You’re not alone if you need to know how to trade in a car you still owe on. Plenty of drivers find themselves in this situation, be it because they need to find a more suitable vehicle for their lifestyle or one that doesn’t cost as much. Lucky for you, you’ve come to the right place for help! Spitzer Chevrolet North Canton explains how to trade in a car that is not paid off in the guide below. We want to help you move forward in the way that makes sense for you!
Determining how to trade in a car that is not paid off depends on whether you have positive or negative equity.
You can value your trade online to estimate how much it’s worth. Then, compare it to your remaining loan balance. You have positive equity if your loan balance is lower than your trade-in estimate. You have negative equity if your loan balance exceeds your trade-in estimate.
Trading in a car with positive equity is the best situation for Massillon and Louisville drivers to be in. The loan will get paid off when you trade it in, and you’ll even have some extra money to put down on your next vehicle!
There’s more to consider when making a vehicle trade-in in North Canton with negative equity. Learn more about your options in the next section.
If you have negative equity, you’re not alone. If possible, Canton drivers in this situation should wait until they’re caught up on car payments to trade in their vehicle, but that’s not always an option. In that case, consider the following solutions.
Do you have concerns you want to discuss regarding how to trade in a car you still owe on? Don’t hesitate to reach out to our finance center for answers. We help drivers with all types of financial situations every day, so whether you’re trading in with negative equity or need financing with bad credit, find out how we can help you today in North Canton.