Selling a Car With a Loan: Processes and Options
When you have a car loan, there are a few options and processes to follow when selling the car. First, you'll need to find a buyer and agree on a price. Once you have a buyer, you'll need to contact your lender and let them know you're selling the car. They may require that you pay off the loan before they'll release the lien on the vehicle. If the buyer is paying cash, they can take over the payments and drive off with the car. If the buyer is financing the purchase, they'll need to get their own loan and then pay off your loan as part of that process. In either case, once your loan is paid off, you'll be free and clear of the vehicle.
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