right now the car does not belong to you. The lender does, they have the lien. You need to satisfy the loan agreement first.

  3. By Mista Ricksta on May 4, 2008 | Reply

    Yep! Selling it is about all you CAN do! The loan is in YOUR name and it will be YOUR responsibility to PAY that loan. The loan doesn’t float with the car. You signed the paperwork. So YOU have to pay the loan. Ask the organization that handled the loan if you can reorganize the loan AFTER you have paid it down by the $6K you claim that you will be able to get for the car. They will be MORE likely to go easy on you if you give them that $6K first.

  4. By CLAYTON M on May 5, 2008 | Reply

    call your loan holder and see if you can cut a deal
    the higher your score is the better your change is

  5. By Scott H on May 9, 2008 | Reply

    First of all, in order to sell the vehicle to someone else, you have to transfer the title. But you can’t do that until the loan is paid in full. Without the title, the buyer can’t register it or insure it. Nobody is going to buy a vehicle that you can’t provide the title for.

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