How to Trade in a Car That is Not Paid Off

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Are you ready to move on to your next car, but haven’t yet paid off the one you have? Then, you may be wondering how to trade in a car you still owe money on. We’ve helped lots of Winder customers figure out how to trade in a car that is not paid off. 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.

How to Trade in a Car You Still Owe On – Positive Equity

You have positive equity in your car if it is still worth more than what you owe on your loan. Trading it in is simple in this case. Here’s how to trade in a car you owe money on when you have positive equity: Suppose you owe $2,000 on your old car, but it is worth $3,000. 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. How does trading in a car that’s not paid off work if you owe more than what it’s worth?

How to Trade in a Car That’s Not Paid Off – Negative Equity

You have negative equity in your car if you still owe more than what it is worth. Lots of Monroe customers in that situation have still been able to trade in their cars easily. Here’s how to trade in a car that you still owe on if you have negative equity: suppose you owe $2,000 on your old car, but it’s only worth only $1,000. 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.

How to Trade in a Car You Owe Money On – Step by Step

As you can see, trading in a car that is still financed is not that complicated. To sum up, here are the steps to trading in your car.

How to Trade in a Car That is Not Paid Off

  • Determine how much you still owe on your current auto loan.
  • Calculate the trade-in value of your car with our online tool.
  • If you owe more than the trade-in value, determine whether you can pay off that difference, or you need to ask us to roll that difference over to your new loan. If you owe less on your car than the trade in value, just bring it in and pick out your new car.

Talk to the Finance Team at Phil Hughes Honda of Athens

Our finance department is here to help, regardless of how much you still owe on your car. We want to see you in a new car. So, bring in your trade-in. You can even get the ball rolling right now by applying for financing online. Our dealership is just down the road from Watkinsville. So, drop by or contact us today!

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