Can the buyer clear the car title for you?

Question

I am selling the car but don't have cash to pay the balance in full to clear the title for the purchaser. The purchaser has the cash to pay the balance in full. Can the purchaser deal with the bank and pay the balance? If so what paperworks should be involved to guarantee that the car is his once the balance is paid (is Bill of Sale enough?)

Answer 1

You both go to your bank (the bank holding your loan and title), the buyer pays off your loan, the bank give you the title, you sign over the title to the buyer. Done.

A Bill of Sale is always a good idea, though not a requirement. It should state the names, addresses, dates, vehicle description, VIN, and conditions of sale ("as-is" with no guarantees or warrantees), and signitures. One copy for buyer, one for you.

Answer 2

Only if they get approved for car loan for your car.