If you’re in the market for a new car near Wichita, you’re most likely aware that trading in vehicles at a dealership can lower the cost of your next. Although trading in a car is pretty simple if your current car is already paid off, the process will involve a few extra steps if your loan isn’t yet paid off. Learn everything you need to know about how to trade in a car that is not paid off, and whether you have positive or negative equity, in this guide from the auto finance professionals at Don Hattan Dealerships.
Depending on the status of your current car loan, learning how to trade in a car you still owe on can be fairly straightforward—or a bit more complicated. The key factor here is whether you have positive or negative equity:
If you’re not sure whether your loan equity is positive or negative, start by finding out how much your financed car is currently worth. You can look up your vehicle on Kelley Blue Book or use online tools to Value Your Trade in just a few minutes. Compare this amount to the amount that you still owe on your loan:
With positive equity, the trade-in process is simple—and you are well-positioned to make money on your trade-in and apply it toward the purchase of a new vehicle. With negative equity, the trade-in process is more complicated—but it’s possible! Our auto finance experts can tell you more about options like bundling your old loan and your new loan together.
A vehicle is an everyday necessity—and sometimes it’s just not possible to wait until the old loan is paid off in order to purchase the one you really need. If that’s the case for you, you’ll want to look into how to trade in a car you still owe on, even if you’re underwater on the loan repayment. You have several options here:
To speak with an auto finance professional about how to trade in a car you still owe on, all you need to do is contact our finance center or pay us a visit in Wichita—we’re happy to help! In the meantime, explore our pre-owned inventory for a lower-cost option, or get pre-qualified for financing online!
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