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If you’re like many Centerville drivers, you might want to know how to trade in a car that is not paid off. Although when the car is paid off completely it’s a simple process, there are some additional steps if there is still a balance on the loan. Let’s learn more about how to trade in a car you still owe on with Voss Hyundai today! For more information, feel free to contact us anytime!
Before learning how to trade in a car that is not paid off, you would need to know if you have positive or negative equity:
To see exactly which type of equity you have, you can use trusted tools such as Kelley Blue Book® to see how much your vehicle is worth for trade-in. If your offer is less than what you owe, you have negative equity, if it’s more, then you have positive equity.
The most ideal position would be positive equity, as the trade-in process is actually much easier. You can trade-in your Dayton ride without owing anything more on the loan, and could even have some left over to put towards your new vehicle.
On the other hand, if you have negative equity, you might want to see if purchasing a new vehicle is best for you financially.
When learning how to trade in a car you still owe on around Miamisburg, you have a few different options to choose from:
Regardless of which option you choose, it’s important to carefully read the contract before you sign the new loan.
Now that you know more about how to trade in a car that is not paid off, come stop by Voss Hyundai for more information. While you’re here, be sure to visit our finance center if you have any questions, and apply for financing to see if you’re approved for your next vehicle around Kettering!
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