Car not paid off?

How to Trade a Car That Is Not Paid Off

Many San Jose drivers are aware of trading in vehicles at dealerships for cash or a new vehicle. What’s stopping you from trading that old car for a brand-new Toyota? Perhaps you know it’s not paid off entirely, and you’re unsure if a trade is feasible. How do you trade in a car you still owe? San Carlos drivers might not know you can go ahead with a trade, even if the car is not paid off. To learn how to trade in a car that is not paid off, follow this advice courtesy of Swickard Toyota 101.

Positive or Negative Equity?

Before we get into how to trade a car that is not paid off, it is crucial to define what kind of equity you have. The two types are:

• Positive equity, which means the car is worth more than what you owe
• Negative equity, which means the car is worth less than what you owe

How to Trade in a Car That Is Not Paid Off: What to Do

How to trade in a car that you still owe money on? Our financial experts have come up with these possible solutions to initiate the process near Belmont:

• Make up the difference with the car dealership: This is the ideal option if you have enough in your budget to cover the amount you still owe on the car.
• Transfer the remaining amount owed into a loan: This might be the most straightforward option. However, when you put negative equity into a new loan, you will also increase the monthly payment you owe.
• Begin a negotiation process with the dealer you bought from: Inform the dealership with the offer from a third-party company to see if they can match. Try to negotiate with the dealership to see if they can give you the difference in the amount you still owe, sell the car to this third party, and then transfer what’s left over into the new loan.

Trade Your Car near Redwood City

Now you know how to trade in a car that is not paid off. Rely on the Swickard Toyota 101 dealership for the best car-buying tips. Utilize our payment calculator to ensure your loan meets your budget and needs. You can also check the Kelly Blue Book estimate when you value your trade.

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