Selling a Car With a Loan: Processes and Options

Selling a car with a loan is not an easy endeavor. When a borrower has an outstanding loan balance, they must take into consideration the legal and financial implications it may have on their ability to sell the vehicle. The processes and options available to borrowers vary depending on their particular situation.

When selling a car that still has a loan attached, borrowers should consult with their lender beforehand in order to determine if there are any restrictions or limitations that need to be taken into account before putting the vehicle up for sale. Additionally, if the sale of the car does not cover the entire remaining balance of the loan, lenders are likely to require additional payments from the borrower in order to make up for any deficit.

Borrowers can also consider trading in their car as an alternative option when selling it with a loan attached.

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