Selling your car privately can mean more money than trading it in at a dealership or online retailer. But making the sale can be difficult.
The easiest car to sell privately is one you own outright and for which a buyer is paying cash. Selling a car becomes more difficult when:
You have a loan on the car you are trying to sell.
You have a loan on the car you are trying to sell that exceeds the value of the car.
The buyer needs an auto loan to complete the purchase.
The buyer needs to sell another car to afford yours.
Auto dealers pay off loans, arrange financing and take trades every day. You do not.
The upside to selling privately is that you can get significantly more money. A dealer or online retailer must make you a wholesale offer that leaves room for reconditioning and profit.
Here’s how to address the hurdles that make selling a car privately so difficult.
You have a loan on the car you are trying to sell
If you still owe a lender money for the purchase of the vehicle, that lender has…
This article was written by Whitney Vandiver and originally published on www.nerdwallet.com