I have a car loan and would like to pay it off to receive the title and sell it. Then purchase a used car, is that possible?

Asked by Apr 10, 2015 at 04:58 PM about the 2007 Subaru Impreza 2.5 i

Question type: General

I have a 2007 subaru impreza 2.5i and I
would like get a wrx or an sti but I have a
car loan that will last me 4 years or so, and i
was wondering is it possible to pay off that
loan, sell it, and purchase another vehicle.
Is that even a possibility?

4 Answers

10

I do believe so because after the loan is paid off your free to do with the car as you please and if you don have a loan out due to the fact that you have already paid it off I see no reason why you would be denied a loan again on a new car

1 people found this helpful.
26,755

How much equity do you have in your current car? Actually, you're probably better off skipping the WRX STI as it will cost you more to insure, repair, gasoline than the Impreza. And, if you have four more years to pay, you likely don't have a lot of money to put down on the WRX STI. By the way, don't go to the dealership and ask them to finance your current car into the cost of the newer WRX STI. A lot of people do this and get screwed by the dealer. It's a very bad financial move.

2 people found this helpful.
Best Answer Mark helpful
77,965

Absolutely! Call the lender to find out exactly what the current payoff on the loan is. Then send them a check. It's really that simple. Then you'll get the title and you can sell the vehicle. HTH. - Jim

1 people found this helpful.
25

Get your 30 day payoff and list it fairly as much as you can to gain equity...if you have any. Never roll the car price into a new car through a dealer as previously stated. Dealers make money from bad financial decisions of car owners.

1 people found this helpful.

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