How to Sell a Car with a Loan in Las Vegas
Selling a car with a loan may seem impossible, but nowadays selling a car that still has an outstanding loan is very possible. As a matter of fact, it is a very common occurrence, but it does require some research and preparation.
How to sell a car with a loan
Each selling scenario is different so make sure to do as much research as possible. How to sell a car that you still owe on can be tricky, but to make the process easier here are a few steps and tips.
- Determine the payoff: Speak with your bank or lender and ask what the payoff amount is. Ask for a payoff letter as well. The letter should include all the details related to the loan and the rules regarding paying it off.
- Seek guidance: Ask the loan lender if there is a specific selling process that has to happen before the car can be considered sold. Make sure to ask for clear, definitive steps, as well as what paperwork is required.
- Pay off the remaining debt: If possible, consider paying off the remaining debt before trying to sell your car. Remember that you are receiving the money from the car sale to make up for that money. If the money to do that isn’t available, consider taking out a personal loan to liquidate the car loan, and liquidate that loan with the money you receive from the car sale. By paying off the remaining debt before selling the car you can obtain a clear title, which is important as most buyers won’t want to buy unless they can obtain a clear title that an owner can sign over once the sale is complete.
- Transfer the title at the bank: If paying off the remaining debt isn’t an option, there are other ways to complete the title transfer. Call the bank and ask about setting up a meeting where the buyer can provide the money to pay off the loan and you receive the clear title, which you can then sign off to the buyer.
Selling a car in Nevada does not have to be hard, even if the car has a loan. We at Reliable Auto Sales can take the car off your hands the same day you bring it and offer you a great deal for it, too.
To top it off, we can take care of paying off the remainder of the loan directly and we can take care of the title transfer as well. If you have any questions regarding selling your car with a loan, contact Reliable Auto Sales today!