Depending on your current income and how expensive the car is, it can take years to finance completely, so it’s common for many would-be car owners to apply for a car loan. A car loan, like any kind of loan, is a system that allows a buyer to pay off the total value of the car in monthly installments, making it more affordable.
If the seller still owes money, get a certified check payable to lender. Any leftover funds go to the seller. Use our bill of sale signed by you and the seller. Send payment to lender with loan account number on it to pay off the car loan. After a week the lender sends the title to the seller (not to you)
This will require the car’s vehicle identification number, which you can get from the seller. You can either pay off the loan balance yourself by writing a check directly to the lender or ask the seller to pay off the loan. Here are the details of each option for buying a used car that hasn’t been paid off: 1. Ask the Seller to Pay Off the Car Loan
Selling a Car with an Outstanding Loan – loan.com – Step 3: Transfer the Loan An owner with an outstanding loan balance may also take the step to transfer the loan to another party who will assume the remainder of the loan. This will also mean that the transferee will also take ownership and possession of the car since it will be their name on the loan agreement.
Estimate your monthly payments with Cars.com’s car loan calculator and see how factors like loan term, down payment and interest rate affect payments.
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There are two key steps to a successful sale: Pay off the remaining debt – possibly with the sales proceeds from your buyer, and any extra funds that you bring to the table (if your car loan is upside-down). Transfer title to the buyer in a way that is safe – and feels comfortable – for both you and the buyer.
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Determine how much you owe on your existing loan. If you’re underwater on your loan, subtract your selling price from your loan amount. You’ll need to come up with the remaining dollar amount in order to pay off your loan and sell the car. Contact your bank or financing company, and let them know you’ll be selling your car.