How to Trade in a Car That’s Not Paid Off
The two of you had a good run. But it’s time for you to move on. It’s time to trade that old car for a new one. But what if you haven’t paid it off, yet? Can you trade in a car that’s not paid off? Yes, you can. But, how would that work? You have questions, and so do a lot of our Brockton customers. The experts in our finance center have the answers, so let’s talk about how to trade in a car that’s not paid off.
How to Trade in a Car That’s Not Paid Off When You Owe Less than It’s Worth
If you owe less on your car than what it’s worth, trading it in is simple. It works this way: Suppose you owe $1,000 on your old car, but it is worth $2,000. 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 to Trade in a Car That’s Not Paid Off When You Owe More than It’s Worth
How does trading in a car that’s not paid off work if you owe more than what it’s worth? Suppose you owe $2,000 on your old car, but it’s only worth $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 That’s Not Paid Off – Step by Step
- 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 onto 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.
You might be tempted to fix up your car before you trade it in, but this may or may not be worth your time and energy.
Ask Ocean Honda of Brockton About Your Financing Options
Regardless of how much you owe on your car, come in and talk to us. We make the whole process as painless as possible. You can even apply for financing online. Our dealership is just a short drive away from both Stoughton and Abington. So, drop by or contact us today!
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