What is the best way to sell a car with a loan on it?

nessa g: What is the best way to sell a car with a loan on it?
I have a car that i absolutly need to sell because i am moving out of the country. The problem is i still have a loan out on it. I owe about 8,000 dollars on the car and i can only sell it for about 6,000. I don’t really have the funds to pay the extra 2,000. Can i just sell it and continue paying off the loan? What is the best way i can go about doing this?

Answers and Views:

Answer by The Eagle Keeper
That is not advisable. You absolutely need to come up with the balance in order to transfer the title. Right now the car does not belong to you. The lender does, they have the lien. You need to satisfy the loan agreement first.

Answer by Mista Ricksta
Yep! Selling it is about all you CAN do! The loan is in YOUR name and it will be YOUR responsibility to PAY that loan. The loan doesn’t float with the car. You signed the paperwork. So YOU have to pay the loan. Ask the organization that handled the loan if you can reorganize the loan AFTER you have paid it down by the $ 6K you claim that you will be able to get for the car. They will be MORE likely to go easy on you if you give them that $ 6K first.

Answer by CLAYTON M
call your loan holder and see if you can cut a deal
the higher your score is the better your change is

Answer by Scott H
First of all, in order to sell the vehicle to someone else, you have to transfer the title. But you can’t do that until the loan is paid in full. Without the title, the buyer can’t register it or insure it. Nobody is going to buy a vehicle that you can’t provide the title for.