Selling car with Loan

Asked by Ricky May 01, 2020 at 09:25 AM about the 2013 Honda Accord EX-L

Question type: Car Selling & Trading In

How difficult is it to sell a car that has a loan?

2 Answers

76,495

It's done all the time, just has a few extra steps. Talk to your bank or loan originator about the process. The buyer also needs to be informed during negotiations that you'll need at least 30 days to pay off the loan before handing over the title. Most loan originators will provide a copy of certificate of title so the new owner can get temporary tags for those states that require them.

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125,275

It's not difficult to sell a car that has an encumbrance; it's after sale that can be a little more difficult. Follow Ken's advice above, but with one alternative. To finalize the sale, meet at the lender's office. He will process the sale and give you a pay-off amount. If the sale price covers that, that ends your involvement, as it's the lender who holds the actual title anyway. The buyer will receive a receipt and will receive the cleared title within a few days/weeks. The only difference in this would be if the sale price doesn't cover the loan. The lender will tell you the amount you must add to complete the deal.

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