One question we get quite often from our clients is “can I sell my car if I still owe on it?” or “can I sell my financed car?” And the answer is quite simply, yes. However there are a few caveats:
1. If you owe more on your car then the car is worth, you will still have to pay off the remaining balance of the loan after the sale.
2. If you want to sell the car on the private party market place you will have to firstly pay off the loan amount. This will likely, effectively cancel this option out for most as the goal is often to sell the car in order to pay also pay off the balance due.
Hence, as long as your car is worth more than you owe on it, a dealership or car buying specialist will pay you for the car, minus the balance due, thereby also taking on your loan amount.
We recommend that the first step you take would be to call the bank holding the loan and determine exactly how much you owe on the vehicle.
If you do decide you want to sell the car on the private party marketplace here in Pinellas County you will need to first take a loan out and use that money to pay off your auto-loan. With the loan satisfied you can then acquire the title from the DMV which you will need to have in hand when selling to a private party buyer.
Be sure to prepare your car to sell and get the most money possible in Pinellas County by thoroughly cleaning inside and out. We also have a full resource just for helping individuals get the most money possible out of their used vehicles. Give a read here.
In order to skip the trouble of paying off your loan while still maximizing the amount of money you get for the vehicle we suggest utilizing the OfferMORE approach: Take your car to a local Pinellas County dealership such as CarMax and acquire an appraisal. Next, bring that appraisal to OfferMORE so we can beat the offer by up to $1,000.