You should be able to deal with the challenge of how to transfer a vehicles ownership over to your buyer if you have a lender that will let you finalize your transaction in their office – and a buyer that is willing to meet you at the lenders office.

If the lender has the title to the car in their possession, you will be able to sign it over to your buyer immediately. If the title is at the DMV, then you could try and talk your buyer into then going with you to the DMV to get the new title. The advantage to doing that also will get you as the seller off the title for good.

If you owe more on the loan than what you sold the car for, here are a few ways to handle paying off the balance of the car loan so you can transfer the car to your the new buyer…

• Personal Loan: If you still have good credit, you might be able to get a personal loan from your bank or credit union. Expect to pay a fairly high rate of interest.

• Home Equity Line Of Credit (HELOC): If you aren’t upside down with your home loan, then consider getting a home equity line of credit. The interest should be tax deductible too.

• Retirement Plan: Borrowing from your 401(k) could get you a less costly lower interest loan than a personal loan from a bank or credit union.

• Personal Loan from Family or Friends: Consider this only if you clearly state the terms of the loan so as to minimize any future problems with those closest to you.

• Credit Cards: Borrowing from your credit cards is going to be your most expensive option with interest rates of 20% or more. This should only be considered temporary because you know you know you will be paying it off quickly.

Click here to read Part 4 of Selling A Car That Isn’t Paid Off Yet >>