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If the prospective buyer want's to take a test drive, other than a license, do I make sure they have any type of drivers insurance ? What if they are a first time buyer and they don't ?
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No, generally your insurance covers drivers that drive the car with your permission. Call your agent and make sure though.
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What type of payment arrangements are common ? I don't want to get a certified check / money order and hand my title over. Those funds can be fake or even cancelled by the purchaser of those *certified funds*. Should I just accept payment, give buyer bill of sale and tell them when the fund clear 100% via my bank, I will deliver title & keys ?
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Yep, don't let the car leave without the funds in the bank, all clear.
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I currently have about 10K left financed with the bank. I guess as soon as it's a confirmed sale, I would send a payment to the bank via FedEx next day so they could clear the lien on my title......
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That can be kind of sticky, call your lender and find out what the payoff procedure is. Some lenders prefer if the buyer writes them a check for the loan balance and then writes you a check for the difference.
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Any helpful tips would be greatly appreciated. It's my first car that I'm selling and I've never done a private sale before.
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Price it properly. Most people who sell on their own overprice and that just creates a huge PITA. Selling it on your own is a pain and its only worth it if you can get the process done quickly.
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