L
Ldgnoe
Guest
This may be a trite question but I'm a first time car buyer. I recently came across my dream car for a really great buy and it's definitely time for an upgrade, BUT there's a chance I may be moving overseas in 2 years in which case I would have to sell it.
My question is, if I sell that car to a private buyer and I have an existing loan outstanding, how is that resolved?? I can't legally transfer the title over to them until it's clean, so if I were to sell it to a buyer who cannot pay in full with cash, they'll have to finance it. When will I get paid in the full if they take out a bank loan? Will I get paid in full? I'm really not familiar with how loans are handled so any help will be appreciated.
My question is, if I sell that car to a private buyer and I have an existing loan outstanding, how is that resolved?? I can't legally transfer the title over to them until it's clean, so if I were to sell it to a buyer who cannot pay in full with cash, they'll have to finance it. When will I get paid in the full if they take out a bank loan? Will I get paid in full? I'm really not familiar with how loans are handled so any help will be appreciated.