Can you trade in a car with a loan? Many Newark drivers have found themselves ready to move on to a new car while they still owe money on their old one, and therefore wondering how to trade in a car that is not paid off. Actually, it’s easier than you might think. The experts in our finance center are here to help, so let’s talk about how to trade in a car you still owe on.
Trade-in values have never been higher due to the high demand for cars, both new and used. So it’s very likely you owe less on the car than what it’s worth. Here’s how to trade in a car you owe money on in this case: Suppose you owe $4,000 on your old car, but it is worth $5,000. The dealer will pay what is still owed on your old loan and apply the remaining $1,000 towards your down payment for your new car. But how does it work when you owe more than what the car is worth? Can you trade in a car with a loan when you have negative equity?
What are your options if you owe more than what the car is worth? Can you trade in a car with a loan in that case? Yes, we’ve helped many Bayonne customers do just that. Here’s how to trade in a car that you still owe on if you have negative equity: suppose you owe $4,000 on your old car, but it’s only worth only $3,000. Either you pay that $1,000 difference before buying the new car, or the dealer takes over your old loan and adds that $1,000 to what you’ll owe for your new car.
It’s not that hard to trade in a car that isn’t yet paid off. As we’ve shown above, it’s pretty easy. Here are the steps to trading in a financed car:
Did you know we’ll buy your car even if you don’t buy one of ours? We work hard to offer the fairest prices possible. So, bring your car in and let us take a look at it. And, if you found this guide to be helpful, you might also check out our posts on car lease buyouts and whether a dealership can order a car for you. Remember, we’re just down the road from Hillside, and we’re here to help. So, drop by or contact us today!
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