Can you trade a car that you still owe payments on?
Yes it can be done but it's not a good idea on a newer car. You'll want to make sure you have "equity" in your car. Meaning the value of your vehicle is more than what you owe on it. Value varies a lot depending on what you're planning to do. If you want to do it the easiest way you'll be trading it in. That unfortunately gets you the lowest value on your car. Look up kelly blue book trade in value at www.kbb.com, it's free. And compare it to your loan. Also check out and compare the private party value, that's what your vehicle is worth if you decide to sell it on your own. If vehicle's value is more than the balance on your loan then you have some equity in your vehicle and that will become part of your down payment on your new vehicle and it will help lower your payments. If the value is lower than what you owe you have negative equity. If you have negative equity you can still trade in your vehicle for a new vehicle but they will put the negative equity from your current loan into your new loan and your payments will be higher. Generally speaking, if you have negative equity you should keep your current vehicle until you have built some equity by making more payments. The easiest way to do this is by trading your vehicle in, the dealer will take care of everything with your new loan and your old loan. If you've got equity in your vehicle you can sell your vehicle on your own, pay off your loan, then go shopping for your new car. That's the smart way to do it.
Can you trade in a car that is behind in payments?
Sure you can if the loan is paid.... but with you being behind, who is going to loan you any money for the new one?
Can you trade in a car you just bought and haven't made a payment on yet?
I just bought a car I'm not exactly fond of it. There's nothing wrong with it. It's simply not me. I understand that I can't return but will they let me trade it in for another one at another dealership even though I haven't even made one payment on it?
I have a car loan but i want to trade in that car.?
Hi guys I have a situation that I need help with. I make good money each month at about 4.5$ a month. Now my situation is that i have a car which im still paying of from JD Byrider/CNAC (yes i know biggest mistake of my life). Well my question is how can i trade in a car im still paying for to get something other from a dealer. I had very bad credit (515) due to medical and school loans a year ago so no dealership would approve me but i do have the income to sustain payments which you would see i have been paying 173$2times a month for the JD Byrider/CNAC payments. anyway can you help ? oh yes and i dont mind trading in for a older car as long as i can trade in some how to cover at last 70% of my owned loan.. is this even possible ? any hep would be great even other possible options to get out of the loan im in now would be great
When buying a car, is trade in or down payment better?
When you buy a car at a dealership there are 2 separate transactions or double the chances of being screwed by your “stealership”. Your trade-in is something you should sell beforehand because you will get retail or close, selling it outright. The dealership will offer wholesale or less for your trade.You should bargain for the car you want to buy before talking about putting money down. NEVER hand over money you don’t plan to lose before arriving at a final price. After the final price, all the t’s are crossed and i’s are dotted, then you can put a deposit down. Financing should probably be done with your bank before visiting the dealership, unless the dealership is offering spectacular rates.