Yes you can! Here’s a look at what’s required.
You need to get in touch with the lending institution from which you took a loan for buying the car. Speak to the concerned staff about how best you can close the loan. You may be having some cash to pay off the loan amount entirely or at least a major portion of it. All these details need to be discussed with the lending institution. You should also enquire about getting a lien release, which is a document stating that there are no outstanding loan amount, on the car.
Check out Escrow.com. They enable you to sell a car, which still has a loan balance, in a situation wherein you owe the loan amount, but you do not have the requisite cash with you to pay off the loan amount completely. In other words, you need proceeds from the sale to pay off the loan.
If the above options are not satisfactory to your expectations, call the lending institution and make an arrangement with them to complete the sale at their premises. The sale proceeds can be used to pay off the loan balance and title can be immediately transferred to the new owner.
Before you proceed to sell off you car, prepare you car for the sale. You need to get a mechanic to inspect your car, to find if there are any areas that need fixing before you out the car out for a sale. Get you car’s Vehicle History Report ready and any inspection records in place as well. This helps you to get a good price on the car as you are seen as a responsible owner and your car feels like a reliable one to the buyer. Clean up the vehicle by giving it a good wash, before sending it off to the dealers or putting out an ad.
By ensuring that you car is in a good condition at the time of sale, you can sell it off easily and you can manage to sell it even though there is a loan balance yet to be paid.
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