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So I can't trade my car in if I still own on the car loan? |
So I can't trade my car in if I still own on the car loan? False. You may be turned upside down on you loan, as in they may give you less than what you owe on it. If that is the case, you may want to sell it outright yourself for as much as you can and pay off the loan that way. If not, your trade-in allowance will be deducted from the price of the new car but the loan payoff will be added to the new loan. Hope this makes sense. Good luck! Yes you can trade your car in, but they will only give you a certain amount for your car. What ever is left, say you own 10,000 and they'll give you 6,000 you will have 4,000 to rollover onto the new loan. So if a car you're looking at is 15,000 it will automatically be 19,000. That's negative equity. It can be lowered by a down payment, or rebates depending on the car you're looking at. You want to get a fair rate on your trade in so check out kbb.com and do some research. Have a few dealerships check it out and go with the one offering the most amount of money. Often the dealership you bought it from will offer you the most money. So check it out, it is possible. I just did it. You can still trade it in, the dealership will just deduct the balance of the loan from the appraised price. So if you owe more than it is worth you loose. Good luck! http://www.CarLoanAdvisor.info |
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