How Do I Sell My Car When I Still Owe Money On It?
You may want to sell your car, only to realize that you owe more than the car is worth. This is commonly called being upside down in the loan. This often happens when you buy a car new, since it depreciates thousands of dollars as soon as you drive it off of the lot. It can also happen when you trade in a car and the loan that you still have on it, to buy a new car. The dealer will roll the old loan into the new loan amount. If you have realized that you cannot afford your current car payment, this can add a lot of stress to the situation. You can get out of this situation without totally destroying your credit. Difficulty: EasyTime Required: A Few WeeksHere’s How: • First you need to determine how much you can sell your car for. A good place to look is at Kelly Blue Book. You need to look at the private seller amount, since this is the best way to get the most for your car. As you look over the criteria, be honest in the condition and value of your car. This will give you the best way
