- Contact your lender to find out how much you still owe on the car.
- This is the amount you will need to pay off in order to get the title to the car.
2. Get a vehicle valuation.
- Research the market value of your car to determine what it is worth.
- You can use online resources, such as Kelley Blue Book or Edmunds, to get an estimate of the car’s value.
3. Negotiate a selling price.
- Compare the payoff balance to the market value of the car.
- This can help you determine a selling price for the car.
- Be prepared to negotiate with potential buyers.
4. Pay off your loan.
- Once you have a buyer, you will need to pay off the loan in full.
- You can do this by getting a cashier’s check or money order from your bank.
5. Get the title to the car.
- Once the loan is paid off, you will receive the title to the car.
- The title is the legal document that proves ownership of the car.
6. Transfer the title.
- Once you have the title, you will need to transfer it to the buyer.
- You may need to do this at the DMV or another government agency.
7. Complete the sale.
- Once the title is transferred, you will need to complete the sale.
- This may involve signing a bill of sale and exchanging payment.
Selling a car bought on finance can be a straightforward process, but it is important to follow the steps carefully. This will ensure that the sale is completed smoothly and legally and that you receive the correct amount of money.
