I purchased a car before six months with a help of car loan. I would like to sell the car now. Do i need to pay my loan first and sell the car or is there any facility to transfer the loan to any buyer.
Tags: car loan, six months
I purchased a car before six months with a help of car loan. I would like to sell the car now. Do i need to pay my loan first and sell the car or is there any facility to transfer the loan to any buyer.
Tags: car loan, six months
February 19th, 2010 at 3:46 am
Your loan has to be paid off before you can legally sell the car. If you find a buyer, they can either pay off your loan with cash, or if they have to get a loan, their bank or loan company will pay off your loan. Unless you got a real good deal when you bought it, don’t expect to walk away with any cash in your pocket. It may even cost you some $$ if your payoff amount is higher than the value of the car. Also, call your loan company, tell them you want to sell the car, and they will tell you what to do. They may even be able to set up financing for someone who wants to buy it.