How to Sell Your Car with an Existing Loan

Are you considering selling your car, but you still have a loan on it? The good news is that it is possible to sell a car with an existing loan. In this blog post, we will provide you with a step-by-step guide on how to navigate this process successfully.

1. Determine the Payoff Amount

The first step in selling your car with an existing loan is to determine the payoff amount. This is the amount you still owe on the loan. Contact your lender to get an exact figure, as it may include interest and other fees. Make sure to ask for a 10-day payoff amount to account for any additional interest that may accrue.

2. Assess the Car’s Value

Before selling your car, it’s important to assess its value. Consider factors such as the make and model, mileage, condition, and any additional features. You can use online valuation tools or consult with a professional appraiser to get an accurate estimate of your car’s worth. This will help you determine if you can sell the car for more than the payoff amount.

3. Sell the Car

Once you have determined the payoff amount and assessed the car’s value, it’s time to sell the car. There are a few options to consider when selling a car with an existing loan:

  • Pay off the loan before selling the car.
  • Find a buyer who is willing to pay the loan off directly to the lender.
  • Sell the car to a dealership and have them handle the loan payoff.
  • Trade in the car for a new one and roll the remaining loan amount into the new loan.

4. Complete the Sale

Once you have found a buyer and agreed on the terms of the sale, it’s time to complete the transaction. Make sure to have all the necessary paperwork ready, including the title, bill of sale, and loan payoff information. Work with the buyer to ensure that the loan is paid off in full and that the title is transferred properly.

Selling a car with an existing loan may seem daunting, but with the right approach, it can be a smooth process. By following these steps and being proactive in communicating with your lender and potential buyers, you can successfully sell your car and pay off the remaining loan amount.


Selling a car with an existing loan requires careful planning and communication with your lender and potential buyers. By determining the payoff amount, assessing the car’s value, selling the car, and completing the sale, you can successfully navigate this process. Have you ever sold a car with an existing loan? Share your experience in the comments below.

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